JCPenney 2015 Annual Report Download - page 5
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Table of Contents
Environmental protection requirements did not have a material effect upon our operations during 2015. It is possible that compliance with such requirements
(including any new requirements) would lengthen lead time in expansion or renovation plans and increase construction costs, and therefore operating costs,
due in part to the expense and time required to conduct environmental and ecological studies and any required remediation.
As of January 30, 2016, we estimated our total potential environmental liabilities to range from $20 million to $25 million and recorded our best estimate of
$23 million in Other accounts payable and accrued expenses and Other liabilities in the Consolidated Balance Sheet as of that date. This estimate covered
potential liabilities primarily related to underground storage tanks, remediation of environmental conditions involving our former drugstore locations and
asbestos removal in connection with approved plans to renovate or dispose of our facilities. We continue to assess required remediation and the adequacy of
environmental reserves as new information becomes available and known conditions are further delineated. If we were to incur losses at the upper end of the
estimated range, we do not believe that such losses would have a material effect on our financial condition, results of operations or liquidity.
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