Accounting for Asset Retirement Obligations

3 Months Ended

Mar. 31, 2013

Accounting for Asset Retirement Obligations [Abstract]

Accounting for Asset Retirement Obligations

Note 10.  Accounting for Asset Retirement Obligations

The Company records asset retirement obligations for situations in which the Company will be required to incur costs to retire tangible long-lived assets. These are primarily related to its PCC satellite facilities and mining operations. The Company has also recorded the provisions related to conditional asset retirement obligations at its facilities.  The Company has recorded asset retirement obligations at all of its facilities except where there are no

legal or contractual obligations.  The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset.

     The following is a reconciliation of asset retirement obligations as of March 31, 2013:

(millions of dollars)
Asset retirement liability, December 31, 2012	$	15.0
Accretion expense		0.2
Additions		0.1
Reversals		(0.3	)
Foreign currency translation and other		(0.1	)
Asset retirement liability,  March 31, 2013	$	14.9

     The current portion of the liability of approximately $0.4 million is included in other current liabilities and  the long-term portion of the liability of approximately $14.5 million is included in other non-current liabilities in the Condensed Consolidated Balance Sheet as of March 31, 2013.