ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH

9 Months Ended

Sep. 30, 2021

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations and Restricted Cash

ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASHThe following table summarizes the Company’s asset retirement obligations:


	September 30, 2021		December 31, 2020
Asset retirement obligation, beginning of period	$	13,038	$	18,972
Revision of estimate	(39)		(7,845)
Accretion of liabilities	1,022		1,911

Asset retirement obligation, end of period	$	14,021	$	13,038
Asset retirement obligation:
Current	$	131	$	131
Current - held for sale	242		—
Non-current	13,648		12,907
Asset retirement obligation, end of period	$	14,021	$	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 best 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 September 30, 2021 is $42.29 million (December 31, 2020 - $41.95 million).

The following table summarizes the Company’s restricted cash:


	September 30, 2021		December 31, 2020
Restricted cash, beginning of period	$	20,817	$	20,081
Additional collateral posted	36		768
Refunds of collateral	(560)		(32)
Restricted cash, end of period	$	20,293	$	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 14 for a discussion of the Company’s surety bond commitments.

Cash, cash equivalents and restricted cash are included in the following accounts at September 30, 2021 and December 31, 2020:


	September 30, 2021		December 31, 2020
Cash and cash equivalents	$	100,238	$	20,168
Restricted cash included in other long-term assets	20,293		20,817
Total cash, cash equivalents and restricted cash	$	120,531	$	40,985