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Home My WebLink AboutDSHW-1990-001106 - 0901a0688013a3fcDSHW TN _ ^ 1990.20598 RBCEIVB 7AVC0X:0^ CORPORATION s i ».«.•• EXECUTIVE OFFICES R„ro ^^^.^ ^®P*- Of Health CERTIFIED MAIL - RETURN RECEIPT REOUESTED °"'eau of Solid & Hazarcious '/V.- KGF-FY91-037 21 September 1990 Mr. Dennis R. Downs Executive Secretary Solid and Hazardous Waste Committee Utah Department of Health P. O. Box 16690 Salt Lake City, Utah 84116-0690 ATTN: Brad Maulding SUBJECT: RCRA Financial Responsibility Submittal Thiokol Corporation EPA # UTD009081357 Dear Mr. Downs: Enclosed is our RCRA financial responsibility documentation consisting of a letter from our Chief Financial Officer, James R. Wilson, plus associated supporting documents which we are filing for our fiscal year ending 30 June 1990. If there should be any questions on this information please contact me at (801) 629-2483. Sincerely, ) Kenneth G. Ford, P.E. Corporate Manager Environmental Affairs cc: A. K. Lemon Enclosure: Letter from Chief Financial Officer Thiokol Corporation, 1990 Annual Report Form 10-K Ernst & Young Report 2475 Washington Blvd, Ogden. UT 84401 18011 629-2000 77i^C^X^^£ CORPORATION EXECUTIVE OFFICES James R. Wilson Vice President and Chief Financial Officer 21 September 1990 Mr. Dennis R. Downs Executive Secretary Solid and Hazardous Waste Committee Utah Department of Health P.O. Box 16690 SaU Lake City, Utah 84116-0690 Dear Mr. Downs: I am the chief financial officer of Thiokol Corporation, 2475 Washington Boulevard, Ogden, Utah 84401. This letter is in support of the use of the financial test to demonstrate financial responsibility for liability coverage and closure and post-closure care as specified in 26-14 Utah Code Annotated. The firm identified above is the owner or operator of the following facilities for which liability coverage for both sudden and nonsudden accidental occurrences is being demonstrated through the financial test specified in 26-14 Utah Code Annotated: Thiokol Corporation Tactical Operations - Elkton Division 55 Thiokol Road P.O. Box 241 Elkton, MD 21921-0241 MDD003067121 Thiokol Corporation Utah-Based Operations P.O. Box 689 Brigham City, UT 84302-0689 UTD009081357 The firm identified above guarantees through the guarantee specified in 26-14 Utah Code Annotated liability coverage for both sudden and nonsudden accidental occurrences at the following facilities owned or operated by the following subsidiaries of the firm: None. P.O. Box 9260, Ogden, UTS4409 (8011 629-2052 Mr. Dennis R. Downs 21 September 1990 Page 2 1. The firm identified above owns or operates the following facilities for which financial assurance for closure or post- closure care or liability coverage is demonstrated through the financial test specified in 26-14 Utah Code Annotated. The current closure and/or post-closure cost estimate covered by the test and shown for each facility: None. 2. The firm identified above guarantees, through the guarantee specified in 26-14 Utah Code Annotated, the closure and post- closure care of liability coverage of the following facilities owned or operated by its subsidiaries. The current cost estimates for the closure or post-closure care so guaranteed are shown for each facility: None. 3. In States where EPA is not administering the financial requirements of Subpart H of 40 CFR Parts 264 and 265, this firm is demonstrating financial assurance for the closure or post- closure care of the following facilities through the use of a test specified in Subpart H of 40 CFR Parts 264 and 265. The current closure or post-closure cost estimates covered by such a test are shown for each facility: COST-ESTIMATES Closure Post-Closure Care Elkton Division $ 780,186 $ 0 Tactical Operations P.O. Box 241 Elkton, MD 21921-0241 MDD003067121 Thiokol Corporation $2,549,529 $4,523,006 Utah-Based Operations P.O. Box 689 Brigham City, UT 84302-0689 UTD009081357 4. The firm identified above owns or operates the following hazardous waste management facilities for which financial assurance for closure or, if a