Discontinued Operations and Related Assets Held for Sale (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2018

Dec. 31, 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 six months ended June 30, 2018 and 2017.

	For the six months ended June 30,
	2018			2017
	(Dollars in thousands)
Net sales	$	2,468		$	64,193
Cost of sales		1,335			57,022
Gross (loss) profit		1,133			7,171
Research and development		—			1,281
Selling and administrative expenses		(244	)		7,800
Gain on sale of assets		—			—
Impairments		—			5,300
Operating (loss) income		1,377			(7,210	)
Other (income) expense		66			(18	)
Interest expense		—			1,133
(Loss) income from discontinued operations before income taxes		1,311			(8,325	)
Benefit from income taxes on discontinued operations		—			(209	)
(Loss) income from discontinued operations	$	1,311		$	(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,
	2018		2017
	(Dollars in thousands)
Depreciation and amortization	$	—	$	2,311
Impairment		—		5,300
Deferred income taxes		—		(209	)
Capital expenditures		—		432

The following table summarizes the carrying value of the assets and liabilities of discontinued operations as of June 30, 2018 and December 31, 2017.

	As of June 30, 2018		As of December 31, 2017
	(Dollars in thousands)
Assets of discontinued operations:
Accounts receivable	$	1,234	$	3,351
Inventories		191		502
Prepaid expenses and other current assets		326		1,137
Net property plant and equipment		—		226
Other assets		96		97
Total assets of discontinued operations		1,847		5,313
Liabilities of discontinued operations:
Accounts payable	$	905	$	512
Accrued income and other taxes		181		158
Other accrued liabilities		1,675		2,742
Total current liabilities of discontinued operations		2,761		3,412
Other long-term obligations		376		376
Total liabilities of discontinued operations	$	3,137	$	3,788

The following tables summarize the results of the Engineered Solutions business segment, reclassified as discontinued operations:

	For the year ended December 31, 2017			For the year ended December 31, 2016			For the period August 15 through December 31, 2015			For the period January 1 through August 14, 2015
	(Dollars in thousands)
Net sales	$	82,299		$	115,336		$	55,608		$	98,024
Cost of sales	74,723			98,440			49,068			94,817
Gross profit	7,576			16,896			6,540			3,207
Research and development	1,429			3,145			1,265			2,179
Selling and administrative expenses	12,239			19,220			8,627			16,764
Gain on sale of assets	(6,091		)	—			—			—
Rationalizations	(35		)	(405		)	791			4,492
Impairment	5,300			119,907			—			—
	(5,266		)	(124,971		)	(4,143		)	(20,228		)
Other expense (income)	(115		)	(66		)	(135		)	(90		)
Interest expense	1,133			3,258			918			907
Loss from discontinued operations before income taxes	(6,284		)	(128,163		)	(4,926		)	(21,045		)
Benefit for income taxes on discontinued operations	(55		)	(1,189		)	—			(2,366		)
Loss from discontinued operations	$	(6,229	)	$	(126,974	)	$	(4,926	)	$	(18,679	)

The significant components of our Statements of Cash Flows for discontinued operations are as follows:

	Successor								Predecessor
	For the year ended December 31, 2017			For the year ended December 31, 2016			For the period August 15 through December 31, 2015		For the period January 1 through August 14, 2015
	(Dollars in thousands)
Depreciation and amortization	$	2,418		$	5,277		$	4,194	$	7,988
Impairment	5,300			119,907			—		—
(Gain) loss on sale of assets	(6,091		)	198			—		—
Net change in inventory	15,217			(917		)	3,514		(2,481		)
Cash received from divestitures	27,254			15,889			—		—
Credit facility reductions	(27,254		)	(15,889		)	—		—
Deferred income taxes	(55		)	(1,189		)	—		(2,366		)
Capital expenditures	558			4,713			4,447		10,104

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

	As of December 31, 2017		As of December 31, 2016
	(Dollars in thousands)
Assets of discontinued operations:
Accounts receivable	$	3,351	$	17,094
Inventories	502		71,816
Prepaid expenses and other current assets	1,137		320
Net property, plant and equipment	226		79,048
Other assets	97		12,608
Total assets of discontinued operations	5,313		180,886
Impairment of assets held for sale	—		(119,907		)
Total assets of discontinued operations	$	5,313	$	60,979
Liabilities of discontinued operations:
Accounts payable	$	512	$	7,253
Accrued income and other taxes	158		2,326
Other accrued liabilities	2,742		10,463
Total current liabilities of discontinued operations	3,412		20,042
Other long-term obligations	376		850
Total liabilities of discontinued operations	$	3,788	$	20,892