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Asset Retirement Obligation | 6 Months Ended
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Jun. 30, 2015
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligation |
12. | 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 is expected to be completed in 2016 and 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 retirement obligation 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 six months of 2015 and 2014:
In thousands |  | 2015 |  |  | 2014 |
Balance at January 1, |  | $ | 4,114 |  |  | $ | 5,032 |
Accretion |  |  | 59 |  |  |  | 77 |
Payments |  |  | (1,905 | ) |  |  | (429 | )
Downward revision |  |  | (1,000 | ) |  |  | — |
Gain |  |  | (286 | ) |  |  | (86 | )
Balance at June 30, |  | $ | 982 |  |  | $ | 4,594 |
During the second quarter of 2015 we recorded a downward revision to our estimated cost of closing the lagoons. The revision was recorded as an adjustment to both the carrying value of the associated property, equipment and timberlands as well as the asset retirement obligation. The following table summarizes the line items in the accompanying condensed consolidated balance sheets where the asset retirement obligations are recorded:
|  | June 30 |  |  | December 31 |
In thousands |  | 2015 |  |  | 2014 |
Other current liabilities |  | $ | 982 |  |  | $ | 2,855 |
Other long-term liabilities |  |  | — |  |  |  | 1,259 |
Total |  | $ | 982 |  |  | $ | 4,114 |

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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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