Discontinued Operations, Assets Held for Sale, and Business Divestiture

6 Months Ended

Mar. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations, Assets Held for Sale, and Business Divestiture

Discontinued Operations, Assets Held for Sale, and Business Divestiture

As part of the Company’s strategy to focus on its core competencies in the Aerospace and Energy ("A&E") market, the Company decided in the fourth quarter of 2013 to exit the Turbine Component Service and Repair ("Repair Group") business.

The table below presents the components of the balance sheet accounts classified as assets and liabilities held for sale at March 31, 2014 and September 30, 2013, respectively.

	March 31, 2014		September 30, 2013
Assets:
Receivables, net	$	142	$	1,067
Inventories, net	—		660
Deferred income taxes	42		317
Prepaid expenses and other current assets	—		15
Total current assets of business from discontinued operations	$	184	$	2,059
Current assets held for sale	$	264	$	278
Property, plant and equipment, net	$	—	$	840
Other assets	6		32
Total noncurrent assets of business from discontinued operations	$	6	$	872
Liabilities:
Accounts payable	46		278
Accrued liabilities	—		808
Total current liabilities of business from discontinued operations	$	46	$	1,086

As of March 31, 2014 and September 30, 2013, certain assets were recorded at the lower of carrying value or fair value.

The financial results of Repair Group included in discontinued operations were as follows:

	Three Months Ended March 31,						Six Months Ended March 31,
	2014			2013			2014			2013
Net sales	$	—		$	1,590		$	1,339		$	2,846
Loss before income tax provision	(136		)	(495		)	(467		)	(937		)
Income tax benefit	(51		)	(195		)	(175		)	(381		)
Loss from discontinued operations, net of tax	$	(85	)	$	(300	)	$	(292	)	$	(556	)

As the Company exited the Repair Group, the Company recognized $959 in workforce reduction costs of which $274 was incurred in the first six months of fiscal 2014 and $701 was paid as of March 31, 2014.

On December 10, 2012, the Company completed the divestiture of its Applied Surface Concepts ("ASC") business. There were no assets or liabilities held for sale at March 31, 2014 and September 30, 2013.

The financial results of ASC included in discontinued operations were as follows:

	Three Months  Ended March 31, 2013			Six Months Ended March 31, 2013
Net sales	$	—		$	2,727
Income before income tax provision	—			180
Income tax provision	—			48
Income (loss) from operations, net of tax	—			132
Gain (loss) on sale of discontinued operations, net of tax	(34		)	2,328
Income (loss) from discontinued operations, net of tax	$	(34	)	$	2,460