Annual report pursuant to Section 13 and 15(d)

IMPAIRMENT (REVERSAL) (Tables)

v3.8.0.1
IMPAIRMENT (REVERSAL) (Tables)
12 Months Ended
Dec. 31, 2017
Other than Temporary Impairment Losses, Investments [Abstract]  
Summary of amounts recorded in the statement of operations for OTTI
The following table summarizes the amounts the Company recorded in the Consolidated Statements of Operations:

 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
Traditional golf properties (A)
 
$

 
$
6,232

 
$

Debt and equity securities
 

 
110

 
2,355

Valuation allowance (reversal) on loans (B)
 
60

 
4,039

 
9,541

Total impairment
 
$
60

 
$
10,381

 
$
11,896



(A)
Held for Use Impairment: As of December 31, 2016, the Company evaluated the recoverability of the carrying value of its golf properties in Oregon and California using an undiscounted cash flow model. Based on the analysis, it was determined that due primarily to a reduction in management’s intended hold period, the Company would not recover the carrying value of these properties located in our Traditional Golf segment. Accordingly, the Company recorded an impairment charge of $2.7 million at December 31, 2016 reducing the aggregate carrying values of these properties from $4.1 million to their estimated fair values of $1.4 million. The Company determined these impairments based on determination of fair value using internal cash flow models and sales data gathered from market participants. As the fair value inputs utilized are unobservable, the Company determined that the significant inputs used to value this real estate investments falls within Level 3 for fair value reporting. See Note 5 for additional information.

Held-for-Sale Impairment: On December 2, 2016, the Company entered into a letter of intent to sell a golf property located in New Jersey. As of December 31, 2016, the Company classified the property as held-for-sale in accordance with applicable accounting standards for long lived assets. The carrying value of the property exceeded the fair value less anticipated costs to sell. As a result, the Company recognized an impairment loss totaling approximately $3.6 million as of December 31, 2016.  The fair value measurement was based on the pricing in the letter of intent as well as internal cash flow models and determined that the significant inputs used to value this real estate investment falls within Level 3 for fair value reporting. See Note 2 and Note 5 for additional information.

(B)
See Note 9 for additional information.