Discontinued Operations, Assets Held for Sale, and Business Divestiture

9 Months Ended

Jun. 30, 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 to exit the Turbine Component Service and Repair ("Repair Group") business in the fourth quarter of fiscal 2013.

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

	June 30, 2014		September 30, 2013
Assets:
Receivables, net	$	103	$	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	$	145	$	2,059
Current assets held for sale	$	264	$	278
Property, plant and equipment, net	$	—	$	840
Other assets	—		32
Total noncurrent assets of business from discontinued operations	$	—	$	872
Liabilities:
Accounts payable	116		278
Accrued liabilities	—		808
Total current liabilities of business from discontinued operations	$	116	$	1,086

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

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

	Three Months Ended June 30,						Nine Months Ended June 30,
	2014			2013			2014			2013
Net sales	$	—		$	1,612		$	1,339		$	4,457
Loss before income tax provision	(109		)	(494		)	(576		)	(1,430		)
Income tax benefit	(33		)	(186		)	(208		)	(567		)
Loss from discontinued operations, net of tax	$	(76	)	$	(308	)	$	(368	)	$	(863	)

As the Company exited the Repair Group, the Company recognized $959 in workforce reduction costs of which $274 was incurred in the first nine months of fiscal 2014 and $701 was paid as of June 30, 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 June 30, 2014 and September 30, 2013.

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

	Three Months  Ended June 30, 2013			Nine Months Ended June 30, 2013
Net sales	$	—		$	2,727
Income before income tax provision	—			180
Income tax provision	79			127
Income (loss) from operations, net of tax	(79		)	53
Gain (loss) on sale of discontinued operations, net of tax	—			2,328
Income (loss) from discontinued operations, net of tax	$	(79	)	$	2,381