Asset Retirement Obligations

3 Months Ended

Mar. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

The Company considers its legal obligation to remediate its facilities upon a potential decommissioning of its radioactive-related operations as an asset retirement obligation. The Company has production facilities which manufacture and process radioactive materials at its North Billerica, Massachusetts and Somerset, New Jersey sites and currently has no plans to decommission either facility. As of March 31, 2023, the liability is measured at the present value of the obligation expected to be incurred and is approximately $25.1 million.

The following table provides a summary of the changes in the Company’s asset retirement obligations:


(in thousands)	Amount
Balance at January 1, 2023	$	22,543
Accretion expense	93

Balance at March 31, 2023	$	22,636

The Company is required to provide the Massachusetts Department of Public Health and New Jersey Department of Environmental Protection financial assurance demonstrating the Company’s ability to fund the decommissioning of its North Billerica, Massachusetts and Somerset, New Jersey production facilities upon closure, though the Company does not intend to close the facilities. The Company has provided this financial assurance in the form of a $30.3 million surety bond.