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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2020
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS
| December 31, 2020 | December 31, 2019
Balance, beginning of year | $ | 667,974 |  | $ | 646,898 |
Liabilities incurred | 15,189 |  | 21,748 |
Liabilities settled | (7,168) |  | (15,417) |
Liabilities acquired from property acquisitions | — |  | 1,648 |
Liabilities divested | (721) |  | (1,331) |
Property swaps | (525) |  | 792 |
Accretion (note 16) | 8,978 |  | 13,713 |
Government grants (1) | (2,128) |  | — |
Change in estimate (2) | (12,771) |  | 19,632 |
Changes in discount rates and inflation rates | 92,576 |  | (17,486) |
Foreign currency translation | (1,021) |  | (2,223) |
Balance, end of year | $ | 760,383 |  | $ | 667,974 |
Less current portion of asset retirement obligations | 11,820 |  | 11,579 |
Non-current portion of asset retirement obligations | $ | 748,563 |  | $ | 656,395 |
(1)Baytex received $2.1 million of government grants from the Governments of Alberta and Saskatchewan. The grants were used to abandon and reclaim well sites which reduced our assets retirement obligations and was included in other income. (2)Changes in the estimated costs, the timing of abandonment and reclamation and the status of wells are factors resulting in a change in estimate. At December 31, 2020, the undiscounted amount of estimated cash flows required to settle the asset retirement obligations is $721.0 million (December 31, 2019 - $714.8 million). The discounted amount of estimated cash flow required to settle the asset retirement obligations at December 31, 2020, calculated using an estimated inflation rate of 1.5% (December 31, 2019 - 1.4%) and a risk free discount rate of 1.2% (December 31, 2019 - 1.8%), is $760.4 million (December 31, 2019 - $668.0 million). These costs are expected to be incurred over the next 60 years.

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- Definition The entire disclosure for other provisions, contingent liabilities and contingent assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 37 -IssueDate 2020-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=37&code=ifrs-tx-2020-en-r&doctype=Standard&dita_xref=IAS37_g84-92_TI -URIDate 2020-01-01 + Details
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