|6 Months Ended|
Jun. 30, 2019
|Subsequent Events [Abstract]|
2003 Closure Policy
As discussed in “Note 10 – Commitment and Contingencies – Insurance,” the Company had been working with AIG and certain government regulators to allow for the release of approximately $5,000,000 of the sinking funds held as collateral under the 2003 Closure Policy upon closure of the M&EC facility. On July 22, 2019, the Company received the $5,000,000 sinking funds. The funds are to be used for general working capital needs. In conjunction with the release of the sinking funds by AIG, total coverage remaining under the 2003 Closure Policy stands at $19,314,000. Additionally, the maximum coverage allowable under the 2003 Closure Policy was amended from $39,000,000 to approximately $28,177,000. As discussed in “Note 10 – Commitment and Contingencies – Insurance,” as of June 30, 2019, this $5,000,000 was reclassified from sinking funds included in other long term assets on the accompanying Consolidated Balance Sheets to sinking funds included in current assets on the accompanying Consolidated Balance Sheets.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef