Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION (Tables)

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PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION (Tables)
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment
Depreciation is calculated using the straight-line method based on the lesser of the following estimated useful lives or the lease term:
Buildings and improvements
10-40 years
Finance leases - equipment
2-6 years
Furniture, fixtures, and equipment
2-7 years
The following table summarizes the Company's property and equipment:
  December 31, 2020 December 31, 2019
  Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value
Land $ 6,770  $ —  $ 6,770  $ 6,770  $ —  $ 6,770 
Buildings and improvements 142,635  (40,198) 102,437  147,146  (36,349) 110,797 
Furniture, fixtures and equipment 51,622  (24,422) 27,200  52,327  (19,484) 32,843 
Finance leases - equipment 34,339  (15,296) 19,043  36,166  (16,047) 20,119 
Construction in progress 13,975  —  13,975  9,112  —  9,112 
Total Property and Equipment $ 249,341  $ (79,916) $ 169,425  $ 251,521  $ (71,880) $ 179,641 
Below is a summary of the Traditional Golf properties sold during 2020    , 2019 and 2018 (in millions).
During the three months ended Number of Golf Properties Sold Sale Price Net Proceeds (A) Transaction Costs Carrying Value Gain (Loss) (B) Management Agreements Executed Subsequent to Sale
September 30, 2018 1  3.5  3.2  —  3.3  (0.1) — 
December 31, 2018 (C) 12  86.2  73.5  1.2  62.7  10.8  8 
March 31, 2019 (D) 3  28.7  25.5  0.5  20.3  5.2  1 
June 30, 2019 (E) 4  19.7  17.9  0.8  18.3  (0.4) 1 
September 30, 2019 1  12.5  12.3  0.2  5.2  7.0  1 
December 31, 2019 3  19.1  18.6  0.4  10.9  7.7  2 
December 31, 2020 1  34.5  33.6  0.9  17.0  16.6  1 
(A)Net proceeds are inclusive of transaction costs.
(B)The gain (loss) on sale is recorded in pre-tax other income (loss), net on the Consolidated Statements of Operations.
(C)The difference between the sales price and the net proceeds was primarily due to prepaid membership dues that we are obligated to remit to the buyer. The Company received proceeds of $75.7 million as of December 31, 2018 and recorded $2.2 million of net payables related to the sales, which was settled in the first quarter of 2019.
(D)The Company received sales proceeds of $17.7 million during the three months ended March 31, 2019, consisting of $18.2 million for the golf properties sold during the three months ended March 31, 2019, and $2.2 million for golf properties that were sold during December 2018, less $2.7 million that was remitted to buyers for golf properties that were sold during December 2018. The Company previously received a $9.4 million cash deposit in 2018 related to a golf property that was sold in 2019. The difference between the sales
price and the net proceeds was primarily due to prepaid membership dues that we are obligated to remit to the buyer, including $2.1 million payable to the buyer of a golf property sold during the three months ended March 31, 2019.
(E)The Company received sale proceeds of $14.9 million during the three months ended June 30, 2019, consisting of $18.4 million for the golf properties sold during the three months ended June 30, 2019, less $3.5 million that was remitted to buyers for golf properties that were sold in 2018 and the first quarter of 2019.