Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION

v3.8.0.1
PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION
 3 Months Ended
Mar. 31, 2018
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:
 
 
March 31, 2018
 
December 31, 2017
 
Gross Carrying Amount
 
Accumulated Depreciation
 
Net Carrying Value
 
Gross Carrying Amount
 
Accumulated Depreciation
 
Net Carrying Value
Land
$
5,105

 
$
—

 
$
5,105

 
$
88,251

 
$
—

 
$
88,251

Buildings and improvements
51,164

 
(24,382
)
 
26,782

 
154,769

 
(52,636
)
 
102,133

Furniture, fixtures and equipment
21,053

 
(16,094
)
 
4,959

 
33,109

 
(23,451
)
 
9,658

Capital leases - equipment
26,027

 
(9,719
)
 
16,308

 
24,949

 
(8,649
)
 
16,300

Construction in progress
33,696

 
—

 
33,696

 
24,916

 
—

 
24,916

Total Property and Equipment
$
137,045

 
$
(50,195
)
 
$
86,850

 
$
325,994

 
$
(84,736
)
 
$
241,258



In February 2018, the lease on a golf property in Oklahoma was terminated and the Company exited the property.

On March 7, 2018, the Company announced it will actively pursue the sale of 26 owned Traditional Golf properties in order to generate capital for reinvestment in the Entertainment Golf business. The assets and associated liabilities are reported on the Consolidated Balance Sheets as “Real estate assets, held-for-sale” and “Real estate liabilities, held-for-sale,” respectively.  The real estate assets, held-for-sale are reported at a carrying value of $164.0 million and include $83.8 million of land, $74.3 million of buildings and improvements, $4.8 million of furniture, fixtures and equipment, and $1.1 million of other related assets.  The real estate liabilities, held-for-sale are reported at a carrying value of $13.5 million and include property liabilities to be assumed, primarily prepaid membership dues. 

The Company has assessed the real estate assets and determined that the carrying value of one property exceeded the fair value less anticipated costs to sell.  As a result, the Company recognized an impairment loss totaling approximately $1.3 million for the three months ended March 31, 2018. The fair value measurement was based on the pricing in a letter of intent and internal valuation models. The significant inputs used to value these real estate investments fall within Level 3 for fair value reporting.