COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Environmental Remediation Liabilities

The Company records a liability for environmental remediation when such liability becomes probable and the costs or damages can be reasonably estimated. The Company accrues 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 liabilities are based on currently available information, estimated timing of remedial actions, existing technology, and enacted laws and regulations.

Environmental remediation liabilities in total at December 31 were presented as follows:


In millions
	2020		2019
Accrued liabilities - other	$	0.4	$	4.7
Other long-term liabilities	—		27.2
Total environmental liabilities	$	0.4	$	31.9

The reduction in environmental liabilities relates primarily to the Environmental Solutions business, which was sold on April 6, 2020 and included $27.5 million of environmental remediation liabilities (see Note 4 - Restructuring, Divestitures, and Impairments).

Asset Retirement Obligations

The Company has asset retirement obligations that it is required to perform under law or contract once an asset is permanently taken out of service. Most of these obligations are not expected to be paid until many years in the future and are expected to be funded from general company resources at the time of removal.

At December 31, 2020 and 2019, the total asset retirement obligation liabilities recognized were $19.7 million and $19.4 million, respectively and were included in Other long-term liabilities on the Consolidated Balance Sheets.

Letters of Credit, Surety Bonds and Bank Guarantees

As of December 31, 2020 and 2019, the Company had $79.5 million and $33.0 million, respectively, of stand-by letters of credit outstanding against our senior credit facility (see Note 9 – Debt). As of December 31, 2019, we had $52.3 million of stand-by letters of credit outstanding against another facility which was entered into during 2019. As of December 31, 2020, no amounts of stand-by letters of credit were outstanding. In addition, at December 31, 2020 and 2019 we had, $37.9 million and $72.3 million, respectively, of surety bonds and $21.2 million and $19.3 million, respectively, of bank guarantees. The bank guarantees are issued mostly by the Company’s international subsidiaries for various purposes, including leases, seller notes, contracts and permits. The surety bonds are used for performance and financial guarantees. Neither the bank guarantees nor the surety bonds affect the Company’s ability to use its various lines of credit.

Indemnifications

In the ordinary course of business and in connection with the sale of assets and businesses and other transactions, we often indemnify our counterparties against certain liabilities that may arise in connection with the transaction or that are related to events and activities prior to or following a transaction (see Note 4 - Restructuring, Divestitures, and Impairments). If the indemnified party were to make a successful claim pursuant to the terms of the indemnification, we may be required to reimburse the loss. These indemnifications are generally subject to various restrictions and limitations. Historically, we have not paid material amounts under these provisions and, as of December 31, 2020, these indemnifications obligations were not material.