Quarterly report pursuant to Section 13 or 15(d)

IMPAIRMENT AND OTHER LOSSES

v3.19.3
IMPAIRMENT AND OTHER LOSSES
 9 Months Ended
Sep. 30, 2019
Other than Temporary Impairment Losses, Investments [Abstract]  
IMPAIRMENT AND OTHER LOSSES
IMPAIRMENT AND OTHER LOSSES

The following table summarizes the amounts the Company recorded in the Consolidated Statements of Operations:

 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Traditional golf properties (held-for-sale)
 
$
275

 
$
4,172

 
$
1,227

 
$
5,498

Traditional golf properties (held-for-use)
 
445

 
—

 
3,580

 
—

Valuation allowance on loans
 
—

 
—

 
—

 
147

Other losses
 
1,152

 
—

 
1,270

 
—

Total impairment and other losses
 
$
1,872

 
$
4,172

 
$
6,077

 
$
5,645



Held-for-Sale Impairment: For the three and nine months ended September 30, 2019, the Company reassessed the real estate assets, held-for-sale, net and determined that the carrying value of one and three properties, respectively, exceeded the fair value less anticipated costs to sell. As a result, the Company recognized impairment losses and recorded accumulated impairment totaling approximately $0.3 million and $1.2 million for the three and nine months ended September 30, 2019, respectively. The fair value measurements were based on expected selling prices, less costs to sell. The significant inputs used to value these real estate investments fall within Level 3 for fair value reporting.

Held-for-Use Impairment: For the three and nine months ended September 30, 2019, the Company evaluated the recoverability of the carrying value of one and two Traditional Golf leased golf properties, respectively, using the income approach based on future assumptions of cash flows. Based on the analysis, the Company recorded impairment charges of $0.4 million and $3.6 million for the three and nine months ended September 30, 2019, respectively. As the fair value inputs utilized are unobservable, the Company determined that the significant inputs used to value these properties fall within Level 3 for fair value reporting.

Other Losses: For the three and nine months ended September 30, 2019, the Company recorded loss on disposals of $1.2 million and $1.3 million, respectively, primarily due to the Company's decision to discontinue certain software used at our Entertainment Golf venues.