Asset Retirement Obligations

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation [Abstract]

The Company records obligations related to retirement costs of natural gas distribution lines, natural gas transmission lines, natural gas storage wells, decommissioning of certain electric generating facilities, special handling and disposal of hazardous materials at certain electric generating facilities, natural gas distribution facilities and buildings, and certain other obligations as asset retirement obligations.

A reconciliation of the Company's liability, which the current portion is included in other accrued liabilities on the Consolidated Balance Sheets, for the years ended December 31 was as follows:


	2023		2022
	(In thousands)
Balance at beginning of year	$	373,147	$	435,280
Liabilities incurred	533		1,315

Liabilities settled	(6,633)		(7,529)
Accretion expense*	18,894		21,773
Revisions in estimates	(787)		(77,692)
Balance at end of year	$	385,154	$	373,147

*Includes $18.9 million and $21.8 million in 2023 and 2022, respectively, recorded to regulatory assets.

The 2022 revisions in estimates consist principally of updated asset retirement obligation costs associated with natural gas distribution and transmission lines at the natural gas distribution segment.

The Company believes that largely all expenses related to asset retirement obligations at the Company's regulated operations will be recovered in rates over time and, accordingly, defers such expenses as regulatory assets. For more information on the Company's regulatory assets and liabilities, see Note 6.