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Environmental Obligations | 3 Months Ended
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Mar. 31, 2013
Environmental Remediation Obligations [Abstract] |
Environmental Obligations | Environmental Obligations We have reserves for potential environmental obligations, which management consider probable and for which a reasonable estimate of the obligation could be made. Accordingly, we have reserves of $230.8 million and $236.5 million, excluding recoveries, at March 31, 2013 and December 31, 2012, respectively. The estimated reasonably possible environmental loss contingencies, net of expected recoveries, exceed amounts accrued by approximately $160 million at March 31, 2013. This reasonably possible estimate is based upon information available as of the date of the filing and the actual future losses may be higher given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of potentially responsible parties, technology and information related to individual sites. The liabilities arising from potential environmental obligations that have not been reserved for at this time may be material to any one quarter's or year's results of operations in the future. However, we believe any such liability arising from such potential environmental obligations is not likely to have a material adverse effect on our liquidity or financial condition as it may be satisfied over many years. The table below is a roll forward of our total environmental reserves, continuing and discontinued, from December 31, 2012 to March 31, 2013:
(in Millions) | Operating and Discontinued Sites Total
Total environmental reserves, net of recoveries at December 31, 2012 | $ | 216.0 |
Provision | 5.3 |
Spending, net of recoveries | (11.5 | )
Net change | (6.2 | )
Total environmental reserves, net of recoveries at March 31, 2013 | $ | 209.8 |
Environmental reserves, current, net of recoveries (1) | 21.7 |
Environmental reserves, long-term continuing and discontinued, net of recoveries (2) | 188.1 |
Total environmental reserves, net of recoveries at March 31, 2013 | $ | 209.8 |
____________________
(1) | “Current” includes only those reserves related to continuing operations. These amounts are included within "Accrued and other liabilities" on the condensed consolidated balance sheets.
(2) | These amounts are included in “Environmental liabilities, continuing and discontinued” on the condensed consolidated balance sheets.
At March 31, 2013 and December 31, 2012, we have recorded recoveries representing probable realization of claims against U.S. government agencies, insurance carriers and other third parties. Recoveries are recorded as either an offset to the “Environmental liabilities, continuing and discontinued” or as “Other assets” in the condensed consolidated balance sheets. The table below is a roll forward of our total recorded recoveries from December 31, 2012 to March 31, 2013:
(in Millions) | 12/31/2012 |  | Increase in Recoveries |  | Cash Received |  | 3/31/2013
Environmental liabilities, continuing and discontinued | $ | 20.5 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | 21.0 |
Other assets | 51.6 |  |  | 1.0 |  |  | (2.8 | ) |  | 49.8 |
Total | $ | 72.1 |  |  | 1.5 |  |  | $ | (2.8 | ) |  | $ | 70.8 |
Our net environmental provisions relate to costs for the continued cleanup of both operating sites and for certain discontinued manufacturing operations from previous years. The net provisions are comprised as follows:
| Three Months Ended March 31
(in Millions) | 2013 |  | 2012
Continuing operations (1) | $ | 1.0 |  |  | $ | 1.0 |
Discontinued operations (2) | 3.3 |  |  | 4.1 |
Net environmental provision | $ | 4.3 |  |  | $ | 5.1 |
____________________ (1) Recorded as a component of “Restructuring and other charges (income)” on our condensed consolidated statements of income. See Note 7. (2) Recorded as a component of “Discontinued operations, net of income taxes" on our consolidated statements of income. See Note 10. On our condensed consolidated balance sheets, the net environmental provisions are recorded to the following balance sheet captions:
| Three Months Ended March 31
(in Millions) | 2013 |  | 2012
Environmental reserves (1) | $ | 5.3 |  |  | $ | 5.1 |
Other assets (2) | (1.0 | ) |  | — |
Net environmental provision | $ | 4.3 |  |  | $ | 5.1 |
____________________ (1) See above roll forward of our total environmental reserves as presented on our condensed consolidated balance sheets. (2) Represents certain environmental recoveries. There were no significant developments in any of our environmental contingencies during the quarter ended March 31, 2013, except that the suspension of proceedings in the Tribal Appellate Court with respect to the appeal regarding our Pocatello site has been lifted and further proceedings are expected. A more complete description of our environmental contingencies, the Pocatello legal matter and the nature of our potential obligations are included in Notes 1 and 10 to our 2012 consolidated financial statements in our 2012 Form 10-K.

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- Definition The entire disclosure for environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13185-110859 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13237-110859 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.Y.Q2) -URI http://asc.fasb.org/extlink&oid=6572457&loc=d3e149879-122751 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section Y Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 50 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13328-110859 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13296-110859 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 96-1 -Paragraph 152, 163, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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