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Environmental Obligations | 3 Months Ended
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Mar. 31, 2024
Environmental Remediation Obligations [Abstract] |
Environmental Obligations | Environmental Obligations We have reserves for potential environmental obligations which we consider probable and which we can reasonably estimate. The following table is a roll forward of our total environmental reserves, continuing and discontinued:
(in Millions) | Gross |  | Recoveries (3) |  | Net
Total environmental reserves at December 31, 2023 | $ | 601.8 |  |  | $ | (9.7) |  |  | $ | 592.1 |
Provision (Benefit) | 6.1 |  |  | (0.2) |  |  | 5.9 |
(Spending) Recoveries | (21.4) |  |  | 0.1 |  |  | (21.3) |
Foreign currency translation adjustments | (2.7) |  |  | — |  |  | (2.7) |
Net change | $ | (18.0) |  |  | $ | (0.1) |  |  | $ | (18.1) |
Total environmental reserves at March 31, 2024 | $ | 583.8 |  |  | $ | (9.8) |  |  | $ | 574.0 |
Environmental reserves, current (1) | $ | 97.2 |  |  | $ | (1.1) |  |  | $ | 96.1 |
Environmental reserves, long-term (2) | 486.6 |  |  | (8.7) |  |  | 477.9 |
Total environmental reserves at March 31, 2024 | $ | 583.8 |  |  | $ | (9.8) |  |  | $ | 574.0 |
____________________ (1)These amounts are included within "Accrued and other liabilities" on the consolidated balance sheets. (2)These amounts are included in "Environmental liabilities, continuing and discontinued" on the consolidated balance sheets. (3)These recorded recoveries represent probable realization of claims against U.S. government agencies and are recorded as an offset to our environmental reserves in the consolidated balance sheets. The estimated reasonably possible environmental loss contingencies, net of expected recoveries, exceed amounts accrued by approximately $240 million at March 31, 2024. This reasonably possible estimate is based upon information available as of the date of the filing but 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. Potential environmental obligations that have not been reserved 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 provides a roll forward of our environmental recoveries representing probable realization of claims against insurance carriers and other third parties. These recoveries are recorded as "Prepaid and other current assets" and "Other assets including long-term receivables, net" in the consolidated balance sheets.
(in Millions) | December 31, 2023 |  | Increase (Decrease) in recoveries |  | Cash received |  |  |  | March 31, 2024
Environmental recoveries | $ | 4.9 |  |  | $ | 0.1 |  |  | $ | (0.4) |  |  |  |  | $ | 4.6 |
Our net environmental provisions relate to costs for the continued cleanup of both continuing and discontinued manufacturing operations from previous years. The net provisions are comprised as follows:
| Three Months Ended March 31, |  |
(in Millions) | 2024 |  | 2023 |  |  |  |
Environmental provisions, net - recorded to liabilities (1) | $ | 5.9 |  |  | $ | 5.3 |  |  |  |  |
Environmental provisions, net - recorded to assets (2) | (0.4) |  |  | (0.3) |  |  |  |  |
Environmental provision, net | $ | 5.5 |  |  | $ | 5.0 |  |  |  |  |
Continuing operations (3) | $ | 3.3 |  |  | $ | 2.3 |  |  |  |  |
Discontinued operations (4) | 2.2 |  |  | 2.7 |  |  |  |  |
Environmental provision, net | $ | 5.5 |  |  | $ | 5.0 |  |  |  |  |
____________________ (1)See above roll forward of our total environmental reserves as presented on the consolidated balance sheets. (2)See above roll forward of our total environmental recoveries as presented on the consolidated balance sheets. (3)Recorded as a component of "Restructuring and other charges (income)" on the consolidated statements of income (loss). See Note 8. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations. (4)Recorded as a component of "Discontinued operations, net of income taxes" on the consolidated statements of income (loss). A more complete description of our environmental contingencies and the nature of our potential obligations are included in Notes 1 and 11 to our consolidated financial statements in our 2023 Form 10-K. See Note 11 to our consolidated financial statements in our 2023 Form 10-K for a description of significant updates to material environmental sites. There have been no significant updates since the information included in our 2023 Form 10-K.

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