Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

NOTE 9 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 incurred losses from discontinued operations of $605,000 (net of tax benefit of $199,000) and $421,000 (net of tax benefit of $139,000) for the years ended December 31, 2022 and 2021, respectively. The increase in net losses in 2022 as compared to 2021 was primarily due to costs incurred in connection with management of administrative and regulatory matters for the Company’s remediation projects as discussed below.

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


	December 31,		December 31,
(Amounts in Thousands)	2022		2021
Current assets
Other assets	$	15	$	15
Total current assets		15		15
Long-term assets
Property, plant and equipment, net ⁽¹⁾		81		81
Total long-term assets		81		81
Total assets	$	96	$	96
Current liabilities
Accounts payable	$	104	$	3
Accrued expenses and other liabilities		146		154
Environmental liabilities		112		349
Total current liabilities		362		506
Long-term liabilities
Closure liabilities		159		150
Environmental liabilities		749		527
Total long-term liabilities		908		677
Total liabilities	$	1,270	$	1,183

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

Environmental Liabilities

The Company has three remediation projects, which are currently in progress relating to our PFD, PFM and PFSG (closed locations) subsidiaries, all within our discontinued operations. The Company divested PFD in 2008; however, the environmental liability of PFD was retained by the Company upon the divestiture of PFD. These remediation projects principally entail the removal/remediation of contaminated soil and, in most cases, the remediation of surrounding ground water. The remediation activities are closely reviewed and monitored by the applicable state regulators.

At December 31, 2022, the Company had total accrued environmental remediation liabilities of $861,000, a decrease of $15,000 from the December 31, 2021 balance of $876,000. The decrease represents payments for remediation projects. At December 31, 2022, $112,000 of the total accrued environmental liabilities was recorded as current.

The current and long-term accrued environmental liabilities at December 31, 2022 are summarized as follows (in thousands).

	Current		Long-term
	Accrual		Accrual		Total
PFD		—	$	60	$	60
PFM		—		15		15
PFSG		112		674		786
Total liability	$	112	$	749	$	861
Total liability	$	112	$	749	$	861