Note 2 - Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note 2 — Discontinued Operations

In 2013, we initiated a process to sell our Environmental Services business, and in March of 2014 completed the sale of the business for $100 million in cash, subject to adjustment based on actual working capital conveyed at closing. Cash proceeds from the sale were $89.8 million in 2014, net of transaction related expenses, including the adjustment related to final working capital conveyed at closing. The agreement significantly limits our post-closing environmental obligations, including those related to the waste transfer and disposal facilities. In addition, $8 million of the sales price was withheld in escrow associated with transaction representations, warranties and indemnities, with $4 million scheduled to be released at each of the nine month and 18 month anniversary of the closing. In December 2014, the buyer made certain claims for indemnification under the terms of the agreement, which defers the release of the escrow funds until such claims are resolved. We believe the buyer’s claims are without merit and intend to vigorously pursue resolution. As a result of the sale transaction, we recorded a gain on the disposal of the business of $34.0 million ($22.1 million after-tax). All assets, liabilities and results of operations for this business have been classified as discontinued operations for all periods presented.

Summarized results of operations from discontinued operations are as follows:

	Year-ended December 31,
(In thousands)	2014		2013		2012
Revenues	$	11,744	$	65,002	$	54,066
Income from discontinued operations before income taxes		1,770		17,773		13,609
Income from discontinued operations, net of tax		1,152		12,701		9,579
Gain from disposal of discontinued operations before income taxes		33,974		-		-
Gain from disposal of discontinued operations, net of tax		22,117		-		-

Assets and liabilities of discontinued operations consisted of the following at December 31, 2013: 

(In thousands)	2013
Receivables, net	$	11,915
Prepaid expenses and other current assets		1,188
Property, plant and equipment, net		62,333
Other assets		3,584
Assets of discontinued operations	$	79,020
Accounts payable	$	4,415
Accrued liabilities		1,542
Deferred tax liabilities		12,449
Other noncurrent liabilities		10,291
Liabilities of discontinued operations	$	28,697