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ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH | 12 Months Ended
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Dec. 31, 2020
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, 2020 |  | December 31, 2019
Asset retirement obligation, beginning of period | $ | 18,972 |  |  | $ | 19,104 |
Revision of estimate | (7,845) |  |  | (2,063) |
Accretion of liabilities | 1,911 |  |  | 1,931 |
Settlements | — |  |  | — |
Asset retirement obligation, end of period | $ | 13,038 |  |  | $ | 18,972 |
Asset retirement obligation: |  |  |
Current | $ | 131 |  |  | $ | 46 |
Non-current | 12,907 |  |  | 18,926 |
Asset retirement obligation, end of period | $ | 13,038 |  |  | $ | 18,972 |
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 interest rates ranging from 9.5% to 11.5% and an inflation rate of 2.0%. The total undiscounted decommissioning liability at December 31, 2020 is $41.95 million (2019 - $41.75 million). The downward revision of estimate of $7.85 million for the year ended December 31, 2020 includes net changes of $0.20 million related to changes in total estimated undiscounted cash flows, and $7.65 million for changes in the estimated timing of future reclamation activities expected to begin at a later date. These revisions were recognized in development, permitting, and land holding and standby costs on the Consolidated Statement of Operations. The following table summarizes the Company’s restricted cash:
| December 31, 2020 |  | December 31, 2019
Restricted cash, beginning of period | $ | 20,081 |  |  | $ | 19,652 |
Additional collateral posted | 768 |  |  | 429 |
Refunds of collateral | (32) |  |  | — |
Restricted cash, end of period | $ | 20,817 |  |  | $ | 20,081 |
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.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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