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DISCONTINUED OPERATIONS AND DIVESTITURES | 12 Months Ended
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Dec. 31, 2013
DISCONTINUED OPERATIONS AND DIVESTITURES [Abstract] |
Discontinued Operations and Divestitures | NOTE 7 DISCONTINUED OPERATIONS AND DIVESTITURES Our discontinued operations consist of our 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 PFFL, PFO, PFMD, PFD, and 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, PFMI, and PFM. On August 14, 2013, our PFSG facility incurred fire damage which has left it non-operational. Certain equipment and portions of the building structures were damaged. We carry general liability, pollution, property and business interruption, and workers compensation insurance with a maximum deductible of approximately $300,000 (consisting of $100,000 deductible for each workers compensation, pollution, and property insurance policy), which was accrued and included within our “loss from discontinued operations.” As of December 31, 2013, we have recorded $130,000 for impairment of fixed assets related to the fire, and have incurred approximately $6,729,000 of other costs related to the fire. As of December 31, 2013, approximately $3,664,000 in insurance proceed reimbursements have been paid by our insurers, of which $1,750,000 was paid to us, with the remaining paid directly to the vendor performing the clean-up of the facility. We have recorded a receivable of approximately $2,995,000 as of December 31, 2013 as we have determined that the receipt of reimbursement of these expenses from our insurer is probable in accordance with its insurance policies. The table below details the nature of expense as well as insurance receivables and insurance recoveries related to the fire:
Clean up costs |  | $ | 6,293,000 |
Impairment of fixed assets |  |  | 130,000 |
Incremental payroll costs |  |  | 244,000 |
Other incremental costs |  |  | 192,000 |
Total incurred costs through December 31, 2013 |  | $ | 6,859,000 |
Insurance recovery receivable |  | $ | 2,995,000 |
Insurance recoveries already received |  | $ | 3,664,000 |
The insurance receivable recorded is net of $200,000 of deductible on our property and pollution insurance policies and the insurance recoveries already received. The receivables and the related payables in connection with this claim are included within our current assets and current liabilities related to discontinued operations in our consolidated balance sheet. Subsequent to December 31, 2013, our insurers paid approximately $3,510,000 of insurance recoveries, of which approximately $2,000,000 was paid to us, with the remaining paid directly to the vendor working on the clean-up of the facility. We continue to gather information related to insurance claims on this fire. We are currently evaluating options regarding the future operation of this facility as we undergo the rebuilding process on the part of the facility damaged by the fire. 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 December 31, 2013, other than the write-off of the equipment damaged in the fire as discussed above. No intangible assets exist at PFSG. The following table summarizes the results of discontinued operations for the years ended December 31, 2013 and 2012. The operating results of discontinued operations are included in our Consolidated Statements of Operations as part of our “Loss from discontinued operations, net of taxes.” Our income tax expense included a charge to tax expense of approximately $1,164,000 to provide a full valuation allowance on our net deferred tax assets.
|  | For The Year Ended December 31, |
Amount in Thousands |  | 2013 |  |  | 2012 |
Net revenue |  | $ | 1,789 |  |  | $ | 2,204 |
Interest Expense |  |  | (27 | ) |  |  | (34 | )
Operating income (loss) from discontinued operations |  |  | 59 |  |  |  | (560 | )
Income tax expense (benefit) |  |  | 1,627 |  |  |  | (530 | )
Loss from discontinued operations |  |  | (1,568 | ) |  |  | (30 | )
Assets related to discontinued operations totaled $4,481,000 and $2,113,000 as of December 31, 2013, and 2012, respectively, and liabilities related to discontinued operations totaled $4,596,000 and $3,341,000 as of December 31, 2013 and 2012, respectively. 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, 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 December 31, 2013:
|  | December 31, |  |  | December 31, |
(Amounts in Thousands) |  | 2013 |  |  | 2012 |
Accounts receivable, net (1) |  | $ | 20 |  |  | $ | 391 |
Inventories |  |  | 37 |  |  |  | 32 |
Other assets |  |  | 3,018 |  |  |  | 16 |
Property, plant and equipment, net (2) |  |  | 1,367 |  |  |  | 1,614 |
Total assets held for sale |  | $ | 4,442 |  |  | $ | 2,053 |
Accounts payable |  | $ | 2,716 |  |  | $ | 229 |
Accrued expenses and other liabilities |  |  | 363 |  |  |  | 528 |
Note payable |  |  | 35 |  |  |  | 71 |
Environmental liabilities |  |  | 840 |  |  |  | 1,373 |
Total liabilities held for sale |  | $ | 3,954 |  |  | $ | 2,201 |
(1) net of allowance for doubtful accounts of $13,000 and $45,000 as of December 31, 2013 and December 31, 2012, respectively. (2) net of accumulated depreciation of $55,000 and $60,000 as of December 31, 2013 and 2012, respectively. The following table presents the major classes of assets and liabilities of discontinued operations that are not held for sale as of December 31, 2013 and December 31, 2012:
|  | December 31, |  |  | December 31, |
(Amounts in Thousands) |  | 2013 |  |  | 2012 |
Other assets |  | $ | 39 |  |  | $ | 60 |
Total assets of discontinued operations |  | $ | 39 |  |  | $ | 60 |
Accrued expenses and other liabilities |  | $ | 436 |  |  | $ | 884 |
Accounts payable |  |  | 15 |  |  |  | 15 |
Environmental liabilities |  |  | 191 |  |  |  | 241 |
Total liabilities of discontinued operations |  | $ | 642 |  |  | $ | 1,140 |
Environmental Liabilities We have four remediation projects, which are currently in progress at certain of our discontinued facilities. These remediation projects principally entail the removal/remediation of contaminated soil and, in most cases, the remediation of surrounding ground water. All of the remedial clean-up projects in question were an issue for that facility for years prior to our acquisition of the facility and were recognized pursuant to a business combination and recorded as part of the purchase price allocation to assets acquired and liabilities assumed. Three of the facilities (PFD, PFM, and PFSG) are RCRA permitted facilities, and as a result, the remediation activities are closely reviewed and monitored by the applicable state regulators. We recognized our best estimate of such environmental liabilities upon the acquisition of our facilities, as part of the acquisition cost. At December 31, 2013, we had total accrued environmental remediation liabilities of $1,031,000, of which $649,000 is recorded as a current liability, which reflects a decrease of $583,000 from the December 31, 2012 balance of $1,614,000. The net decrease represents payments of approximately $50,000 on remediation projects and a reduction in reserve of approximately $533,000 at PFSG based on reassessment of the remediation reserve. The December 31, 2013 current and long-term accrued environmental balance is recorded as follows (in thousands):
|  | Current |  |  | Long-term |  |  |  |
|  | Accrual |  |  | Accrual |  |  | Total |
PFD |  | $ | 11 |  |  | $ | 58 |  |  | $ | 69 |
PFM |  |  | 34 |  |  |  | 11 |  |  |  | 45 |
PFSG |  |  | 604 |  |  |  | 236 |  |  |  | 840 |
PFMI |  |  | — |  |  |  | 77 |  |  |  | 77 |
Total Liability |  | $ | 649 |  |  | $ | 382 |  |  | $ | 1,031 |

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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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