Discontinued Operations and Related Assets Held for Sale (Tables)

6 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Related Assets Held for Sale

The following tables summarize the results of the Engineered Solutions business segment, reclassified as discontinued operations for the three and six months endedJune 30, 2016 and 2017.

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2016			2017			2016			2017
	(Dollars in thousands)
Net sales	$	29,930		$	32,428		$	59,019		$	64,193
Cost of sales	24,569			28,610			50,554			57,022
Gross profit	5,361			3,818			8,465			7,171
Research and development	813			711			1,691			1,281
Selling and administrative expenses	5,059			4,106			9,514			7,800
Impairment	105,600			2,800			105,600			5,300
Operating loss	(106,111		)	(3,799		)	(108,340		)	(7,210		)
Other income	(81		)	(47		)	(72		)	(18		)
Interest expense	951			524			1,670			1,133
Loss from discontinued operations     before income taxes	(106,981		)	(4,276		)	(109,938		)	(8,325		)
(Benefit from) income taxes     on discontinued operations	(843		)	(226		)	(1,236		)	(209		)
Loss from discontinued operations	$	(106,138	)	$	(4,050	)	$	(108,702	)	$	(8,116	)

The significant components of our Statements of Cash Flows for the Engineered Solutions business segment held for sale are as follows:

	For the Six Months Ended June 30,
	2016			2017
	(Dollars in thousands)
Depreciation and amortization	$	3,052		$	2,311
Impairment	105,600			5,300
Deferred income taxes	(1,236		)	(209		)
Capital expenditures	2,513			432

The following table summarizes the carrying value of the assets and liabilities of discontinued operations as of December 31, 2016 and June 30, 2017.

	As of December 31, 2016			As of June 30, 2017
	(Dollars in thousands)
Assets of discontinued operations:
Accounts receivable	$	17,094		$	18,325
Inventories	71,816			58,050
Prepaid expenses and other current assets	320			952
Net property plant and equipment	79,048			78,827
Other assets	12,608			11,669
Total assets of discontinued operations prior to impairment	180,886			167,823
Impairment	(119,907		)	(125,207		)
Total assets of discontinued operations	$	60,979		$	42,616
Liabilities of discontinued operations:
Accounts payable	$	7,253		$	6,389
Accrued income and other taxes	2,326			994
Other accrued liabilities	10,463			8,785
Total current liabilities of discontinued operations	20,042			16,168
Other long-term obligations	850			971
Total liabilities of discontinued operations	$	20,892		$	17,139