Asset retirement obligations

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation [Abstract]

Asset Retirement Obligations

The Company records obligations related to retirement costs of natural gas distribution 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:


	2022		2021
	(In thousands)
Balance at beginning of year	$	468,686	$	446,919
Liabilities incurred	5,972		12,454
Liabilities acquired	—		1,805
Liabilities settled	(9,646)		(15,155)
Accretion expense*	23,188		21,214
Revisions in estimates	(77,692)		1,449
Balance at end of year	$	410,508	$	468,686

*Includes $21.8 million and $19.6 million in 2022 and 2021, respectively, recorded to regulatory assets.

The 2022 revisions in estimates consist principally of updated asset retirement obligation costs associated with natural gas distribution and transmission lines at the natural gas distribution segment.

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.