Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Schedule of realized/unrealized (gain) loss on investments and other income (loss), net
Realized and Unrealized (Gain) Loss on Investments and Other Income (Loss), NetThese items are comprised of the following:
Year Ended December 31,
2021 2020 2019
Gain on sale of traditional golf properties, net (A)
$ —  $ 16,447  $ 19,338 
Collateral management fee income, net
191  259  440 
Equity in earnings, net of impairment from equity method investments (B)
—  (24,020) 1,381 
Other income (loss)
464  (297) (283)
Other income (loss), net
$ 655  $ (7,611) $ 20,876 

(A)During the year ended December 31, 2020, the Company sold one traditional golf property, resulting in net proceeds of $33.6 million. This property had a carrying value of $17.0 million and resulted in a gain of $16.6 million. During the year ended December 31, 2019, the Company sold eleven traditional golf properties, resulting in net proceeds of $74.3 million. These traditional golf properties had a carrying value of $54.7 million and resulted in a gain on sale of $19.4 million.
(B)Equity in earnings, net of impairment from equity method investments - During the year ended December 31, 2020, the Company recorded an other-than-temporary impairment charge of $24.7 million on the Company's equity method investment.
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, 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 
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) $ 28.7  $ 25.5  $ 0.5  $ 20.3  $ 5.2 
June 30, 2019 (D) $ 19.7  $ 17.9  $ 0.8  $ 18.3  $ (0.4)
September 30, 2019 $ 12.5  $ 12.3  $ 0.2  $ 5.2  $ 7.0 
December 31, 2019 $ 19.1  $ 18.6  $ 0.4  $ 10.9  $ 7.7 
December 31, 2020 $ 34.5  $ 33.6  $ 0.9  $ 17.0  $ 16.6 
(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.
Schedule of intangible assets Amortization of all intangible assets is calculated using the straight-line method based on the following estimated useful lives:
Trade name 30 years
Management contracts
2 - 26 years
Internally-developed software
3 - 5 years
Membership base 7 years
Liquor licenses Nonamortizable
Schedule of restricted cash from continuing operations Restricted cash consisted of:
December 31,
2021 2020
CDO trustee accounts $ 103  $ 114 
Restricted cash for construction-in-progress 1,884  1,182 
Restricted cash - traditional golf 1,561  1,566 
Restricted cash - entertainment golf 730  185 
Restricted cash, current and noncurrent $ 4,278  $ 3,047 
Schedule of other current assets
The following table summarizes the Company's other current assets:
December 31,
2021 2020
Managed property receivables 19,316  3,236 
Prepaid expenses 2,524  3,158 
Deposits 1,827  767 
Inventory 2,229  1,950 
Miscellaneous current assets, net 4,138  5,299 
Other current assets $ 30,034  $ 14,410 
Schedule of other assets
The following table summarizes the Company's other assets:
December 31,
2021 2020
Prepaid expenses $ 2,156  $ 2,154 
Deposits 3,335  2,504 
Miscellaneous assets, net 1,047  2,107 
Other assets $ 6,538  $ 6,765 
Schedule of other current liabilities
The following table summarizes the Company's other current liabilities:
December 31,
2021 2020
Operating lease liabilities $ 16,519  $ 19,894 
Accrued rent 3,455  4,318 
Dividends payable 930  — 
Miscellaneous current liabilities 5,620  4,005 
Other current liabilities $ 26,524  $ 28,217 
Schedule of amortization of discount and premium and other amortization
Amortization of Discount and Premium and Other Amortization As reflected in the Consolidated Statements of Cash Flows, these items are comprised of the following:
Year Ended December 31,
2021 2020 2019
Accretion of net premium on securities, loans and other investments $ (568) $ (413) $ (267)
Amortization of net discount on debt obligations and deferred financing costs (8) (10) (8)
Amortization of discount and premium $ (576) -576000 $ (423) $ (275)
Amortization of leasehold intangibles $ —  $ —  $ — 
Accretion of membership deposit liability 8,198  8,160  7,225 
Other amortization $ 8,198  $ 8,160  $ 7,225