Annual report pursuant to Section 13 and 15(d)

Note 11 - Accrued Closure Costs and Asset Retirement Obligations ("ARO")

Note 11 - Accrued Closure Costs and Asset Retirement Obligations ("ARO")

12 Months Ended

Dec. 31, 2014

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligation Disclosure [Text Block]

NOTE 11

ACCRUED CLOSURE COSTS AND ASSET RETIREMENT OBLIGATIONS (“ARO”)

Accrued closure costs represent our estimated environmental liability to clean up our fixed-based regulated facilities as required by our permits, in the event of closure. Changes to reported closure liabilities for the years ended December 31, 2014 and 2013, were as follows:

Amounts in thousands
Balance as of December 31, 2012	$	11,349
Accretion expense		272
Adjustment to closure liability		(6,399	)
Balance as of December 31, 2013		5,222
Accretion expense		286
Balance as of December 31, 2014	$	5,508

The adjustment in 2013 was made principally to record the obligation using appropriate discount rates. The obligations were previously based on undiscounted values. The associated assets were also adjusted to reflect this change. The net impact of the adjustment to pre-tax loss from operations was approximately ($448,000) in 2013.

The reported closure asset or ARO, is reported as a component of “Net Property and equipment” in the Consolidated Balance Sheet for the years ended December 31, 2014 and 2013 as follows:

Amounts in thousands
Balance as of December 31, 2012	$	9,080
Adjustment to closure and post-closure asset		(5,830	)
Amortization of closure and post-closure asset		(289	)
Balance as of December 31, 2013		2,961
Amortization of closure and post-closure asset		(91	)
Balance as of December 31, 2014	$	2,870

The adjustment to the ARO for 2013 was due to the adjustment made to our closure accrual as discussed above.