Sale of Property

12 Months Ended

Dec. 31, 2016

Sale Of Property

Sale of Property

16. Sale of Property

On April 7, 2014, the Company sold its Fremont, NC distribution facility for $850,000 in cash. The facility originally served as a manufacturing site for the Company’s scissors and rulers. The Company hired an independent environmental consulting firm to conduct environmental studies in order to identify the extent of the environmental contamination on the property and to develop a remediation plan. As a result of those studies and the estimates prepared by the independent environmental consulting firm, and in conjunction with the sale of the property, the Company recorded a liability of $300,000 in the second quarter of 2014, related to the remediation of the property. The accrual includes the total estimated costs of remedial activities and post-remediation operating and maintenance costs.

Remediation work on the Fremont project began in the third quarter of 2014 and was completed in 2015. In addition to the remediation work, the Company, with the assistance of its independent environmental consulting firm, must continue to monitor contaminant levels on the property to ensure they comply with set governmental standards. The Company expects that the monitoring period will last a period of five years from the completion of the remediation and be complete by the end of 2020.

The change in the accrual for environmental remediation, which is included in other accrued liabilities on the accompanying consolidated balance sheets, for the twelve months ended December 31, 2016 follows (in thousands):

	Balance at December 31, 2015			Payments			Balance at December 31, 2016
Fremont, NC	$	80	$	(23	)	$	57
Total	$	80	$	(23	)	$	57