[Code of Federal Regulations]
[Title 40, Volume 19]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 40CFR144.61]

[Page 652]
 
                   TITLE 40--PROTECTION OF ENVIRONMENT
 
         CHAPTER I--ENVIRONMENTAL PROTECTION AGENCY (CONTINUED)
 
PART 144--UNDERGROUND INJECTION CONTROL PROGRAM--Table of Contents
 
 Subpart F--Financial Responsibility: Class I Hazardous Waste Injection 
                                  Wells
 
Sec. 144.61  Definitions of terms as used in this subpart.

    (a) Plugging and abandonment plan means the plan for plugging and 
abandonment prepared in accordance with the requirements of Secs. 144.28 
and 144.51.
    (b) Current plugging cost estimate means the most recent of the 
estimates prepared in accordance with Sec. 144.62 (a), (b) and (c).
    (c) Parent corporation means a corporation which directly owns at 
least 50 percent of the voting stock of the corporation which is the 
injection well owner or operator; the latter corporation is deemed a 
subsidiary of the parent corporation.
    (d) The following terms are used in the specifications for the 
financial test for plugging and abandonment. The definitions are 
intended to represent the common meanings of the terms as they are 
generally used by the business community.
    Assets means all existing and all probable future economic benefits 
obtained or controlled by a particular entity.
    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.
    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.
    Independently audited refers to an audit performed by an independent 
certified public accountant in accordance with generally accepted 
auditing standards.
    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.
    Net working capital means current assets minus current liabilities.
    Net worth means total assets minus total liabilities and is 
equivalent to owner's equity.
    Tangible net worth means the tangible assets that remain after 
deducting liabilities; such assets would not include intangibles such as 
goodwill and rights to patents or royalties.