ENVIRONMENTAL REMEDIATION LIABILITIES

9 Months Ended

Sep. 30, 2016

Environmental Remediation Obligations [Abstract]

ENVIRONMENTAL REMEDIATION LIABILITIES

NOTE 10 – ENVIRONMENTAL REMEDIATION LIABILITIES

We record a liability for environmental remediation when such liability becomes probable and the costs or damages can be reasonably estimated. We accrue environmental remediation costs, on an undiscounted basis, associated with identified sites where an assessment has indicated that cleanup costs are probable and can be reasonably estimated, but the timing of such payments is not fixed and determinable. Such accruals are based on currently available information, estimated timing of remedial actions, existing technology, and enacted laws and regulations. The liability for environmental remediation is included in the Condensed Consolidated Balance Sheets in current liabilities within “Accrued liabilities” and in non-current liabilities within “Other liabilities.”

At September 30, 2016, the total environmental remediation liabilities recorded were $30.5 million, of which $2.7 million was classified as accrued liabilities and $27.8 million was classified as other liabilities.