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ASSET RETIREMENT OBLIGATIONS | 3 Months Ended
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Mar. 31, 2024
Asset Retirement Obligation [Abstract] |
ASSET RETIREMENT OBLIGATIONS | NOTE 10 - ASSET RETIREMENT OBLIGATIONS The accrued closure obligation provides for contractual and legal obligations related to our indefinitely idled and closed operations and for the eventual closure of our active operations. The closure date for each of our active mine sites was determined based on the exhaustion date of the remaining mineral reserves, and the amortization of the related asset and accretion of the liability is recognized over the estimated mine lives. The closure date and expected timing of the capital requirements to meet our obligations for our indefinitely idled or closed mines is determined based on the unique circumstances of each property. For indefinitely idled or closed mines, the accretion of the liability is recognized over the anticipated timing of remediation. Asset retirement obligations at our active steelmaking operations primarily include the closure and post-closure care for on-site landfills and other waste containment facilities. Asset retirement obligations have been recorded at present values using settlement dates based on when we expect these facilities to reach capacity and close. The following is a summary of our asset retirement obligations:
(In millions) | March 31, 2024 |  | December 31, 2023
Asset retirement obligations 1 | $ | 510 |  |  | $ | 459 |
Less: current portion | 61 |  |  | 15 |
Long-term asset retirement obligations | $ | 449 |  |  | $ | 444 |
1 Includes $263 million and $259 million related to our active operations as of March 31, 2024 and December 31, 2023, respectively.
The following is a roll-forward of our asset retirement obligations:
(In millions) | 2024 |  | 2023
Asset retirement obligations as of January 1 | $ | 459 |  |  | $ | 520 |
Accretion expense | 5 |  |  | 8 |
Revision in estimated cash flows | 48 |  |  | — |
Remediation payments | (2) |  |  | (4) |
Asset retirement obligations as of March 31 | $ | 510 |  |  | $ | 524 |
During the first quarter of 2024, we announced the indefinite idle of our Weirton tinplate production plant, resulting in an increase to our asset retirement obligations as a result of acceleration of the timing and refinement in the cost of required remediation.

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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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