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Asset retirement obligations | 12 Months Ended
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Dec. 31, 2020
Asset Retirement Obligation [Abstract] |
Asset retirement obligations | Asset Retirement Obligations The Company records obligations related to retirement costs of natural gas distribution mains and lines, natural gas transmission lines, natural gas storage wells, decommissioning of certain electric generating facilities, reclamation of certain aggregate properties, special handling and disposal of hazardous materials at certain electric generating facilities, natural gas distribution facilities and buildings, and certain other obligations as asset retirement obligations. A reconciliation of the Company's liability, which the current portion is included in other accrued liabilities on the Consolidated Balance Sheets, for the years ended December 31 was as follows:
| 2020 |  | 2019 |
| (In thousands)
Balance at beginning of year | $ | 417,575 |  | $ | 375,553 |
Liabilities incurred | 11,560 |  | 25,869 |
Liabilities acquired | 1,378 |  | 486 |
Liabilities settled | (5,369) |  | (7,097) |
Accretion expense* | 21,668 |  | 19,789 |
Revisions in estimates | 107 |  | 2,975 |
Balance at end of year | $ | 446,919 |  | $ | 417,575 |
* Includes $20.1 million and $18.3 million in 2020 and 2019, respectively, related to regulatory assets.
The Company believes that largely all expenses related to asset retirement obligations at the Company's regulated operations will be recovered in rates over time and, accordingly, defers such expenses as regulatory assets. For more information on the Company's regulatory assets and liabilities, see Note 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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