v3.20.1

ARO ASSET/LIABILITY | 3 Months Ended
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Mar. 28, 2020
ARO ASSET/LIABILITY |
ARO ASSET/LIABILITY | 18. Asset Retirement Obligation The Company has recorded asset retirement obligations (AROs) for its legal obligation to complete reclamation of certain mining properties, in the Construction Materials segment, as required by its mining permits with the State of Colorado. The related ARO assets were considered 100% impaired as total carrying value including future costs to maintain and dispose of the asset will exceed the fair value and therefore were previously impaired. The following table details activity related to the Company’s ARO liabilities (amounts in thousands):
| MARCH 28, |
| 2020 |
Beginning balance | $ | 27,913 |
Obligations settled |  | (94) |
Accretion expense |  | 217 |
Ending balance |  | 28,036 |
Less current portion |  | 4,181 |
Long-term portion | $ | 23,855 |
In connection with the third quarter 2019 decision to cease mining activities, management performed a review of remaining assets to determine which, if any, should be classified as assets held for sale (AHS). Based on this review a total of $896,000, previously reported as Machinery and equipment on the Consolidated Balance Sheet, was reclassified as AHS as of December 28, 2019. As of March 28, 2020 a total of $380,000 remains classified as AHS.

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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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