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Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2014
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations

9. Asset Retirement Obligations

The following table describes changes to the Corporation’s asset retirement obligations:

 

  

2014

 

  

2013

 

 

  

(In millions)

 

Asset retirement obligations at January 1

  

$

2,772

 

  

$

2,661

 

Liabilities incurred

  

 

63

 

  

 

42

 

Liabilities settled or disposed of

  

 

(420

) 

  

 

(576

) 

Accretion expense

  

 

136

 

  

 

129

 

Revisions of estimated liabilities

  

 

263

 

  

 

573

 

Foreign currency translation

  

 

(91

) 

  

 

(57

) 

Asset retirement obligations at December 31

  

 

2,723

 

  

 

2,772

 

Less: Current obligations

  

 

442

 

  

 

523

 

Long-term obligations at December 31

  

$

2,281

 

  

$

2,249

 

The revisions in 2014 and 2013 primarily reflect changes in the expected scope of operations and updates to service and equipment costs.  The 2013 revision also reflects increases in the time expected to complete dismantlement activities.