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Exit Costs | 12 Months Ended
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Dec. 31, 2023
Restructuring and Related Activities [Abstract] |
Exit Costs | (14) Exit Costs Exit Costs In August 2020, we sold our North Louisiana assets and retained certain gathering, transportation and processing obligations which extend into 2030. These are contracts where we will not realize any future benefit. The estimated obligations are included in current and long-term divestiture contract obligation in our consolidated balance sheets. In the twelve months ended December 31, 2023, we recorded accretion expense of $41.9 million compared to $43.6 million in 2022 and $47.9 million in 2021. In second quarter 2023, we recorded a net adjustment of $37.8 million to increase this obligation primarily for higher rates due to inflation. In fourth quarter 2023, we recorded an additional $18.0 million adjustment to increase the obligation for a change to our forecasted drilling plans of the buyer along with adjusting for the difference between estimated and actual payments. In 2022, we recorded a net adjustment of $26.2 million to increase this obligation for a change in our forecasted drilling plans of the buyer along with adjusting the difference between estimated and actual payments. The present value of our estimated obligations related to these assets was initially recorded in 2020 as an exit cost at a total of $479.8 million. The estimated discounted value for this divestiture contract obligation was $397.4 million at December 31, 2023. In second quarter 2020, we negotiated capacity releases on certain transportation pipelines in Pennsylvania effective May 31, 2020 and extending through the remainder of the contract. As a result of these releases, we recorded exit costs of $10.4 million which represented the discounted present value of our remaining obligations to the third party. The remaining carrying value for these transportation capacity releases as of December 31, 2023 was $2.5 million. The following summarizes our exit costs for the three years ended December 31, 2023, 2022 and 2021 (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Severance costs |  | $ | — |  |  | $ | — |  |  | $ | 567 |
Transportation contract capacity releases (including accretion of discount) |  |  | 345 |  |  |  | 579 |  |  |  | 754 |
Divestiture contract obligation (including accretion of discount) |  |  | 99,595 |  |  |  | 69,758 |  |  |  | 20,340 |
Total exit costs |  | $ | 99,940 |  |  | $ | 70,337 |  |  | $ | 21,661 |
The following details the accrued exit cost liability activity for the years ended December 31, 2023 and 2022 (in thousands):
|  | Exit Costs |  |  | Termination Costs |
Balance at December 31, 2021 |  | $ | 423,742 |  |  | $ | 10 |
Accrued contract obligations-changes in estimate |  |  | 26,183 |  |  |  | — |
Accretion of discount |  |  | 44,154 |  |  |  | — |
Payments |  |  | (98,399 | ) |  |  | (10 | )
Balance at December 31, 2022 |  |  | 395,680 |  |  | $ | — |
Accrued contract obligations-changes in estimate |  |  | 57,735 |  |  |  | — |
Accretion of discount |  |  | 42,205 |  |  |  | — |
Payments |  |  | (95,631 | ) |  |  | — |
Balance at December 31, 2023 |  | $ | 399,989 |  |  | $ | — |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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