The $62 million decrease in the asset retirement obligation was recorded as a decrease in property, plant and equipment. The $44 million current portion of the asset retirement obligation is included in accounts payable and accrued liabilities, while the $969 million non-current portion is presented separately as an asset retirement obligation on the March 31, 2013 Consolidated Balance Sheet. The total undiscounted estimated cash flows required to settle Canadian Oil Sand's share of the asset retirement obligation were $2,071 million at March 31, 2013 (December 31, 2012 - $2,104 million).
8) Employee Future Benefits
The Corporation's share of Syncrude Canada's defined benefit and contribution plans' costs for the three months ended March 31, 2013 and 2012 is based on its 36.74 per cent working interest. The costs have been recorded in operating expenses, net finance expense and other comprehensive income as follows:
Three Months Ended March 31($ millions) 2013 2012----------------------------------------------------------------------------Operating expenses $ 11 $ 7Net finance expense $ 4 $ 5Other comprehensive income(1) (18) (4)----------------------------------------------------------------------------Total benefit cost (recovery) $ (3) $ 8--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Employee future benefit costs (recoveries) are presented on the Consolidated Statements of Income and Comprehensive Income net of tax.
The Corporation's share of the estimated unfunded portion of Syncrude Canada's pension and other post-employment benefit plans decreased to $408 million at March 31, 2013 from $438 million at December 31, 2012, reflecting contributions to the plans and higher than estimated returns on plan assets. The impact of the higher-than-estimated plan asset returns is reflected as a $14 million re-measurement, net of $4 million in taxes, in Other Comprehensive Income. A liability for the $408 million unfunded balance is recognized on the March 31, 2013 Consolidated Balance Sheet.
9) Foreign Exchange
Three Months Ended March 31($ millions) 2013 2012----------------------------------------------------------------------------Foreign exchange (gain) loss - long-term debt $ 37 $ (20)Foreign exchange (gain) loss - other (9) 4----------------------------------------------------------------------------Total foreign exchange (gain) loss $ 28 $ (16)--------------------------------------------------------------------------------------------------------------------------------------------------------
10) Net Finance Expense
Three Months Ended March 31($ millions) 2013 2012----------------------------------------------------------------------------Interest costs on long-term debt(1) $ 26 $ 21 Less capitalized interest on long-term debt (23) (20)----------------------------------------------------------------------------Interest expense on long-term debt $ 3 $ 1Interest expense on employee future benefits 4 5Accretion of asset retirement obligation 6 6----------------------------------------------------------------------------Net finance expense $ 13 $ 12--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Interest costs on long-term debt are net of interest income of $5 million and $2 million for the three months ended March 31, 2013 and March 31, 2012, respectively.
