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DISCONTINUED OPERATIONS | 12 Months Ended
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Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | NOTE 8 DISCONTINUED OPERATIONS The Company’s discontinued operations consist of all our subsidiaries included in our Industrial Segment which encompasses subsidiaries divested in 2011 and earlier, as well as three previously closed locations. The Company incurred losses from discontinued operations of $433,000 (net of tax benefit of $117,000) and $605,000 (net of tax benefit of $199,000) for the years ended December 31, 2023, and 2022, respectively. In 2022, the Company incurred additional costs in connection with management of administrative and regulatory matters for the Company’s remediation projects as discussed below. The following table presents the major class of assets of discontinued operations as of December 31, 2023, and December 31, 2022. No assets and liabilities were held for sale at each of the periods noted. SCHEDULE OF DISPOSAL GROUPS, INCLUDING DISCONTINUED OPERATION BALANCE SHEET
|  | December 31, |  |  | December 31, |
(Amounts in Thousands) |  | 2023 |  |  | 2022 |
Current assets |  |  |  |  |  |  |  |
Other assets |  | $ | 13 |  |  | $ | 15 |
Total current assets |  |  | 13 |  |  |  | 15 |
Long-term assets |  |  |  |  |  |  |  |
Property, plant and equipment, net (1) |  |  | 81 |  |  |  | 81 |
Total long-term assets |  |  | 81 |  |  |  | 81 |
Total assets |  | $ | 94 |  |  | $ | 96 |
Current liabilities |  |  |  |  |  |  |  |
Accounts payable |  | $ | 80 |  |  | $ | 104 |
Accrued expenses and other liabilities |  |  | 128 |  |  |  | 146 |
Environmental liabilities |  |  | 61 |  |  |  | 112 |
Total current liabilities |  |  | 269 |  |  |  | 362 |
Long-term liabilities |  |  |  |  |  |  |  |
Closure liabilities |  |  | 169 |  |  |  | 159 |
Environmental liabilities |  |  | 784 |  |  |  | 749 |
Total long-term liabilities |  |  | 953 |  |  |  | 908 |
Total liabilities |  | $ | 1,222 |  |  | $ | 1,270 |
(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 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. As of December 31, 2023, the Company had total accrued environmental remediation liabilities of $845,000, a decrease of $16,000 from the December 31, 2022 balance of $861,000. The decrease represents payments for remediation projects. As of December 31, 2023, $61,000 of the total accrued environmental liabilities was recorded as current. The current and long-term accrued environmental liabilities as of December 31, 2023, are summarized as follows (in thousands). SCHEDULE OF CURRENT AND LONG TERM ACCRUED ENVIRONMENTAL LIABILITY
|  | Current |  |  | Long-term |  |  |  |
|  | Accrual |  |  | Accrual |  |  | Total |
PFD |  |  | — |  |  | $ | 60 |  |  | $ | 60 |
PFM |  |  | — |  |  |  | 15 |  |  |  | 15 |
PFSG |  |  | 61 |  |  |  | 709 |  |  |  | 770 |
Total liability |  | $ | 61 |  |  | $ | 784 |  |  | $ | 845 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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