Annual report [Section 13 and 15(d), not S-K Item 405]

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

NOTE 8

DISCONTINUED OPERATIONS

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

The Company incurred losses from discontinued operations of $410,000 (net of tax benefit of $149,000) and $433,000 (net of tax benefit of $117,000) for the years ended December 31, 2024 and 2023, respectively.

On June 1, 2024, the Company’s PFSG subsidiary entered into a lease agreement with a tenant leasing a portion of the PFSG property. The lease is for a two-years term and requires monthly payment by the lessee of approximately $8,500 for the first year and approximately $8,755 for the second year. The lessee is responsible for all expenses relating to the permitted usage of the property, including all utilities, a portion of the annual real estate taxes and is responsible for maintaining insurance coverage, among other things.

The following table presents the major class of assets of discontinued operations as of December 31, 2024, and December 31, 2023. No assets and liabilities were held for sale at each of the periods noted.

	December 31,		December 31,
(Amounts in Thousands)	2024		2023
Current assets
Other assets	$	20	$	13
Total current assets		20		13
Long-term assets
Property, plant and equipment, net ⁽¹⁾		130		81
Total long-term assets		130		81
Total assets	$	150	$	94
Current liabilities
Accounts payable	$	90	$	80
Accrued expenses and other liabilities		153		128
Environmental liabilities		1		61
Total current liabilities		244		269
Long-term liabilities
Closure liabilities		179		169
Environmental liabilities		766		784
Total long-term liabilities		945		953
Total liabilities	$	1,189	$	1,222

⁽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 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.

As of December 31, 2024, the Company had total accrued environmental remediation liabilities of $767,000, a decrease of $78,000 from the December 31, 2023 balance of $845,000. The decrease represents payments for our PFSG remediation project. As of December 31, 2024, $1,000 of the total accrued environmental liabilities was recorded as current.

The current and long-term accrued environmental liabilities as of December 31, 2024, are summarized as follows (in thousands).

	Current		Long-term
	Accrual		Accrual		Total
PFD		—	$	60	$	60
PFM		—		15		15
PFSG		1		691		692
Total liability	$	1	$	766	$	767