Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

Discontinued Operations

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

10. Discontinued Operations

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

The Company’s discontinued operations had net losses of $160,000 and $43,000 for the three months ended September 30, 2022 and 2021, respectively (net of tax benefits of $46,000 and $98,000 for the three month ended September 30, 2022 and 2021, respectively) and net losses of $442,000 and $285,000 for the nine months ended September 30, 2022 and 2021, respectively, (net of tax benefits of $127,000 and $98,000 for the nine month ended September 30, 2022 and 2021, respectively). The losses (excluding the tax benefits) were primarily due to costs incurred in the administration and continued monitoring/evaluation of our discontinued operations. The Company’s discontinued operations had no revenues for any of the periods noted above.

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

	September 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	$	23	$	3
Accrued expenses and other liabilities		153		154
Environmental liabilities		751		349
Total current liabilities		927		506
Long-term liabilities
Closure liabilities		157		150
Environmental liabilities		110		527
Total long-term liabilities		267		677
Total liabilities	$	1,194	$	1,183

⁽¹⁾

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