Wisconsin Administrative Code › Department of Natural Resources › NR 600-699 - Environmental Protection - Hazardous Waste Management › Chapter NR 664 - Hazardous Waste Treatment, Storage And Disposal Facility Standards › Subchapter H - Financial Requirements › Section NR 664.0141 - Definitions

Current through June 24, 2024
When used in this subchapter, the following terms have the
					 meanings given below.
(1) "Captive
				  insurance company" means a closely-held company owned by one or more
				  organizations, parents, whose original purpose was and may continue to be, to
				  insure some or all of the risks of shareholders or affiliated
				  organizations.
(2) "Closure plan"
				  means the plan for closure prepared in accordance with the requirements of s.
				  NR
				  664.0112.
(3) "Current closure cost estimate" means the
				  most recent of the estimates prepared in accordance with s.
				  NR 664.0142(1) to
				  (3).
(4) "Current long-term care cost estimate"
				  means the most recent of the estimates prepared in accordance with s.
				  NR 664.0144(1) to
				  (3).
(5) "Parent corporation" means a corporation
				  which directly owns at least 50% of the voting stock of the corporation which
				  is the facility owner or operator; the latter corporation is deemed a
				  "subsidiary" of the parent corporation.
(6) "Long-term care plan" means the plan for
				  long-term care prepared in accordance with the requirements of ss.
				  NR
				  664.0117 to
				  664.0120.
(7) The following terms are used in the
				  specifications for the financial tests for liability coverage. The definitions
				  are intended to assist in the understanding of this chapter and are not
				  intended to limit the meanings of terms in a way that conflicts with generally
				  accepted accounting practices.
(a) "Assets"
				  means all existing and all probable future economic benefits obtained or
				  controlled by a particular entity.
(b) "Current assets" means cash or other
				  assets or resources commonly identified as those which are reasonably expected
				  to be realized in cash or sold or consumed during the normal operating cycle of
				  the business.
(c) "Current
				  liabilities" means obligations whose liquidation is reasonably expected to
				  require the use of existing resources properly classifiable as current assets
				  or the creation of other current liabilities.
(d) "Current plugging and abandonment cost
				  estimate" means the most recent of the estimates prepared in accordance with
				  ch. NR 815.
(e) "Independently
				  audited" refers to an audit performed by an independent certified public
				  accountant in accordance with generally accepted auditing standards.
(f) "Liabilities" means probable future
				  sacrifices of economic benefits arising from present obligations to transfer
				  assets or provide services to other entities in the future as a result of past
				  transactions or events.
(g) "Net
				  working capital" means current assets minus current liabilities.
(h) "Net worth" has the meaning given in s.
				  289.41(1)
				  (c), Stats.
(i) "Tangible net worth" means the tangible
				  assets that remain after deducting liabilities. The assets would not include
				  intangibles such as goodwill and rights to patents or royalties.