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Asset Retirement Obligations
 9 Months Ended
Sep. 30, 2013
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations

8. Asset Retirement Obligations

The following table describes changes to the Corporation’s asset retirement obligations for the nine months ended September 30, 2013 and year ended December 31, 2012:

 

                                               
    2013     2012  
    (In millions)  

Asset retirement obligations at beginning of period

   $ 2,661     $ 2,071  

Liabilities incurred

     10       186  

Liabilities settled or disposed of

     (461 )      (324 ) 

Accretion expense

     97       135  

Revisions of estimated liabilities

     568       529  

Foreign currency translation

     (62 )      64  
 

 

 

    

 

 

  

Asset retirement obligations at end of period

     2,813       2,661  

Less: Current obligations

     536       449  
 

 

 

    

 

 

  

Long-term obligations at end of period

   $ 2,277     $ 2,212  
 

 

 

    

 

 

  

The revisions in 2013 and 2012 reflect overall increases in estimated abandonment obligations resulting from changes in the expected scope of operations, increases in the time expected to complete dismantlement activities and updates to service rates.