ENVIRONMENTAL REMEDIATION LIABILITIES

6 Months Ended

Jun. 30, 2017

Environmental Remediation Obligations [Abstract]

ENVIRONMENTAL REMEDIATION LIABILITIES

NOTE 12 – 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 remediation actions, existing technology, and enacted laws and regulations. The liability for environmental remediation is included on the Condensed Consolidated Balance Sheets in current liabilities within Accrued liabilities and in noncurrent liabilities within Other liabilities.

At June 30, 2017 and December 31, 2016, the total environmental remediation liabilities recorded were $32.9 million and $30.9 million of which $5.7 million and $2.4 million were presented in Accrued liabilities on the Condensed Consolidated Balance Sheets, respectively. We project costs over approximately 30 years.

As discussed in Note 14 – Legal Proceedings, in the second quarter of 2017 we recorded an environmental liability of $2.0 million related to a portion of a hazardous waste facility in Mexico based upon our initial assessment. We are continuing to assess the level of required remediation, as well as other potentially responsible parties, and will adjust our estimate in the future as appropriate.