XML 50 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2012
Actively Related to Asbestos Claims
For the Nine Months Ended September 30 (in thousands)    2012     2011  

Pending claims – Beginning

      105        104   

New claims

      3        4   

Settlements

      (1 )      (1 ) 

Dismissals(a)

      (11 )      (2 ) 

Pending claims – Ending

      96        105   

 

  (a)

In the nine month period ended September 30, 2012, 11 thousand pending claims were dismissed, approximately 10 thousand of which were filed in Mississippi and were inactive. As of September 30, 2012, approximately 29 thousand claims pending against the Company have been placed on inactive dockets in Mississippi.
Total Net Asbestos Charges

The tables below summarize the total net asbestos charges for the three and nine months ended September 30, 2012 and 2011.

 

                                 
     2012     2011  
Three Months Ended September 30    Pre-Tax     After-Tax     Pre-Tax     After-Tax  

Continuing operations:

                                 

Provision

    $ 15.7      $ 9.8      $ 18.4      $ 11.5   

Remeasurement

      2.9        1.8        40.9        25.6   

Settlement Agreement

      (5.8 )      (3.6 )      —        —   

Net asbestos charge – continuing operations

      12.8        8.0        59.3        37.1   

Discontinued Operations:

                                 

Provision

      —        —        —        —   

Settlement Agreement

      (5.6 )      (3.5 )      (9.2 )      (5.8 ) 

Net asbestos charge – discontinued operations

      (5.6 )      (3.5 )      (9.2 )      (5.8 ) 

Total net asbestos charge

    $ 7.2      $ 4.5      $ 50.1      $ 31.3   
     2012     2011  
Nine Months Ended September 30    Pre-Tax     After-Tax     Pre-Tax     After-Tax  

Continuing operations:

                                 

Provision

    $ 38.0      $ 23.7      $ 49.9      $ 34.6   

Remeasurement

      2.9        1.8        40.9        25.6   

Settlement Agreement

      (5.8 )      (3.6 )      —        —   

Net asbestos charge – continuing operations

      35.1        21.9        90.8        60.2   

Discontinued Operations:

                                 

Provision

    $ 0.7      $ 0.4      $ 2.8      $ 1.8   

Settlement Agreement

      (5.6 )      (3.5 )      (9.2 )      (5.8 ) 

Net asbestos charge – discontinued operations

      (4.9 )      (3.1 )      (6.4 )      (4.0 ) 

Total net asbestos charge

    $ 30.2      $ 18.8      $ 84.4      $ 56.2   
Roll Forward of Asbestos Liability and Related Assets

The following table provides a rollforward of the estimated asbestos liability and related assets for the nine months ended September 30, 2012.

 

      Liability     Asset     Net  

Balance as of December 31, 2011

    $     1,667.9      $     954.2      $     713.7   

Changes in estimate during the period:

       

Continuing operations

      (12.8 )      (53.7 )      40.9   

Discontinued operations

      11.7        11.0        0.7   

Settlement Agreement

      (245.2 )      (233.8 )      (11.4 ) 

Net cash activity

      (74.9 )      (46.7 )      (28.2 ) 

Balance as of September 30, 2012

    $ 1,346.7      $ 631.0      $ 715.7   

Current portion

      92.5        94.2     

Noncurrent portion

      1,254.2        536.8           
Rollforward of Environmental Liability and Related Assets

The following table provides a rollforward of the estimated environmental liability and related assets for the nine months ended September 30, 2012.

 

      Liability     Asset     Net  

Environmental liability – December 31, 2011

    $     101.8      $     —      $     101.8   

Change in estimates for pre-existing accruals:

       

Continuing operations

      4.0        6.5        (2.5 ) 

Discontinued operations

      (0.7 )      1.4        (2.1 ) 

Accruals added during the period for new matters

      —        —        —   

Net cash activity

      (7.8 )      (0.1 )      (7.7 ) 

Environmental liability – September 30, 2012

    $ 97.3      $ 7.8      $ 89.5   
Range of Environmental Liability and Number of Active Sites for Environmental Matters

The following table illustrates the reasonably possible range of estimated liability, and number of active sites for environmental matters, at September 30, 2012.

 

Low-end estimate

    $ 77.6   

High end estimate

    $ 167.2   

Number of active environmental investigation and remediation sites

      68