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Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2014
Asset Retirement Obligation [Abstract]  
Asset Retirement Obligations
 
QEP records asset retirement obligations when there are legal obligations associated with the retirement of tangible long-lived assets. The Company's ARO liability applies primarily to abandonment costs associated with oil and gas wells and certain other properties. The fair values of such costs are estimated by Company personnel based on abandonment costs of similar assets and depreciated over the life of the related assets. Revisions to the ARO estimates result from changes in expected cash flows or material changes in estimated asset retirement costs. The ARO liability is adjusted to present value each period through an accretion calculation using a credit-adjusted risk-free interest rate. Of the $195.1 million and $165.1 million ARO liability for the years ended December 31, 2014 and 2013, respectively, $1.3 million and $1.8 million was included as a liability in "Accounts payable and accrued expenses" on the Consolidated Balance Sheets.

The following is a reconciliation of the changes in the Company's ARO for the periods specified below:
 
Asset Retirement Obligations
 
2014
 
2013
 
(in millions)
ARO liability at January 1,(1)
$
165.1

 
$
155.6

Accretion
6.7

 
5.6

Additions(2)
17.1

 
6.9

Revisions
33.6

 
11.8

Liabilities related to assets sold
(24.7
)
 
(11.8
)
Liabilities settled
(2.7
)
 
(3.0
)
ARO liability at December 31,
$
195.1

 
$
165.1


____________________________
(1) 
Excludes $28.5 million and $37.5 million of ARO as of January 1, 2014 and 2013, respectively, classified as "Noncurrent liabilities of discontinued operations" on the Consolidated Balance Sheets.
(2) 
Additions include $9.7 million related to the Permian Basin Acquisition (see Note 2 - Acquisitions and Divestitures).