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DISCONTINUED OPERATIONS
 12 Months Ended
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.

  

   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).

 

   Current   Long-term    
   Accrual   Accrual   Total 
PFD   —   $60   $60 
PFM   —    15    15 
PFSG   61    709    770 
Total liability  $61   $784   $845