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ASSET RETIREMENT OBLIGATIONS

12 Months Ended

Dec. 31, 2023

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS

18.ASSET RETIREMENT OBLIGATIONS

​

The following table presents the activity affecting the asset retirement and mine closing liability:

​

​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2023			2022
​	​	(in thousands)					​
​	​	​	​	​	​	​	​
Beginning balance	​	$	149,813	​	$	131,099	​
Accretion expense	​		4,433	​		3,731	​
Payments	​		(2,317)	​		(2,445)	​
Allocation of liability associated with mine development and change in assumptions	​		(1,486)	​		17,428	​
Ending balance	​	$	150,443	​	$	149,813	​

​

For the year ended December 31, 2023, the allocation of liability associated with mine development and change in assumptions decreased by $1.5 million. The decrease was largely attributable to lower cost assumptions.

​

For the year ended December 31, 2022, the allocation of liability associated with mine development and change in assumptions increased by $17.4 million. The increase was largely attributable to higher cost assumptions as well as the expansion of refuse disposal facilities at certain mines.

​

The impact of discounting our estimated cash flows resulted in reducing the accrual for asset retirement obligations by $116.2 million and $110.4 million at December 31, 2023 and 2022, respectively. Estimated payments of asset retirement obligations as of December 31, 2023 are as follows:

​

​	​	​	​	​
Year Ended	​	​	​	​
December 31,		(in thousands)
​	​	​	​	​
2024	​	$	3,518	​
2025	​		5,557	​
2026	​		4,063	​
2027	​		7,038	​
2028	​		4,291	​
Thereafter	​		242,134	​
Aggregate undiscounted asset retirement obligations	​		266,601	​
Less: effect of discounting	​		(116,158)	​
Total asset retirement obligations	​		150,443	​
Less: current portion	​		(3,518)	​
Non-current asset retirement obligations	​	$	146,925	​

​

As of December 31, 2023 and 2022, we had approximately $173.5 million and $174.3 million, respectively, in surety bonds outstanding to secure the performance of our reclamation obligations.

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- References

No definition available.

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- Definition

The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 410
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481850/410-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 410
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//410-20/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 20
-Topic 410
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481850/410-20-50-2

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