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ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH
 12 Months Ended
Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations and Restricted Cash ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH
The following table summarizes the Company’s asset retirement obligations:
 December 31, 2021December 31, 2020
Asset retirement obligation, beginning of period$13,038 $18,972 
 Revision of estimate(235)(7,845)
 Disposal of non-core obligations(269)— 
 Accretion of liabilities1,284 1,911 
 Settlements(131)— 
Asset retirement obligation, end of period$13,687 $13,038 
Asset retirement obligation:  
 Current$27 $131 
 Non-current13,660 12,907 
Asset retirement obligation, end of period$13,687 $13,038 
The asset retirement obligations of the Company are subject to legal and regulatory requirements. Estimates of the costs of reclamation are reviewed periodically by the Company and the applicable regulatory authorities. The above provision represents the Company’s estimate of the present value of future reclamation costs, discounted using credit adjusted risk-free rates ranging from 9.50% to 11.67% and inflation rates ranging from 2.00% to 2.41%. The total undiscounted decommissioning liability at December 31, 2021 is $41.34 million (2020 - $41.95 million).
The downward revision of estimate of $0.24 million for the year ended December 31, 2021 includes net changes in estimated costs, timing and discount rates of future reclamation activities. These revisions were recognized in Development, permitting, and land holding, and Standby costs on the Consolidated Statement of Operations and Comprehensive Income (Loss). The Company derecognized asset retirement obligations of $0.27 million prior to December 31, 2021 upon being legally released from being the primary obligor under the liabilities and this disposal was recognized in Gain on sale of non-core assets on the Consolidated Statement of Operations and Comprehensive Income (Loss).
The downward revision of estimate of $7.85 million for the year ended December 31, 2020 includes net changes in the estimated costs, timing and discount rates of future reclamation activities. These revisions were recognized in Development, permitting, and land holding and Standby costs on the Consolidated Statement of Operations and Comprehensive Income (Loss).
The following table summarizes the Company’s restricted cash:
 December 31, 2021December 31, 2020
Restricted cash, beginning of period$20,817 $20,081 
 Additional collateral posted48 768 
 Refunds of collateral(560)(32)
Restricted cash, end of period$20,305 $20,817 
The Company has cash, cash equivalents and fixed income securities as collateral for various bonds posted in favor of the applicable state regulatory agencies in Arizona, Colorado, New Mexico, Texas, Utah and Wyoming, and the U.S. Bureau of Land Management and U.S. Forest Service for estimated reclamation costs associated with the White Mesa Mill, Nichols Ranch, Alta Mesa and other mining properties. Cash equivalents are short-term highly liquid investments with original maturities of three months or less. The restricted cash will be released when the Company has reclaimed a mineral property or restructured the surety and collateral arrangements. See Note 18 for a discussion of the Company’s surety bond commitments.