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Quarterly report pursuant to Section 13 or 15(d)

ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS

v3.19.1
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
3 Months Ended
Mar. 31, 2019
Environmental Remediation Obligations [Abstract] Ìý
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
NOTE 12 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
The following is a summary of our environmental and mine closure obligations:
Ìý
(In Millions)
Ìý
MarchÌý31,
2019
Ìý
DecemberÌý31,
2018
Environmental
$
2.4

Ìý
$
2.5

Mine closure1
174.9

Ìý
172.4

Total environmental and mine closure obligations
177.3

Ìý
174.9

Less current portion
2.9

Ìý
2.9

Long-term environmental and mine closure obligations
$
174.4

Ìý
$
172.0

Ìý
Ìý
Ìý
Ìý
1ÌýIncludes our active operating mines, our indefinitely idled Empire mine and a closed mine formerly operating as LTVSMC.

Mine Closure
The accrued closure obligation for our active mining operations provides for contractual and legal obligations associated with the eventual closure of the mining operations. The closure date for each of our active operating mine sites was determined based on the exhaustion date of the remaining iron ore reserves. The closure date and expected timing of the capital requirements to meet our obligations for our indefinitely idled or closed mines is determined based on the unique circumstances of each property. For indefinitely idled or closed mines, the accretion of the liability is recognized over the anticipated timing of remediation. The amortization of the related asset and accretion of the liability is recognized over the estimated mine lives for our active operations.
The following represents a roll forward of our mine closure obligation liability for the three months ended March 31, 2019 and for the year ended December 31, 2018:
Ìý
(In Millions)
Ìý
MarchÌý31,
2019
Ìý
DecemberÌý31,
2018
Asset retirement obligation at beginning of period
$
172.4

Ìý
$
168.4

Accretion expense
2.6

Ìý
9.5

Remediation payments
(0.1
)
Ìý
(1.0
)
Revision in estimated cash flows
—

Ìý
(4.5
)
Asset retirement obligation at end of period
$
174.9

Ìý
$
172.4