DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2014

DISCONTINUED OPERATIONS [Abstract]

DISCONTINUED OPERATIONS

Note 2: Discontinued Operations

In 2005, we sold substantially all the assets of our Chemicals business to Basic Chemicals, a subsidiary of Occidental Chemical Corporation. In addition to the initial cash proceeds, Basic Chemicals was required to make payments under two earn-out agreements. In March 2013, we received the finalearn-out payment in the amount of $13,031,000. We were liable for a cash transaction bonus payable annually to certain former key Chemicals employees based on the prior years’ earn-out results. As of June 30, 2013, we had accrued $1,303,000 for the 2013 transaction bonuswhich was subsequently paid in 2013.

The financial results of the Chemicals business are classified as discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income for all periods presented. There were no net sales or revenues from discontinued operations for the periods presented. Results from discontinued operations are as follows:

	Three Months Ended		Six Months Ended
		June 30		June 30
in thousands	2014	2013	2014	2013
Discontinued Operations
Pretax loss	$          (897)	$       (2,221)	$       (1,739)	$       (2,761)
Gain on disposal, net of transaction bonus	0	0	0	11,728
Income tax (provision) benefit	353	865	685	(3,540)
Earnings (loss) on discontinued operations,
net of income taxes	$          (544)	$       (1,356)	$       (1,054)	$        5,427

The pretax losses from discontinued operations noted above were due primarily to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business.