Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v3.22.2
Discontinued Operations
6 Months Ended
Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

10. Discontinued Operations

 

The Company’s discontinued operations consist of all our subsidiaries included in our previous Industrial Segment which encompasses subsidiaries divested in 2011 and prior and three previously closed locations.

 

The Company’s discontinued operations had net losses of $188,000 (net of tax benefit of $18,000) and $127,000 (net of taxes of $0) for the three months ended June 30, 2022 and 2021, respectively and net losses of $282,000 (net of tax benefit of $80,000) and $242,000 (net of taxes of $0) for the six months ended June 30, 2022 and 2021, respectively. The losses were primarily due to costs incurred in the administration and continued monitoring of our discontinued operations. The Company’s discontinued operations had no revenues for each of the periods noted above.

 

 

The following table presents the major class of assets of discontinued operations as of June 30, 2022 and December 31, 2021. No assets and liabilities were held for sale at each of the periods noted.

 

    June 30,     December 31,  
(Amounts in Thousands)   2022     2021  
Current assets                
Other assets   $ 17     $ 15  
Total current assets     17       15  
Long-term assets                
Property, plant and equipment, net (1)     81       81  
Total long-term assets     81       81  
Total assets   $ 98     $ 96  
Current liabilities                
Accounts payable   $ 11     $ 3  
Accrued expenses and other liabilities     152       154  
Environmental liabilities     751       349  
Total current liabilities     914       506  
Long-term liabilities                
Closure liabilities     155       150  
Environmental liabilities     110       527  
Total long-term liabilities     265       677  
Total liabilities   $ 1,179     $ 1,183  

 

(1) net of accumulated depreciation of $10,000 for each period presented.