Discontinued Operations, Assets Held for Sale, and Business Divestiture

12 Months Ended

Sep. 30, 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 A&E market, the Company decided in the fourth quarter of fiscal 2013 to exit the Repair Group. The results of operations and cash flows from the Repair Group have been classified as discontinued operations for all periods presented. The Repair Group terminated operations in the first quarter of fiscal 2014. In fiscal 2014, the Company retained the net working capital and the building. On January 30, 2015, the Company completed the sale of the building and land for cash proceeds of $1,422, net of selling expenses.

The table presents the components of the balance sheet accounts classified as assets and liabilities of discontinued operations at September 30, 2015 and 2014. The assets and liabilities were comprised of the following:

	September 30,
	2015		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	$	—	$	23
Accrued liabilities	—		173
Total current liabilities of business from discontinued operations	$	—	$	196

As of September 30, 2013, certain assets are recorded at the lower of carrying value or fair value. The Company recognized within the Repair Group an impairment charge of $354 in fiscal 2013 to write-down assets to their estimated fair value.

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

	Years Ended September 30,
	2015		2014			2013
Net sales	$	—	$	1,339		$	5,964
Income (loss) before income tax provision	1,160		(808		)	(3,104		)
Income tax provision (benefit)	451		(228		)	(1,061		)
Income (loss) from discontinued operations, net of tax	$	709	$	(580	)	$	(2,043	)

As the Company exited the Repair Group, the Company recognized $959 in workforce reduction costs of which $685 was incurred in fiscal 2013 and $6 was paid in fiscal 2013 and the remaining $274 was recognized and paid in fiscal 2014.

On December 10, 2012, the Company completed the divestiture of its ASC business segment. The Company received cash proceeds, net of certain transaction fees, of approximately $8,100 for this business and $980 was placed in escrow, pending expiration in June 2014 of indemnification holdback provisions under the sale agreement. The ASC business included its U.S. operations, headquartered in Cleveland, Ohio, and three European operations located in France, Sweden and the United Kingdom. The ASC business developed, manufactured and sold selective plating products and provided contract services for low volume repair, refurbishment and OEM applications. The transaction resulted in a pre-tax gain of $3,980 in fiscal 2013. The results of operations and cash flows from ASC have been classified as discontinued operations for all periods presented.

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

	Years Ended September 30,
	2013
Net sales	$	2,727
Income before income tax provision	180
Income tax (benefit)	(11		)
Income from operations, net of tax	191
Gain on sale of discontinued operations, net of tax	2,328
Income from discontinued operations, net of tax	$	2,519