Patriot amends accounting for cost of water treatment plants, to restate earnings

摘要

As a result of a routine review and subsequent comments by the SEC, Patriot Coal has restated previously issued consolidated financial statements for 2010 and 2011 to accrue a liability and recognize a loss for the estimated costs of installing two water treatment facilities, rather than record the cost of the two facilities as a capital expenditure.The accounting treatment related to the costs of installing the water treatment facilities "involves significant operational and accounting complexities," Patriot noted. Both water treatment facilities are anticipated to operate 30 years or more.