Quarterly report pursuant to Section 13 or 15(d)

ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS

v2.4.1.9
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
 3 Months Ended
Mar. 31, 2015
Environmental Remediation Obligations [Abstract]  
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
We had environmental and mine closure liabilities of $169.0 million and $170.8 million at March 31, 2015 and December 31, 2014, respectively. The following is a summary of the obligations as of March 31, 2015 and December 31, 2014:
 
(In Millions)
 
March 31,
2015
 
December 31,
2014
Environmental
$
3.7

 
$
5.5

Mine closure
 
 
 
LTVSMC
23.2

 
22.9

Operating mines:
 
 
 
U.S. Iron Ore
121.8

 
120.9

Asia Pacific Iron Ore
20.3

 
21.5

Total mine closure
165.3

 
165.3

Total environmental and mine closure obligations
169.0

 
170.8

Less current portion
3.4

 
5.2

Long term environmental and mine closure obligations
$
165.6

 
$
165.6


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 March 31, 2015 and for the year ended December 31, 2014:
 
(In Millions)
 
March 31,
2015
 
December 31,
2014 (1)
Asset retirement obligation at beginning of period
$
142.4

 
$
177.6

Accretion expense
1.2

 
5.7

Exchange rate changes
(1.5
)
 
(2.4
)
Revision in estimated cash flows
—

 
(38.5
)
Asset retirement obligation at end of period
$
142.1

 
$
142.4


(1) Represents a 12-month rollforward of our asset retirement obligation at December 31, 2014.