Knife River Corp
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 27, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
10. Asset Retirement Obligations
Note 10 –Asset Retirement Obligations
The Company has asset retirement obligations, which are liabilities associated with its legally required obligations to reclaim owned and leased aggregate properties, asphalt plant sites, ready-mix plant sites and other properties. For the years ended December 31, 2023 and 2022, the current portion of the Company’s liability, which is included in other accrued liabilities, was $6.9 million and $4.4 million, respectively, and the noncurrent amount, which is included in other liabilities, was $34.9 million and $33.0 million, respectively. Total accretion and depreciation expenses for the years ended December 31, 2023, 2022 and 2021, were $2.6 million, $2.1 million and $2.1 million, respectively, and are included in cost of revenue on the Consolidated Statements of Operations. A reconciliation of the Company’s liability for the years ended December 31 was as follows:
| 2023 | 2022 | |
|---|---|---|
| (In thousands) | ||
| Balance at beginning of year | $37,361 | $33,406 |
| Liabilities incurred | 5,190 | 4,657 |
| Liabilities settled | (2,726) | (2,117) |
| Accretion expense | 1,957 | 1,415 |
| Balance at end of year | $41,782 | $37,361 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.