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ASSET RETIREMENT OBLIGATION | 12 Months Ended
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Dec. 31, 2021
ASSET RETIREMENT OBLIGATION |
ASSET RETIREMENT OBLIGATION |
5. | ASSET RETIREMENT OBLIGATION
The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
(thousands of dollars) | ​ | 2021 | ​ | 2020
Balance, beginning of period | ​ | $ | — | ​ | $ | 6,300
Liabilities settled | ​ |  | — | ​ |  | (1,262)
Accretion expense | ​ |  | — | ​ |  | 201
Balance, end of period | ​ |  | — | ​ |  | 5,239
Less: Obligation transferred to enCore | ​ | ​ | — | ​ | ​ | (5,239)
Non-current portion | ​ | $ | — | ​ | $ | —
​ Asset retirement obligation (ARO) is primarily comprised of estimated reclamation costs related to ISR projects in South Texas. On December 31, 2020, the Company closed the sale of its U.S. uranium assets to enCore. With the sale, enCore assumed all liabilities for the purchased subsidiaries, including the $6 million in asset retirement obligations for the south Texas uranium projects. At December 31, 2021, there is no ARO recorded for the Coosa Deposit as there has been only minimal environmental disturbance due to exploration which has since been reclaimed.

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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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