Significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Property and Equipment, Estimated Useful Lives

Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values (if any) over their estimated useful lives, as follows:

Buildings	5 to 50 years
Fixtures and machinery	7 to 18 years
Furniture and other fixed assets	4 to 12 years

The balance of property and equipment, net is as follows ($ in thousands):

	As of December 31,
	2020		2019
Property and equipment, gross
Land, buildings and improvements	$	1,863,406	$	1,976,214
Fixtures and machinery(1)	83,802		81,437
Furniture and other fixed assets	225,869		228,533
Construction in progress	4,552		42,083
Total property and equipment, gross	2,177,629		2,328,267
Accumulated depreciation	(450,246)		(398,353)
Total property and equipment, net	$	1,727,383	$	1,929,914

________

(1) Includes the gross balance of our finance lease right-of-use asset of $2.3 million (see Note 9). Amortization expense for our finance lease was $0.1 million and $0 million for the years ended December 31, 2020 and 2019, respectively. We did not have any capital leases, as defined under ASC 840, Leases, as of and for the year ended December 31, 2018.

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table provides a brief description of recent accounting pronouncements (Accounting Standards Update or “ASU”) issued by the Financial Accounting Standards Board (“FASB”) that could have a material effect on our financial statements:

Standards adopted

Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
Accounting Standard Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (as amended by ASU No. 2018-19)	This standard amends current guidance on the impairment of financial instruments by adding an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes, as an allowance, its estimate of expected credit losses.	January 2020	On January 1, 2020, we adopted ASU No. 2016-13. We determine our credit losses by applying an expected loss rate to the outstanding balance of accounts receivable for each of our reportable segments (refer to Note 19) and our corporate entities. The expected loss rates for our reportable segments and corporate entities were determined primarily using historical credit losses, which are not expected to differ from what is currently expected over the life of our trade receivables. The adoption of ASU No. 2016-13 was immaterial to our Consolidated Financial Statements for the year ended December 31, 2020. Refer to further discussion in Note 18.

Standards not yet adopted

Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes	The standard simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities.	January 2021	The adoption of ASU No. 2019-12 will result in changes to deferred tax liabilities and deferred income tax expense for our resorts located in the Dominican Republic, which are subject to hybrid tax regimes. We do not expect the adoption of ASU No. 2019-12 to have a material impact on our Consolidated Financial Statements.
ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting	The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.	January 2022	We are currently evaluating the impact of ASU No. 2020-04 on the Consolidated Financial Statements. We may elect to early adopt the standard prior to the discontinuation of LIBOR rates beginning on December 31, 2021.