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Asset Retirement Obligation | 9 Months Ended
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Sep. 30, 2013
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligation |
13. | ASSET RETIREMENT OBLIGATION
During 2008, we recorded $11.5 million, net present value, of asset retirement obligations related to the legal requirement to close several lagoons at the Spring Grove, PA facility. Historically, lagoons were used to dispose of residual waste material. Closure of the lagoons, which is expected to be completed in 2016, will be accomplished by filling the lagoons, installing a non-permeable liner which will be covered with soil to construct the required cap over the lagoons. The amount referred to above, in addition to upward revisions, was accrued with a corresponding increase in the carrying value of the property, equipment and timberlands caption on the consolidated balance sheet. The amount capitalized is being amortized as a charge to operations on the straight-line basis in relation to the expected closure period. Following is a summary of activity recorded during the first nine months of 2013 and 2012:
In thousands |  | 2013 |  |  | 2012 |
Balance at January 1, |  | $ | 8,882 |  |  | $ | 9,679 |
Accretion |  |  | 234 |  |  |  | 347 |
Payments |  |  | (2,719 | ) |  |  | (945 | )
Gain |  |  | (1,255 | ) |  |  | — |
Balance at September 30, |  | $ | 5,142 |  |  | $ | 9,081 |
During the third quarter of 2013, we recognized a $1.3 million gain related to the progress of closure activities for a portion of the lagoons required to be retired. The gain is reflected in the accompanying condensed consolidated statements of income under the caption “costs of products sold.” The following table summarizes the line items in the accompanying condensed consolidated balance sheets where the asset retirement obligations are recorded:
In millions |  | September 30 2013 |  |  | December 31 2012 |
Other current liabilities |  | $ | 1.2 |  |  | $ | 3.6 |
Other long-term liabilities |  |  | 3.9 |  |  |  | 5.3 |
Total |  | $ | 5.1 |  |  | $ | 8.9 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849 + Details
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