Note 9 - Discontinued Operations
|12 Months Ended|
Dec. 31, 2016
|Notes to Financial Statements|
|Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]||
The Company’s discontinued operations consist of all our subsidiaries included in our Industrial Segment:
(1)subsidiaries divested in
twopreviously closed locations, and
(3)our PFSG facility which is currently undergoing closure, subject to regulatory approval.
The following table presents the major class of assets of discontinued operations as of
2016,Perma-Fix of Michigan, Inc. (“PFMI” – a closed location) entered into an Agreement for the sale of the property (which was held for sale as of
2015)for a price of
$450,000.The Agreement provides for a down payment of approximately
$75,000.After certain closing and settlement costs, PFMI received approximately
$46,000.The Agreement also provides for, among other things, the balance of the purchase price of
$375,000to be paid by the buyer in
60equal monthly installments of approximately
2016,receivables related to this transaction totaled approximately
$337,000,of which approximately
$69,000is included in “Current assets related to discontinued operations” and approximately
$268,000is included in “Other assets related to discontinued operations” in the accompanying Consolidated Balance Sheets. No assets and liabilities are held for sale as of
$10,000for each period presented.
The following table summarizes the results of discontinued operations for the years ended
Our loss for the
2015included a penalty in the amount of approximately
$201,000recorded for PFSG in connection with a Consent Order from the Georgia Department of Natural Resources Environmental Protection Division and an asset impairment charge of
$150,000recorded for PFMI in connection with the sale of property as discussed above. In addition, our net loss for the
$407,000in expenses (with
$400,000recorded as interest expenses) recorded in the
2015in connection with an arbitration award that PFSG was required to pay to a contractor hired to perform emergency response services at our PFSG subsidiary resulting from the fire which occurred at the facility in
2013.Remaining losses for the periods discussed above were primarily due to costs incurred in the administration and continued monitoring of our discontinued operations.
The Company has
threeremediation projects, which are currently in progress at our Perma-Fix of Dayton, Inc. (“PFD”), Perma-Fix of Memphis, Inc. (“PFM” – closed location), and PFSG (in closure status) subsidiaries. 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.
2016,we had total accrued environmental remediation liabilities of
$677,000are recorded as a current liability, an increase of
$900,000.The net increase of
$25,000represents payments on remediation projects at PFSG and an increase to the reserve of approximately
$66,000at PFD due to reassessment of the remediation reserve.
The current and long-term accrued environmental liability at
2016is summarized as follows (in thousands).
The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
Reference 1: http://www.xbrl.org/2003/role/presentationRef