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ENVIRONMENTAL MATTERS
6 Months Ended
Jun. 30, 2012
ENVIRONMENTAL MATTERS

NOTE K — ENVIRONMENTAL MATTERS

 

Regional is subject to various federal, state and local laws and regulations relating to the protection of the environment. Regional has established procedures for the ongoing evaluation of its operations, to identify potential environmental exposures and to comply with regulatory policies and procedures.

 

Regional accounts for environmental contingencies in accordance with ASC 450. Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and do not contribute to current or future revenue generation, are expensed. Liabilities for environmental contingencies are recorded when environmental assessments and/or clean-ups are probable and the costs can be reasonably estimated. Central maintains insurance which may cover in whole or in part certain types of environmental contingencies. For the quarters ended June 30, 2011 and 2012, Regional had no environmental contingencies requiring specific disclosure or the recording of a liability.