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Asset Retirement Obligations and Accrued Environmental Costs (Tables) | 12 Months Ended
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Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract] |
Asset retirement obligations and accrued environmental costs | Note 10—Asset Retirement Obligations and Accrued Environmental Costs Asset retirement obligations and accrued environmental costs at December 31 were: Millions of Dollars 2019 2018 Asset retirement obligations $ 6,206 7,908 Accrued environmental costs 171 178 Total asset retirement obligations and accrued environmental costs 6,377 8,086 Asset retirement obligations and accrued environmental costs due within one year* (1,025) (398) Long-term asset retirement obligations and accrued environmental costs $ 5,352 7,688 *Classified as a current liability on the balance sheet under “Other accruals.” $ 741 million relates to assets which are held for sale as of December 31, 2019. For additional information see Note 5—Asset Acquisitions and Dispositions.
Changes in overall asset retirement obligation changed | During 2019 and 2018, our overall ARO changed as follows: Millions of Dollars 2019 2018 Balance at January 1 $ 7,908 7,798 Accretion of discount 322 348 New obligations 155 657 Changes in estimates of existing obligations 50 (266) Spending on existing obligations (229) (228) Property dispositions (1,920) (161) Foreign currency translation (80) (240) Balance at December 31 $ 6,206 7,908

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- Definition Disclosures of asset retirement obligations and environmental loss contingencies. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. Examples of environmental loss contingencies are presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. + References No definition available. + Details
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- Definition Tabular disclosure of the changes in carrying amount of a liability for asset retirement obligations, for changes such as new obligations, changes in estimates of existing obligations, spending on existing obligations, property dispositions, and foreign currency translation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13201-110859 + Details
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