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Accounting for Asset Retirement Obligations | 9 Months Ended
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Sep. 30, 2018
Accounting for Asset Retirement Obligations [Abstract] |
Accounting for Asset Retirement Obligations | Note 13. 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. The fair value of the liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The Company also records liabilities related to land reclamation as a part of asset retirement obligations. The Company mines various minerals using a surface mining process that requires the removal of overburden. In certain areas and under various governmental regulations, the Company is obligated to restore the land comprising each mining site to its original condition at the completion of the mining activity. The obligation is adjusted to reflect the passage of time, mining activities, and changes in estimated future cash outflows. The following is a reconciliation of asset retirement obligations as of September 30, 2018:
(millions of dollars) |  |  |
Asset retirement liability, December 31, 2017 |  | $ | 22.1 |
Accretion expense |  |  | 0.8 |
Other |  |  | 0.4 |
Payments |  |  | (1.0 | )
Foreign currency translation |  |  | (0.5 | )
Asset retirement liability, September 30, 2018 |  | $ | 21.8 |
The asset retirement costs are capitalized as part of the carrying amount of the associated asset. 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 $21.4 million is included in other non-current liabilities in the Condensed Consolidated Balance Sheet as of September 30, 2018.

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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