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Discontinued Operations and Divestitures | 6 Months Ended
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Jun. 30, 2013
Discontinued Operations and Divestitures [Abstract] |
Discontinued Operations and Divestitures |
9. | Discontinued Operations and Divestitures
Our discontinued operations consist of our Perma-Fix of South Georgia, Inc. (“PFSG”) facility which met the held for sale criteria under ASC 360, “Property, Plant, and Equipment” on October 6, 2010. Our discontinued operations also encompass our Perma-Fix of Fort Lauderdale, Inc. (“PFFL”), Perma-Fix of Orlando, Inc. (“PFO”), Perma-Fix of Maryland, Inc. (“PFMD”), Perma-Fix of Dayton, Inc. (“PFD”), and Perma-Fix Treatment Services, Inc. (“PFTS”) facilities, which were divested on August 12, 2011, October 14, 2011, January 8, 2008, March 14, 2008, and May 30, 2008, respectively. Our discontinued operations also include two previously shut down locations, Perma-Fix of Michigan, Inc. (“PFMI”), and Perma-Fix of Memphis, Inc. (“PFM”). We continue to market our PFSG facility for sale. As required by ASC 360, based on our internal financial valuations, we concluded that no tangible asset impairments existed for PFSG as of June 30, 2013. No intangible assets exist at PFSG. The following table summarizes the results of discontinued operations for the three and six months ended June 30, 2013 and 2012. The operating results of discontinued operations are included in our Consolidated Statements of Operations as part of our “Income (loss) from discontinued operations, net of taxes.”
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(Amounts in Thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Net revenues |  | $ | 809 |  |  | $ | 599 |  |  | $ | 1,472 |  |  | $ | 1,215 |
Interest expense |  | $ | (9 | ) |  | $ | (9 | ) |  | $ | (13 | ) |  | $ | (17 | )
Operating income (loss) from discontinued operations |  | $ | 67 |  |  | $ | (86 | ) |  | $ | 26 |  |  | $ | (294 | )
Income tax expense (benefit) |  | $ | 24 |  |  | $ | (26 | ) |  | $ | 11 |  |  | $ | (96 | )
Income (loss) from discontinued operations |  | $ | 43 |  |  | $ | (60 | ) |  | $ | 15 |  |  | $ | (198 | )
The following table presents the major classes of assets and liabilities of discontinued operations that are classified as held for sale as of June 30, 2013 and December 31, 2012. The held for sale assets and liabilities may differ at the closing of a sale transaction from the reported balances as of June 30, 2013:
(Amounts in Thousands) |  | June 30, 2013 |  |  | December 31, 2012 |
Accounts receivable, net (1) |  | $ | 578 |  |  | $ | 391 |
Inventories |  |  | 37 |  |  |  | 32 |
Other assets |  |  | 16 |  |  |  | 16 |
Property, plant and equipment, net (2) |  |  | 1,616 |  |  |  | 1,614 |
Total assets held for sale |  | $ | 2,247 |  |  | $ | 2,053 |
Accounts payable |  | $ | 341 |  |  | $ | 229 |
Accrued expenses and other liabilities |  |  | 544 |  |  |  | 528 |
Note payable |  |  | 53 |  |  |  | 71 |
Environmental liabilities |  |  | 1,373 |  |  |  | 1,373 |
Total liabilities held for sale |  | $ | 2,311 |  |  | $ | 2,201 |
| (1) | net of allowance for doubtful accounts of $25,000 and $45,000 as of June 30, 2013 and December 31, 2012, respectively.
| (2) | net of accumulated depreciation of $60,000 for each period presented.
The following table presents the major classes of assets and liabilities of discontinued operations that are not held for sale as of June 30, 2013 and December 31, 2012:
(Amounts in Thousands) |  | June 30, 2013 |  |  | December 31, 2012 |
Other assets |  | $ | 55 |  |  | $ | 60 |
Total assets of discontinued operations |  | $ | 55 |  |  | $ | 60 |
Accrued expenses and other liabilities |  | $ | 796 |  |  | $ | 884 |
Accounts payable |  |  | 15 |  |  |  | 15 |
Environmental liabilities |  |  | 195 |  |  |  | 241 |
Total liabilities of discontinued operations |  | $ | 1,006 |  |  | $ | 1,140 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 + Details
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