Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v3.20.2
Discontinued Operations
6 Months Ended
Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

11. 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’s discontinued operations had net losses of $85,000 and $115,000 for the three months ended June 30, 2020 and 2019, respectively (net of taxes of $0 for each period) and net losses of $199,000 and $267,000 for the six months ended June 30, 2020 and 2019, respectively, (net of taxes of $0 for each period). The losses were primarily due to costs incurred in the administration and continued monitoring of our discontinued operations. The Company’s discontinued operations had no revenues for each of the periods noted above.

 

The following table presents the major class of assets of discontinued operations as of June 30, 2020 and December 31, 2019. No assets and liabilities were held for sale at each of the periods noted.

 

    June 30,     December 31,  
(Amounts in Thousands)   2020     2019  
Current assets                
Other assets   $ 124     $ 104  
Total current assets     124       104  
Long-term assets                
Property, plant and equipment, net (1)     81       81  
Other assets           36  
Total long-term assets     81       117  
Total assets   $ 205     $ 221  
Current liabilities                
Accounts payable   $ 5     $ 8  
Accrued expenses and other liabilities     167       169  
Environmental liabilities     756       817  
Total current liabilities     928       994  
Long-term liabilities                
Closure liabilities     138       134  
Environmental liabilities     110       110  
Total long-term liabilities     248       244  
Total liabilities   $ 1,176     $ 1,238  

 

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

 

The Company’s discontinued operations included a note receivable in the original amount of approximately $375,000 recorded in May 2016 resulting from the sale of property at our Perma-Fix of Michigan, Inc. (“PFMI”) subsidiary. This note requires 60 equal monthly installment payments by the buyer of approximately $7,250 (which includes interest). At June 30, 2020, the outstanding amount on this note receivable totaled approximately $105,000, which are all current and is included in “Current assets related to discontinued operations” in the accompanying Consolidated Balance Sheets.