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ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH
 12 Months Ended
Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations and Restricted Cash ASSET RETIREMENT OBLIGATIONS AND RESTRICTED CASH
Asset Retirement Obligations
The following table summarizes the Company’s asset retirement obligations:
December 31,
 20222021
Asset retirement obligation, beginning of period$13,687 $13,038 
 Revision of estimate(238)(235)
 Disposal of non-core obligations— (269)
 Accretion of liabilities1,556 1,284 
 Settlements— (131)
 Held for sale(1)
(5,410)— 
Asset retirement obligation, end of period$9,595 $13,687 
Asset retirement obligation:  
 Current$— $27 
 Non-current9,595 13,660 
Asset retirement obligation, end of period$9,595 $13,687 
(1)Asset retirement obligations held for sale are related to Alta Mesa and are included as Asset retirement obligation and other liabilities held for sale on the consolidated balance sheet. See Note 7 – Property, Plant and Equipment and Mineral Properties and Note 18 – Subsequent Events for more details.
The Company's asset retirement obligations 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 11.62% to 11.67% and inflation rates ranging from 2.25% to 2.41%. The total undiscounted decommissioning liability as of December 31, 2022 and 2021 is $42.91 million and $41.34 million, respectively.
The downward revision of estimate of $0.24 million for the year ended December 31, 2022 includes net changes in estimated costs of future reclamation activities. These revisions were recognized in Exploration, development, permitting, and land holding and Standby costs in the Consolidated Statement of Operations and Comprehensive Income (Loss).
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 Exploration, development, permitting, and land holding, and Standby costs in 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 disposal of non-core assets in the Consolidated Statement of Operations and Comprehensive Income (Loss).
Restricted Cash
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. The restricted cash will be released when the Company has reclaimed a mineral property, sold a mineral property to a party having assumed the applicable bond requirements or restructured the surety and collateral arrangements. See Note 14 – Commitments and Contingencies for more information.
The following table summarizes the Company’s restricted cash:
December 31,
 20222021
Restricted cash, beginning of period$20,305 $20,817 
 Additional collateral posted734 48 
 Refunds of collateral— (560)
 Held for sale(3,590)— 
Restricted cash, end of period$17,449 $20,305