IMPAIRMENT |
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| Other than Temporary Impairment Losses, Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| IMPAIRMENT |
IMPAIRMENT
The following table summarizes the amounts the Company recorded in the Consolidated Statements of Operations:
Held for Use Impairment: The Company reviews long-lived assets quarterly to determine whether triggering events have occurred that require a test to determine if the carrying amounts of the assets are recoverable. As of December 31, 2016, the Company evaluated the recoverability of the carrying value of its Traditional Golf properties in Oregon and California based on estimates of undiscounted future cash flows. Based on the analysis, 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. In December 2018, the Company recorded impairments of long-lived assets totaling $0.9 million on three golf properties within the Traditional Golf segment. As the fair value inputs utilized are unobservable, the Company determined that the significant inputs used to value these properties falls within Level 3 for fair value reporting.
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 property falls within Level 3 for fair value reporting.
Upon reclassification in March 2018 (see Note 5), the Company assessed the real estate assets, held-for-sale and determined that the carrying value of one property exceeded the fair value less anticipated costs to sell. In March 2018, the Company recognized an impairment loss totaling approximately $1.3 million. The fair value measurement was based on the pricing in a letter of intent and internal valuation models. The significant inputs used to value this property falls within Level 3 for fair value reporting.
In 2018, the Company reassessed the real estate assets, held-for-sale, net on a quarterly basis and determined that the carrying value of four golf properties exceeded the fair value less anticipated costs to sell. As a result, the Company recognized impairment loss and recorded accumulated impairment totaling approximately $5.7 million. The fair value measurements were based on executed purchase agreements or letters of intent that the Company intended to pursue. The significant inputs used to value these property falls within Level 3 for fair value reporting.
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