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Assets Held for Sale
12 Months Ended
Dec. 31, 2020
Assets Held For Sale Not Part Of Disposal Group [Abstract]  
Assets Held for Sale

Note 6:  Assets Held for Sale

 

Assets held for sale in the Company’s Consolidated Balance Sheets as of December 31 consisted of the following (in thousands):

 

 

 

2020

 

 

2019

 

Real estate

 

$

4,524

 

 

$

240,524

 

 

 

In January 2020, management deferred its planned disposition of certain non-depreciable real estate property located in Chicago with a carrying amount of $236.0 million which it acquired in September 2019. In December 2019, the asset was previously classified as held for sale. The property’s sales process has been delayed due to economic changes that have resulted in a lack of creditable offers acceptable to the Company. Because the property is land with no limited useful life, management believes that, as of December 31, 2020, its fair value exceeded the carrying value and there was no impairment. As it is not probable to sell the property within one year, it no longer meets the criteria of classifying as held for sale. Thus, the Company reclassified this asset from held for sale to property and equipment (held and used) in the accompanying Consolidated Balance Sheets as of December 31, 2020. The reclassification of the land property did not impact the Company’s results of operations during the year ended December 31, 2020.