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Deferred Credits and Other Noncurrent Liabilities | 12 Months Ended
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Dec. 31, 2021
Deferred Credits And Other Noncurrent Liabilities [Abstract] |
Deferred Credits and Other Noncurrent Liabilities |
22. | Deferred Credits and Other Noncurrent Liabilities
As at December 31, 2021 and 2020, this account consists of:
|  | 2021 |  |  | 2020 |
|  | (in million pesos) |
Contract liabilities and unearned revenues (Note 5) |  |  | 3,558 |  |  |  | 976 |
Provision for asset retirement obligations |  |  | 2,121 |  |  |  | 2,000 |
Accrual of capital expenditures under long-term financing |  |  | 300 |  |  |  | 1,542 |
Others |  |  | 105 |  |  |  | 150 |
|  |  | 6,084 |  |  |  | 4,668 |
The following table summarizes the changes to provision for asset retirement obligations for the years ended December 31, 2021 and 2020:
|  | 2021 |  |  | 2020 |
|  | (in million pesos) |
Provision for asset retirement obligations at beginning of the year |  |  | 2,000 |  |  |  | 1,767 |
Capitalized to ROU assets during the year |  |  | 239 |  |  |  | 205 |
Accretion expenses |  |  | 65 |  |  |  | 61 |
Change in assumptions |  |  | (62 | ) |  |  | (22 | )
Revaluation due to change in IBR |  |  | (102 | ) |  |  | 39 |
Gain on settlement of asset retirement obligation |  |  | — |  |  |  | (50 | )
Settlement of obligations and others |  |  | (19 | ) |  |  | — |
Provision for asset retirement obligations at end of the year |  |  | 2,121 |  |  |  | 2,000 |
Accrual of capital expenditures under long-term financing represents expenditures related to the expansion and upgrade of our network facilities which are not due to be settled within one year. Such accruals are settled through refinancing from long-term loans obtained from the banks. See Note 21 – Interest-bearing Financial Liabilities.

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- Definition Abstract stands for deferred credits and other noncurrent liabilities. + References No definition available. + Details
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- Definition Disclosure of deferred credits and other noncurrent liabilities. + References No definition available. + Details
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