DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2015

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. During 2013, we received the final payment under the 5CP earn-out of $13,031,000. We were liable for a cash transaction bonus payable annually to certain former key Chemicals employees based on the prior year’s earn-out results. Payments for the transaction bonus were $1,303,000 in 2013.

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

in thousands	2015	2014	2013
Discontinued Operations
Pretax loss	$     (19,326)	$     (3,683)	$     (5,744)
Gain on disposal, net of transaction bonus	0	0	11,728
Income tax (provision) benefit	7,589	1,460	(2,358)
Earnings (loss) on discontinued operations,
net of income taxes	$     (11,737)	$     (2,223)	$       3,626

The 2015, 2014 and 2013 pretax losses from discontinued operations of $19,326,000,  $3,683,000 and $5,744,000, respectively, include charges related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business. The current year’s increased loss resulted primarily from charges associated with the Lower Passaic and Texas Brine matters as further discussed in Note 12.