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DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS

NOTE 9

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 incurred losses from discontinued operations of $421,000 (net of tax benefit of $139,000) and $412,000 (net of taxes of $0) for the years ended December 31, 2021 and 2020, respectively. The loss for the year ended 2021 included an increase of approximately $100,000 in remediation reserve for our PFSG subsidiary due to reassessment of the remediation reserve. The remaining loss for each of the periods noted above was primarily due to costs incurred in the administration and continued monitoring of our discontinued operations.

 

 

The following table presents the major class of assets of discontinued operations at December 31, 2021 and December 31, 2020. No assets and liabilities were held for sale at each of the periods noted.

 

           
   December 31,   December 31, 
(Amounts in Thousands)  2021   2020 
Current assets          
Other assets  $15   $22 
Total current assets   15    22 
Long-term assets          
Property, plant and equipment, net (1)   81    81 
Total long-term assets   81    81 
Total assets  $96   $103 
Current liabilities          
Accounts payable  $3   $4 
Accrued expenses and other liabilities   154    150 
Environmental liabilities   349    744 
Total current liabilities   506    898 
Long-term liabilities          
Closure liabilities   150    142 
Environmental liabilities   527    110 
Total long-term liabilities   677    252 
Total liabilities  $1,183   $1,150 

 

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

 

Environmental Liabilities

 

The Company has three remediation projects, which are currently in progress relating to our PFD, PFM and PFSG (closed locations) subsidiaries, all within our discontinued operations. 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.

 

At December 31, 2021, the Company had total accrued environmental remediation liabilities of $876,000, an increase of $22,000 from the December 31, 2020 balance of $854,000. The net increase represents an increase of $100,000 made to the reserve at our PFSG subsidiary as discussed above and payments of approximately $78,000 for remediation projects for the three subsidiaries. At December 31, 2021, $349,000 of the total accrued environmental liabilities was recorded as current.

 

The current and long-term accrued environmental liabilities at December 31, 2021 are summarized as follows (in thousands).

 

   Current   Long-term    
   Accrual   Accrual   Total 
PFD  $8   $60   $68 
PFM   —    15    15 
PFSG   341    452    793 
Total liability  $349   $527   $876