Note 5 - Asset Retirement Obligations

12 Months Ended

Dec. 31, 2019

NOTE 5—ASSET RETIREMENT OBLIGATIONS

We estimate asset retirement obligations (“ARO”) for final reclamation based upon detailed engineering calculations of the amount and timing of the future cash spending for a third-party to perform the required work. Spending estimates were escalated for inflation at 2% per year and the estimated cash outflows were then discounted at 4% at December 31, 2019 and 2018. Amounts recorded related to asset retirement obligations were as follows:


	Year Ended December 31,
(In thousands)	2019		2018
Balance at beginning of year	$	12,778	$	12,347
Additional asset retirement obligations acquired/incurred		800		131
Accretion expense		511		494
Revisions to estimates		516		(194)
Balance at end of year	$	14,605	$	12,778