DEFERRED DEVELOPMENT WRITE OFF

3 Months Ended

Mar. 28, 2020

DEFERRED DEVELOPMENT WRITE OFF

DEFERRED DEVELOPMENT WRITE OFF

12.    Other Assets

The Company had previously paid $2,500,000 related to an aggregate property near Colorado Springs. During fiscal year 2019, the Company decided to cease negotiations with the State of Colorado to obtain mining permits for the property. The amount, less $325,000 that was not expected to be recovered, was included in Other current assets in the Consolidated Balance Sheet as of December 28, 2019. The funds were refunded to the Company during the first quarter of 2020.

The Company sold the assets of its ready-mix and Daniels Sand Company operations in the first quarter of 2019. In conjunction with the transaction, certain amounts were held in escrow (see Note 15). Combined escrow amounts of $2,049,000 were included in Other current assets in the Consolidated Balance Sheet at December 28, 2019. The escrow amounts, less fees and $111,000 still in question, were received by the Company in the first quarter of 2020.