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This excerpt taken from the GT 10-K filed Feb 14, 2008. Asset
Retirement Obligations
We adopted FASB Interpretation No. 47, “Accounting for
Conditional Asset Retirement Obligations — an
interpretation of FASB Statement No. 143”
(“FIN 47”) on December 31, 2005. Upon
adoption, we recorded a liability of $16 million and
recognized a non-cash charge for the cumulative effect of
adoption of $11 million, net of
Table of Contents
THE
GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
taxes and minority interests of $3 million. The cumulative
effect on basic and diluted earnings per share of the accounting
change, net of taxes and minority interest was $0.06 and $0.05,
respectively.
Our asset retirement obligations (AROs) are primarily associated
with the removal and disposal of asbestos. We recognize a
liability for these obligations in the period in which
sufficient information regarding the timing and method of
settlement becomes available to make a reasonable estimate of
the liability’s fair value. In addition, we have identified
certain other AROs for which information regarding the timing
and method of potential settlement is not available as of
December 31, 2007, and therefore, we are not able to
reasonably estimate the fair value of those liabilities at this
time.
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