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Home My WebLink AboutDSHW-1987-001541 - 0901a068801564acMORTON THIOKOL INC. DSHW TN 1987.10081 Arthur E Slesinger Director Environmenial Allairs c c '' CERTIFIED MAIL - RETURN RECEIPT REQUESTED November 9, 1987 f-ji 'OV 13 1987 state of Utah Solid and. Hazardous Waste Committee Utah Department of Health P.O. Box 2500 Salt Lake City, Utah 84110-2500 i;;?h '"•.•':sy^.. of Health ^^}^^::^ Ul ''.:-y--. •:• :^:::!:r(!oi:S Waste Dear Sir or Madam: Updated financial test documentation including financial information for the Fiscal Year ended June 30, 1987 is enclosed. Very truly yours, (YZXJLCCA A ^toa^ Kx:yc-J i^ 1^ Arthur E. Slesinger Director, Environmental Affairs AES/vt cc: R. Taylor Enclosure: Letter from Chief Financial Officer Morton Thiokol, Inc. 1987 Annual Report Form lOK Report from Ernst & Whinney 110 Nonh Wacker Drive. Chicago. Illinois 60606-1560 (312) 807-2471 MORTON THIOKOL, INC. John R. Bowen Vice Presideni Finance and Treasurer November 9, 1987 State of Utah Solid and Hazardous Waste Committee Utah Department of Health P.O. Box 2500 Salt Lake City, Utah 84110-2500 Dear Sir or Madam: I am the chief financial officer of Morton Thiokol, Inc., 110 North Wacker Drive, Chicago, Illinois 60606. This letter is in support of the use of the financial test to demonstrate financial responsibility for liability coverage and closure and/or post-closure care, as specified in Subpart H of 40 CFR Parts 264 and 265. The owner or operator identified above is the owner or operator of the following facilities for which liability coverage is being demonstrated through the financial test specified in Subpart H of 40 CFR Parts 26 4 and 26 5 (or equivalent State programs): Morton Chemical Division 3 35 McLean Blvd. Paterson, NJ 07504 NJD051274348 and facilities listed in Paragraph 3. 1. The owner or operator identified above owns or operates the following facilities for which financial assurance for closure or post-closure care is demonstrated through the financial test specified in Subpart H of 40 CFR Parts 264 and 265. The current closure and/or post-closure cost estimates covered by the test are shown for each facility: None. 110 North Wacker Drive. Chicago, Illinois 60606 -1560 (312) 807-2308 - 2 - 2. The owner or operator identified above guarantees, through the corporate guarantee specified in Subpart H of 40 CFR Parts 264 and 265, the closure or post-closure care 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 re- quirements of Subpart H of 40 CFR Parts 264 and 265, this owner or operator, is demonstrating financial assurance for the closure or post-closure care of the following facili- ties through the use of a test equivalent or substantially equivalent to the financial test specified in Subpart H of 40 CFR Parts 264 and 265. The current closure and/or post-closure cost estimates covered by such a test are shown for each facility: COST-ESTIMATES Closure Post-Closure Care Morton Chemical Division $ 59,529 N/A 5005 Barnard Mill Rd Ringwood, IL 60072 ILD062410550 Ventron Division $ 60,03 3 N/A Chicago Plant 1645 S. Kilbourne Avenue Chicago, IL 60623 ILD096787049 Elkton Division $ 139,675 N/A P.O. Box 241, Route 40 Elkton, MD 21921 MDD003067121 Morton Chemical Division $3,089,700 $926,912 Moss Point Plant P. O. Box 666 5724 Elder Ferry Road Moss Point, MS 39563 MSD008186587 Dynachem Division $ 82,700 N/A P.O. Box 12047 2631 Michelle Drive Tustin, CA 92680 CAD008334260 3 - Closure Post-Closure Care Wasatch Division $1,512,800 $1,714,200 P.O. Box 524, Route U-83 Brigham City, UT 84302 0 UTD009081357 %ViP^r .^ „, 4. The owner or operator identified above owns or operates the follwing 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 of 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. This owner or operator is required to file a Form lOK with the Securities and Exchange Commission (SEC) for the latest fiscal year. The fiscal year of this owner or operator ends on June 30. The figures for the following items marked with an asterisk are de- rived from this owner's or operators's independently audited, year-end financial statements for the latest completed fiscal year, ended June 30, 1987. - 4 - ALTERNATIVE II 1. Sum of current closure and post-closure cost estimates (total of all cost estimates shown in the four para- graphs above) $ 7,585,549 2. Amount of annual aggregate liability coverage to be demonstrated $ 8,000,000 3. Sum of lines 1 and 2... $15,585,549 :z^_^%^ 4. Current bond rating of most recent issuance of this firm and name of rating service (Standard & Poor's) A+ 5. Date of issuance of bond October 1, 1975 6. Date of maturity of bond October 1, 2000 * 7. Tangible net worth (if any portion of the closure and post-closure cost estimates is included in "total liabili- ties" on your firms financial statements, you may add the amount of that portion to this line).. $ 687,094,000 * 8. Total assets in U.S. (required only if less than 90% of firms assets are located in the U.S.) . $ 1,415,400,000 YES NO 9. Is line 7 at least $10 Million? X 10. Is line 7 at least 6 times line 3 X *11. Are at least 90% of firms assets located in the U.S.? If not, complete line 12 ... X 12. Is line 8 at least 6 times line 3 X I hereby certify that the wording of this letter is identical to the wording specified in 40 CFR 264.151(g) as such regula- tions were constituted on the date shown immediately below. A& •^ ( V '^^''^^^f^rt-V fjJohn R. Bowen Vice President Finance and Treasurer Date: November 9, 1987 REPORT OF INDEPENDENT AUDITORS To the Stockholders and Board of Directors Morton Thiokol, Inc. Chicago, Illinois We have examined the consolidated financial statements and related schedules of Morton Thiokol, Inc. and subsidiaries listed in Item 14(a)(1) and (2) ofthe annual report on Form lO-K of Morton Thiokol, Inc. for the year ended June 30, 1987. Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the financial statements referred to above present fairly the consolidated financial position of Morton Thiokol, Inc. and subsidiaries at June 30, 1987 and 1986, and the consolidated results of their operations and changes in their financial position for each of the three years in the period ended June 30, 1987 in conformity with generally accepted accounting principles applied on a consistent basis. Further, it is our opinion that the schedules referred to above present fairiy the infonnation set forth therein in compliance with the applicable accounting regulation of the Securities and Exchange Commission. ERNST & WHINNEY Chicago, Illinois July 30, 1987 F-1 Ernst &Whinney 150 south wacker Dnve Chicago, Illinois 60606 312/368-1800 Mr. John R. Bowen Vice President Finance and Treasurer Morton Thiokol, Inc. We have examined the consolidated financial statements of Morton Thiokol, Inc. and subsidiaries for the year ended June 30, 1987, and have expressed our unqualified opinion thereon in our report dated July 30, 1987. At your request, we have compared the tangible net worth ($687,094,000) and total assets in the United States ($1,415,400,000), as set forth in your letters dated November 9, 1987 to representatives of environmental agencies, to the corresponding amounts derived from the aforementioned consolidated financial statements. In connection with performing this procedure, no matters came to our attention which caused us to believe that the specified data should be adjusted. This letter has been prepared solely to assist you in complying with the applicable requirements of environmental agencies and is not to be used for any other purpose. C^i^^xyYf^Uj Chicago, Illinois November 9, 1987