NOTE 13 — ASSET RETIREMENT OBLIGATION
The following table presents a reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligation for the years presented below:
|
Year Ended December 31, |
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|
2013 |
2012 |
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|
(Dollars in thousands) |
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|
Balance at beginning of year |
$ | 19,289 | $ | 21,284 | ||||
|
Revisions in estimated cash flows |
(2,742 | ) | (3,696 | ) | ||||
|
Liabilities incurred |
588 | — | ||||||
|
Accretion expense |
1,544 | 1,701 | ||||||
|
Balance at end of year |
$ | 18,679 | $ | 19,289 | ||||
During the year ended December 31, 2013, the Company decreased the aggregate carrying amount of its asset retirement obligation by $2,742,000 due to changes in price estimates and useful life.
During the year ended December 31, 2012, the Company decreased the aggregate carrying amount of its asset retirement obligation by $3,696,000 due to changes in useful life and price estimates.