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Quarterly report pursuant to Section 13 or 15(d)

ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS

v2.4.0.8
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
 3 Months Ended
Mar. 31, 2014
Environmental Remediation Obligations [Abstract] Ìý
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
NOTE 10 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
We had environmental and mine closure liabilities of $306.3 million and $321.0 million at MarchÌý31, 2014 and DecemberÌý31, 2013, respectively. The following is a summary of the obligations as of MarchÌý31, 2014 and DecemberÌý31, 2013:
Ìý
(In Millions)
Ìý
MarchÌý31,
2014
Ìý
DecemberÌý31, 2013
Environmental
$
11.0

Ìý
$
8.4

Mine closure
Ìý
Ìý
Ìý
LTVSMC
22.2

Ìý
22.0

Operating mines:
Ìý
Ìý
Ìý
U.S. Iron Ore
136.4

Ìý
152.2

Eastern Canadian Iron Ore
74.6

Ìý
78.2

Asia Pacific Iron Ore
26.9

Ìý
25.5

North American Coal
35.2

Ìý
34.7

Total mine closure
295.3

Ìý
312.6

Total environmental and mine closure obligations
306.3

Ìý
321.0

Less current portion
5.6

Ìý
11.3

Long term environmental and mine closure obligations
$
300.7

Ìý
$
309.7


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 accretion of the liability and amortization of the related asset is recognized over the estimated mine lives for each location.
The following represents a rollforward of our asset retirement obligation liability related to our active mining locations for the three months ended MarchÌý31, 2014 and for the year ended DecemberÌý31, 2013:
Ìý
(In Millions)
Ìý
MarchÌý31,
2014
Ìý
December 31, 2013 (1)
Asset retirement obligation at beginning of period
$
290.6

Ìý
$
231.1

Accretion expense
3.6

Ìý
18.1

Exchange rate changes
1.0

Ìý
(3.4
)
Revision in estimated cash flows
(22.1
)
Ìý
44.8

Payments
—

Ìý
—

Asset retirement obligation at end of period
$
273.1

Ìý
$
290.6

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(1)Ìý
Represents a 12-month rollforward of our asset retirement obligation at December 31, 2013.
The revisions in estimated cash flows recorded during the three months ended March 31, 2014 primarily were a result of the announced Empire Mine extension. As a result of the extension, a portion of the required storm water management systems are now expected to be implemented prior to closure of the mine.