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ASSET RETIREMENT OBLIGATIONS | 6 Months Ended
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Jun. 30, 2024
Asset Retirement Obligation Disclosure [Abstract] |
ASSET RETIREMENT OBLIGATIONS | ASSET RETIREMENT OBLIGATIONS Asset retirement obligations (AROs) are legal obligations associated with the retirement of long-lived assets resulting from the acquisition, construction, development and/or normal use of the underlying assets, including legal obligations for land reclamation. Recognition of a liability for an ARO is required in the period in which it is incurred at its estimated fair value. The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the asset. The liability is accreted through charges to operating expenses. If the ARO is settled for a value other than the carrying amount of the liability, we recognize a gain or loss on settlement. ARO operating costs related to accretion of the liabilities and depreciation of the assets are as follows:
| Three Months Ended June 30 | Six Months Ended June 30
in millions | 2024 | 2023 | 2024 | 2023
Accretion | $ | 3.6 |  | $ | 3.4 |  | $ | 7.1 |  | $ | 6.9 |
Depreciation | 2.8 |  | 2.2 |  | 5.2 |  | 4.3 |
Total ARO operating costs | $ | 6.4 |  | $ | 5.6 |  | $ | 12.3 |  | $ | 11.2 |
ARO operating costs are reported in cost of revenues. AROs are reported within other noncurrent liabilities in our accompanying Condensed Consolidated Balance Sheets. Reconciliations of the carrying amounts of our AROs are as follows:
| Three Months Ended June 30 | Six Months Ended June 30
in millions | 2024 | 2023 | 2024 | 2023
ARO balance at beginning of period | $ | 325.7 |  | $ | 311.9 |  | $ | 324.1 |  | $ | 311.3 |
Liabilities incurred | 0.8 |  | 0.0 |  | 0.8 |  | 0.0 |
Liabilities settled | (3.0) |  | (3.7) |  | (4.8) |  | (6.6) |
Accretion expense | 3.6 |  | 3.4 |  | 7.1 |  | 6.9 |
Revisions, net | 7.0 |  | 0.0 |  | 6.9 |  | 0.0 |
ARO balance at end of period | $ | 334.1 |  | $ | 311.6 |  | $ | 334.1 |  | $ | 311.6 |

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/410-20/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 20 -Topic 410 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-2 + Details
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