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DISCONTINUED OPERATIONS AND DIVESTITURES (Tables)
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12 Months Ended |
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Dec. 31, 2012
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| DISCONTINUED OPERATIONS AND DIVESTITURES [Abstract] |
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| Results of discontinued operations |
The following table summarizes the results of discontinued operations for the years ended December 31, 2012, 2011, and 2010. The gains on disposals of discontinued operations for PFFL and PFO, net of taxes, are reported separately on our Consolidated Statements of Operations as "Gain on disposal of discontinued operations, net of taxes." The operating results of discontinued operations are included in our Consolidated Statements of Operations as part of our "(Loss) income from discontinued operations, net of taxes." Our net income for 2012 included a tax benefit of approximately $1,018,000 primarily resulting from our net operating loss and reversal of the valuation allowance related to our deferred tax asset.
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For The Year Ended December 31, |
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| Amounts in Thousands |
|
|
2012 |
|
|
|
2011 |
|
|
|
2010 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
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Net revenue |
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$ |
2,204 |
|
|
$ |
6,931 |
|
|
$ |
9,248 |
|
Interest Expense |
|
|
(34 |
) |
|
|
(68 |
) |
|
|
(84 |
) |
Operating loss from discontinued operations |
|
|
(560 |
) |
|
|
(366 |
) |
|
|
(839 |
) |
Income tax benefit |
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|
(1,018 |
) |
|
|
(1,143 |
) |
|
|
(176 |
) |
Gain on disposal of discontined operations (1)
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|
|
— |
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|
|
1,509 |
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|
|
— |
|
Income (loss) from discontinued operations |
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|
458 |
|
|
|
2,286 |
|
|
|
(663 |
) |
(1) |
Net of taxes of $1,276,000 for year ended December 31, 2011. |
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| Disclosure of asset and liabilities of discontinued operations Held-for-sale |
The following table presents the major classes of assets and liabilities of discontinued operations that are classified as held for sale as of December 31, 2012 and 2011. The held for sale assets and liabilities may differ at the closing of a sale transaction from the reported balances as of December 31, 2012:
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December 31, |
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|
December 31, |
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(Amounts in Thousands) |
|
2012 |
|
|
2011 |
|
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|
|
|
|
|
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Accounts receivable, net (1)
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$ |
391 |
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$ |
385 |
|
Inventories |
|
|
32 |
|
|
|
25 |
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Other assets |
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|
16 |
|
|
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22 |
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Property, plant and equipment, net (2)
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|
|
1,614 |
|
|
|
1,650 |
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Total assets held for sale |
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$ |
2,053 |
|
|
$ |
2,082 |
|
Accounts payable |
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$ |
229 |
|
|
$ |
190 |
|
Accrued expenses and other liabilities |
|
|
528 |
|
|
|
577 |
|
Note payable |
|
|
71 |
|
|
|
105 |
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Environmental liabilities |
|
|
1,373 |
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|
|
1,497 |
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Total liabilities held for sale |
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$ |
2,201 |
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$ |
2,369 |
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(1)
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net of allowance for doubtful accounts of $45,000 and $48,000 as of December 31, 2012, and 2011, respectively. |
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(2) |
net of accumulated depreciation of $60,000 and $62,000 as of December 31, 2012, and 2011, respectively. |
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| Disclosure of assets and liabilities of discontinued operations not held for sale |
The following table presents the major classes of assets and liabilities of discontinued operations that are not held for sale as of December 31, 2012 and 2011:
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December 31, |
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|
December 31, |
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(Amounts in Thousands) |
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2012 |
|
|
2011 |
|
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|
|
|
|
|
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Other assets |
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$ |
60 |
|
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$ |
261 |
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Total assets of discontinued operations |
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$ |
60 |
|
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$ |
261 |
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Accrued expenses and other liabilities |
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$ |
884 |
|
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$ |
1,083 |
|
Accounts payable |
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|
15 |
|
|
|
15 |
|
Environmental liabilities |
|
|
241 |
|
|
|
505 |
|
Total liabilities of discontinued operations |
|
$ |
1,140 |
|
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$ |
1,603 |
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| Accrued Environmental Liabilities [Table Text Block] |
At December 31, 2012, we had total accrued environmental remediation liabilities of $1,614,000 of which $374,000 is recorded as a current liability, which reflects a decrease of $388,000 from the December 31, 2011 balance of $2,002,000. The net decrease represents payment of approximately $388,000 on remediation projects, increases in reserves of approximately $90,000 at PFD and $33,000 at PFMI and decrease in reserve of approximately $123,000 at PFSG due to reassessment of our remediation reserves. The December 31, 2012, current and long-term accrued environmental balance is recorded as follows (in thousands):
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Current |
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Long-term |
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Total |
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Accrual |
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Accrual |
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PFD |
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$ |
7 |
|
|
$ |
92 |
|
|
$ |
99 |
|
PFM |
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|
23 |
|
|
|
38 |
|
|
|
61 |
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PFSG |
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|
343 |
|
|
|
1,030 |
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|
|
1,373 |
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PFMI |
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|
1 |
|
|
|
80 |
|
|
|
81 |
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Total Liability |
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$ |
374 |
|
|
$ |
1,240 |
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|
$ |
1,614 |
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