East Tennessee Materials and Energy Corporation (M&EC)
|9 Months Ended|
Sep. 30, 2018
|Asset Retirement Obligation Disclosure [Abstract]|
|East Tennessee Materials and Energy Corporation ("M&EC")||
The Company continues its plan to close its M&EC facility. Operations at the M&EC facility are limited to the decommissioning and deconstruction of leased premises and related improvements, and equipment removal. The Company continues to transition operational capabilities to our other Treatment Segment facilities, subject to customer requirements and regulatory approvals. The Company continues with closure and decommissioning activities in accordance with M&EC’s license and permit requirements and currently expects to complete on-site M&EC facility closure activities on or before December 31, 2018.
At September 30, 2018, total accrued closure liabilities for our M&EC subsidiary totaled approximately $1,039,000 which are recorded as current liabilities. During the second quarter and third quarter of 2018, the Company recorded an additional $1,215,000 and $1,093,000, respectively, in closure costs and current closure liabilities due to changes in estimated future closure costs. The following reflects changes to the closure liabilities for the M&EC facility from year end 2017:
Revenues for the M&EC subsidiary were $23,000 and $155,000 for the three and nine months ended September 30, 2018, respectively, and $578,000 and $5,650,000 for the corresponding periods of 2017, respectively.
The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef