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This excerpt taken from the GT 10-K filed Feb 16, 2007. Cumulative
Effect of Accounting Change
On December 31, 2005, we adopted Financial Accounting
Standards Board (“FASB”) Interpretation No. 47,
“Accounting for Conditional Asset Retirement
Obligations” (“FIN 47”) an
interpretation of FASB Statement No. 143, “Accounting
for Asset Retirement Obligations”
(“SFAS 143”). FIN 47 requires that the fair
value of a liability for an asset retirement obligation
(“ARO”) be recognized in the period in which it is
incurred and the settlement date is estimable, and is
capitalized as part of the carrying amount of the related
tangible long-lived asset. Our AROs are primarily associated
with the cost of removal and disposal of asbestos. Upon adoption
of FIN 47, we recognized a non-cash cumulative effect
charge of approximately $11 million, net of taxes and
minority interest of $3 million.
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