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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | Asset Retirement Obligations Reconciliations of the Company’s asset retirement obligations are as follows:
| December 31,
| 2022 |  | 2021
| (Dollars in millions)
Balance at beginning of period | $ | 719.8 |  |  | $ | 728.2 |
Liabilities settled or disposed | (51.7) |  |  | (72.4) |
Accretion expense | 56.2 |  |  | 54.9 |
Revisions to estimates | 25.7 |  |  | 9.1 |
Balance at end of period | $ | 750.0 |  |  | $ | 719.8 |
Less: Current portion (included in “Accounts payable and accrued expenses”) | 84.2 |  |  | 65.0 |
Noncurrent obligation (included in “Asset retirement obligations”) | $ | 665.8 |  |  | $ | 654.8 |
Balance at end of period — active locations | $ | 557.9 |  |  | $ | 511.8 |
Balance at end of period — closed or inactive locations | $ | 192.1 |  |  | $ | 208.0 |
As of December 31, 2022 and 2021, the Company had $1,250.1 million and $1,294.7 million, respectively, in surety bonds outstanding to secure reclamation obligations. Additionally, the Company had $437.8 million and $323.0 million, respectively, of letters of credit in support of reclamation obligations as of December 31, 2022 and 2021. See Note 20. “Financial Instruments, Guarantees With Off-Balance-Sheet Risk and Other Guarantees” for a discussion of cash collateral supporting these reclamation bonding requirements.

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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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