Quarterly report pursuant to Section 13 or 15(d)

ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS

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ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
 6 Months Ended
Jun. 30, 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 $218.2 million and $170.8 million at June 30, 2015 and December 31, 2014, respectively. The following is a summary of the obligations as of June 30, 2015 and December 31, 2014:
 
(In Millions)
 
June 30,
2015
 
December 31,
2014
Environmental
$
4.2

 
$
5.5

Mine closure
 
 
 
LTVSMC
23.6

 
22.9

Operating mines:
 
 
 
U.S. Iron Ore
169.6

 
120.9

Asia Pacific Iron Ore
20.8

 
21.5

Total mine closure
214.0

 
165.3

Total environmental and mine closure obligations
218.2

 
170.8

Less current portion
3.3

 
5.2

Long term environmental and mine closure obligations
$
214.9

 
$
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 six months ended June 30, 2015 and for the year ended December 31, 2014:
 
(In Millions)
 
June 30,
2015
 
December 31,
2014 (1)
Asset retirement obligation at beginning of period
$
142.4

 
$
177.6

Accretion expense
2.5

 
5.7

Exchange rate changes
(1.3
)
 
(2.4
)
Revision in estimated cash flows
46.8

 
(38.5
)
Asset retirement obligation at end of period
$
190.4

 
$
142.4


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

The revision in the asset retirement costs recorded during the six months ended June 30, 2015 relates primarily to revisions of the timing of the estimated cash flows associated with required storm water management systems expected to be implemented subsequent to the closure of the mine for one of our U.S. Iron Ore mines.