Commitments and Contingencies
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9 Months Ended |
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Sep. 30, 2014
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Commitments and Contingencies [Abstract] | |
Commitments and Contingencies |
Commitments and Contingencies
During the first quarter of 2014, we incurred property damage to our West Branch, Michigan outlet center due to a severe snow storm. Our insurance policy provides us with reimbursement for the replacement cost for the damage done to this property. As a result, we wrote off the damaged assets which had a net book value of approximately $455,000 and incurred approximately $600,000 of demolition costs. Further, to the extent that the Company's insurance settlement proceeds are in excess of the amounts written off, we will record a gain on insurance settlement in the period that all releases and contingencies are resolved. In the third quarter of fiscal 2014, we recorded a casualty gain of $329,000, reflecting our receipt of replacement insurance proceeds in excess of the net book value written off and demolition costs incurred. Through September 30, 2014, we received approximately $1.3 million in insurance proceeds related to our property damage claim. We expect to receive total proceeds of approximately $1.8 million to $2.3 million, which would result in a gain of approximately $800,000 to $1.3 million.
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- Details
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- Definition
The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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