Quarterly report [Sections 13 or 15(d)]

Discontinued Operations

v3.26.3
Discontinued Operations
 9 Months Ended
Sep. 30, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

 

10. Discontinued Operations

 

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

 

The Company’s discontinued operations had net losses of $54,000 and $73,000 (net of income taxes of $0 for each period) for the three months ended September 30, 2026, and 2025, respectively, and net losses of $103,000 (net of $0 tax expense) and $280,000 (net of income taxes of $0 for each period) for the nine months ended September 30, 2026, and 2025, respectively. The results of discontinued operations primarily reflect costs incurred in the administration and continued monitoring of the Company’s discontinued operations. The Company’s discontinued operations generated no revenues during any of the periods presented.

 

During the second quarter of 2026, the Company recorded a receivable and a corresponding reduction in expense of approximately $130,000 related to a member-approved reimbursement of contributions and expenses in connection with the Company’s participation in an association of PRP. The reimbursement was received by the Company in September 2026.

 

The following table presents the major class of assets of discontinued operations as of September 30, 2026, and December 31, 2025. No assets and liabilities were held for sale at each of the periods noted.

 

    September 30,     December 31,  
(Amounts in Thousands)   2026     2025  
Current assets                
Other assets   $ 105     $ 60  
Total current assets     105       60  
Long-term assets                
Property, plant and equipment, net (1)     146       146  
Total long-term assets     146       146  
Total assets   $ 251     $ 206  
Current liabilities                
Accounts payable   $ 4     $ 67  
Accrued expenses and other liabilities     142       127  
Environmental liabilities     1,138       76  
Total current liabilities     1,284       270  
Long-term liabilities                
Closure liabilities     197       189  
Environmental liabilities     2,275       3,409  
Total long-term liabilities     2,472       3,598  
Total liabilities   $ 3,756     $ 3,868  

 

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