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| Annual Report 1996 | ||
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| Annual Report 1996 | ||
Other Matters
The Company, together with other parties, is currently designated a Potentially Responsible Party by the United States Environmental Protection Agency and certain state agencies with respect to the costs of investigation and remediation of pollution at several sites. In each case in which the Company is able to determine the likely exposure, such amount has been included in the Company's reserve. Where a range of comparably likely exposures exists, the Company has included in its reserve the minimum amount of the range. The Company's aggregate reserve for these liabilities was $4 million and $5 million as of December 31, 1996 and 1995, respectively. The Company currently estimates that the majority of the $4 million amount reserved for environmental liabilities at December 31, 1996 will be payable over the next two to three years.
The Company reviews its recurring internal expenditures on environmental matters, as well as capital expenditures related to environmental compliance, on a monthly basis, and reviews its third-party expenditures on environmental matters on a quarterly basis. The Company believes that these expenditures have not had and will not have a materially adverse effect on the financial condition or operating results of the Company.
