Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION

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PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION
The following table summarizes the Company's property and equipment:
  December 31, 2021 December 31, 2020
  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 155,086  (46,399) 108,687  142,635  (40,198) 102,437 
Furniture, fixtures and equipment 56,809  (28,821) 27,988  51,622  (24,422) 27,200 
Finance leases - equipment 29,886  (15,602) 14,284  34,339  (15,296) 19,043 
Construction in progress 21,531  —  21,531  13,975  —  13,975 
Total Property and Equipment $ 270,082  $ (90,822) $ 179,260  $ 249,341  $ (79,916) $ 169,425 

Depreciation is calculated on a straight-line basis using the estimated useful lives detailed in Note 2. Depreciation expense, which included amortization of assets recorded under finance leases, was $22.2 million, $24.4 million and $19.3 million for the years ended December 31, 2021, 2020 and 2019, respectively.

In October 2020, the Company sold its remaining traditional golf property classified as held for sale, for $34.5 million, resulting in net proceeds of $33.6 million and recognized a gain on sale of $16.6 million.

Below is a summary of the traditional golf properties sold during 2020 and 2019 (in millions). No traditional golf properties were sold during 2021:

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
March 31, 2019 (C) 3  $ 28.7  $ 25.5  $ 0.5  $ 20.3  $ 5.2  1 
June 30, 2019 (D) 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 Company received sale 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.
(D)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.