Discontinued Operations, Assets Held for Sale, and Business Divestiture

6 Months Ended

Mar. 31, 2015

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 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 of discontinued operations at March 31, 2015 and September 30, 2014, respectively.

	March 31,   2015		September 30,   2014
Assets:
Receivables, net	$	—	$	91
Deferred income taxes	—		15
Prepaid expenses and other current assets	—		22
Asset held for sale	—		264
Total current assets of business from discontinued operations	$	—	$	392
Liabilities:
Accounts payable	$	10	$	23
Accrued liabilities	—		173
Total current liabilities of business from discontinued operations	$	10	$	196

At September 30, 2014, certain assets were recorded at the lower of their carrying value or fair value. The Company completed a transaction on January 30, 2015 for the sale of the building and land for the cash proceeds of $1,422, net of selling expenses.

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

	Three Months Ended   March 31,					Six Months Ended   March 31,
	2015		2014			2015		2014
Net sales	$	—	$	—		$	—	$	1,339
Income (loss) before income tax provision	1,259		(136		)	1,160		(467		)
Income tax (benefit) expense	460		(51		)	424		(175		)
Income (loss) from discontinued operations, net of tax	$	799	$	(85	)	$	736	$	(292	)