Investment in Investees (Notes)

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN INVESTEE

Investment in investee includes the Company's investment in the common stock of Itasca Capital Ltd. ("ICL"). The carrying value of the Company’s investment in investee is accounted for under the equity method, calculated using ICL’s reported financial statements. The carrying value, estimated fair value and approximate equity percentage for the Company's investment in investee at September 30, 2019 and December 31, 2018 were as follows:



(in thousands, except for percentages)
	September 30, 2019						December 31, 2018
	Equity Percentage		Estimated Fair Value		Carrying Value		Equity Percentage		Estimated Fair Value		Carrying Value
ICL	22.9	%	$	1,318	$	994	22.9	%	$	951	$	951

The estimated fair value of the Company's investment in ICL at September 30, 2019 in the table above is calculated based on the published closing price of ICL at September 30, 2019.

The carrying value of the Company's investment in investee at December 31, 2018, using ICL’s financial statements reported as of and for the period ended September 30, 2018, was calculated to be $2.7 million. The Company performed an analysis to determine whether its $2.7 million carrying value calculated under the equity method is recoverable. As part of its analysis, the Company considered that the estimated fair value of the Company's investment in investee at December 31, 2018, as presented in the table above and as calculated based on the published closing price of ICL common stock at December 31, 2018, was $1.0 million. The Company concluded that the $2.7 million carrying value of its investment in investee, as calculated under the equity method, had an other-than-temporary impairment as of December 31, 2018. As a result, the Company wrote down the carrying value of its investment in investee as of December 31, 2018, as presented in the table above, by $1.7 million such that its carrying value equaled the $1.0 million estimated fair value of the Company's investment in investee as calculated based on the published closing price of ICL common stock at December 31, 2018.

For the three months ended September 30, 2019 and September 30, 2018, equity in net (loss) income of investee was loss of $0.1 million and $0.3 million, respectively (income of $0.0 million and loss of $0.6 million for the nine months ended September 30, 2019 and September 30, 2018, respectively). During the fourth quarter of 2019, the Company sold its remaining investment in the common stock of ICL. See Note 22(c), "Related Parties," for more information.