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Landfill and Environmental Remediation Liabilities
6 Months Ended
Jun. 30, 2016
Text Block [Abstract]  
Landfill and Environmental Remediation Liabilities
2. Landfill and Environmental Remediation Liabilities

Liabilities for landfill and environmental remediation costs are presented in the table below (in millions):

 

     June 30, 2016      December 31, 2015  
     Landfill      Environmental
Remediation
     Total      Landfill      Environmental
Remediation
     Total  

Current (in accrued liabilities)

   $ 116       $ 31       $ 147       $ 112       $ 31       $ 143   

Long-term

     1,440         182         1,622         1,406         178         1,584   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   $ 1,556       $ 213       $ 1,769       $ 1,518       $ 209       $ 1,727   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

The changes to landfill and environmental remediation liabilities for the six months ended June 30, 2016 are reflected in the table below (in millions):

 

     Landfill      Environmental
Remediation
 

December 31, 2015

   $ 1,518       $ 209   

Obligations incurred and capitalized

     29           

Obligations settled

     (40      (10

Interest accretion

     44         2   

Revisions in estimates and interest rate assumptions(a)

     1         12   

Acquisitions, divestitures and other adjustments

     4           
  

 

 

    

 

 

 

June 30, 2016

   $ 1,556       $ 213   
  

 

 

    

 

 

 

 

  (a)

The amount reported in 2016 for our environmental remediation liabilities includes the impact of a decrease in the risk-free discount rate used to measure our liabilities from 2.25% at December 31, 2015 to 1.50% at June 30, 2016, resulting in an increase of $9 million to our environmental remediation liabilities and a corresponding increase to “Operating” expenses.

At several of our landfills, we provide financial assurance by depositing cash into restricted trust funds or escrow accounts for purposes of settling final capping, closure, post-closure and environmental remediation obligations. Generally, these trust funds are established to comply with statutory requirements and operating agreements. See Note 14 for additional information related to these trusts.