disposal facility, post-closure care, is not demonstrated either to EPA or a State through the financial test or any other financial assurance mechanism specified in Subpart H or 40 CFR Parts 264 and 265 or equivalent or substantially equivalent State mechanisms. The current closure and/or post-closure cost estimates not covered by such financial assurance are shown for each facility: None. Mr. Dennis R. Downs 21 September 1990 Page 3 5. This firm is the owner or operator of the following UIC facilities for which financial assurance for plugging and abandonment is required under 40 CFR Part 144. The current closure cost estimates as required by 40 CFR 144.62 are shown for each facility: None. This firm is required to file a Form IOK with the Securities and Exchange Commission (SEC) for the latest fiscal year. The fiscal year of this firm ends on June 30. The figures for the following items marked with an asterisk are derived from this firm's independently audited year-end financial statements for the latest completed fiscal year, ended June 30, 1990. ALTERNATIVE I 1. Sum of current closure and post-closure cost estimates (total of all cost estimates 1 isted above) $ 7,852,721 2. Amount of annual aggregate liability coverage to be demonstrated $ 8,000,000 3. Sum of lines 1 and 4 $ 15.852,721 *4. Total liabilities (if any portion of your closure or post closure cost estimates is included in your total liabilities, you may deduct that portion from this line and add that amount to lines 5 & 6) $542,200,000 *5. Tangible net worth $212,500,000 *6. Net worth $274,000,000 *7. Current assets $467,500,000 *8. Current liabilities $150,400,000 9. Net working capital (line 7 minus line 8) $317,100,000 *10. The sum of net income plus depreciation, depletion, and amortization $84,100,000 *11. Total assets in U. S. (required only if less than 90% of assets are located in the U.S.) N/A Mr. Dennis R. Downs 21 September 1990 Page 4 YES NO 12. Is line 5 at least $10 Million? JL 13. Is line 5 at least 6 times line 3? _X_ 14. Is line 9 at least 6 times line 3? _X_ *15.Are at least 90% of assets located in the U.S.? If not, complete line 16 _X_ 16. Is line 11 at least 6 times line 3? N/A 17. Is line 4 divided by line 6 less than 2? _X_ 18. Is line 10 divided by line 4 greater than 0.1?., _X_ 19. Is line 7 divided by line 8 greater than 1.5?... _X_ I hereby certify that the wording of this letter is identical to the wording specified in 26-14 Utah Code Annotated as such regulations were constituted on the date shown immediately below. J. R. Wlison Vice President & Chief Financial Officer Date: September 21, 1990 Ernst &Young 50 South Mam. Suite 1400 Salt Lake City. Utafi 84144 Telepfione- (801) 538-2500 Fax. (801)350-3435 Mr. James R. Wilson Vice President and Chief Financial Officer Thiokol Corporation We have audited, in accordance with generally accepted auditing standards, the consolidated financial statements of Thiokol Corporation for the year ended June 30, 1990, and have issued our report thereon dated August 2, 1990. As requested, we have compared the data, as set forth in your letter dated September 21, 1990 to the Executive Secretary of the Utah Department of Health's Solid and Hazardous Waste Committee, to corresonding data included in or derived from such audited consolidated financial statements, and have found such data to be in agreement. We have performed no audit of, or any auditing procedures with respect to, any consolidated financial statements of Thiokol Corporation since the date of our report referred to above. This letter has been prepared solely to assist you in complying with the applicable requirements of Subpart H of AO CFR Part 264 and is not to be used for any other purpose. ^mAk M^^^/^^i September 21, 1990 ;-S£gB- v^- ;•!;". i.f'. • ."^i';•••".•: •a'-.WiBS4,'U:n''i^T*" -'.; ' 7^ •:' W iS?'-''''.' i-.-'f-.i'V'i'!, ..-i^f • pi '^-"*^: i':&i. iri'*af • • *^-o'.' '^ ;^^^^:, Si^Ji !5'***i sSlsswRF^B^v'^ •3t*<4^'••.:.'• • j'*"'-^- 'V.- -•' ,.,• ^••••'^' V '' .-. 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