Impairment of Assets Held For Sale
|12 Months Ended|
Dec. 31, 2015
|Impairment of Assets Held For Sale|
|Impairment of Assets Held For Sale||
15. Impairment of Assets Held For Sale
During the first quarter of 2013, the Company lowered the asking price for its assets held for sale. The Company recorded assets held for sale on its balance sheet in conjunction with the closure of the Johnson City, Tennessee location in 2010. The land and building had been held for sale since the closure. In an effort to stimulate sales activity, the Company lowered the listed sale price which caused the Company to reassess the fair value of the assets held for sale. The Company valued the fair value of the assets held for sale based upon Level 2 market price inputs for similar assets. The Company used comparable properties sold and held for sale in the Johnson City, TN industrial real estate market to determine an appropriate fair value. Consequently, during the year ended December 31, 2013, the Company incurred a $647 loss recognized on the impairment of assets held for sale which is included in “Loss recognized on assets held for sale” on the Consolidated Statements of Income. On February 26, 2014, the Company entered into an agreement for the sale of the land and building at an amount approximating the carrying amount. The Company closed on the sale of the Johnson City assets on April 30, 2014 with a sales price of $1,100 and closing costs of $82. Consequently, the Company incurred a $67 loss recognized on the disposal of assets held for sale which is included in “Loss recognized on assets held for sale” on the Consolidated Statements of Income during the year ended December 31, 2014.
The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported.
No definition available.