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Quarterly report pursuant to Section 13 or 15(d)

ASSET RETIREMENT OBLIGATIONS (Notes)

v3.20.2
ASSET RETIREMENT OBLIGATIONS (Notes)
9 Months Ended
Sep. 30, 2020
Asset Retirement Obligation [Abstract] Ìý
ASSET RETIREMENT OBLIGATIONS The following is a summary of our asset retirement obligations:
(In Millions)
September 30,
2020
December 31,
2019
Asset retirement obligations1
$ 186.4Ìý $ 165.3Ìý
Less current portion 4.4Ìý 2.1Ìý
Long-term asset retirement obligations $ 182.0Ìý $ 163.2Ìý
1 Includes $33.7 million and $22.0 million related to our active operations as of SeptemberÌý30, 2020 and DecemberÌý31, 2019, respectively.
ÌýÌýÌýÌýThe accrued closure obligation is predominantly related to our indefinitely idled and closed iron ore mining operations and provides for contractual and legal obligations associated with the eventual closure of those operations. Additionally, we have included in our asset retirement obligation $16.7 million for our integrated steel facilities and other operations acquired in the Merger. The closure date for each of our active mine sites was determined based on the exhaustion date of the remaining iron ore reserves and the amortization of the related asset and accretion of the liability is recognized over the estimated mine lives. The closure date and expected timing of the capital requirements to meet our obligations for our indefinitely idled or closed mines is determined based on the unique circumstances of each property. For indefinitely idled or closed mines, the accretion of the liability is recognized over the anticipated timing of remediation. As the majority of our asset retirement obligations at our steelmaking operations have indeterminate settlement dates, asset retirement obligations have been recorded at present values using estimated ranges of the economic lives of the underlying assets.
ÌýÌýÌýÌýThe following is a roll forward of our asset retirement obligation liability:
(In Millions)
2020 2019
Asset retirement obligation as of January 1 $ 165.3Ìý $ 172.4Ìý
Increase from AK Steel acquisition 16.7Ìý —Ìý
Accretion expense 7.8Ìý 7.6Ìý
Remediation payments (3.4) (0.5)
Asset retirement obligation as of September 30 $ 186.4Ìý $ 179.5Ìý