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Investment in Unconsolidated Subsidiary
 9 Months Ended
Sep. 30, 2018
Investment in Unconsolidated Subsidiary [Abstract]  
Investment in Unconsolidated Subsidiary

9. Unconsolidated Subsidiary



The Company no longer has an investment in an unconsolidated subsidiary following its acquisition of the remainder of the outstanding common stock of Liverpool on April 30, 2018. Prior to the acquisition, the Company owned 39.16% of the outstanding common stock of Liverpool. The investment was accounted for under the equity method of accounting. The Company increased its investment in LCB for its share of earnings and decreased its investment by any dividends received from LCB. The investment was evaluated quarterly for impairment. A loss in value of the investment which is determined to be other than a temporary decline would have been recognized as a loss in the period in which such determination was made. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of LCB to sustain an earnings capacity that would justify the current carrying value of the investment. There was no impairment of the investment relating to LCB prior to the acquisition on April 30, 2018.



The following table illustrates the components of the income/gain from the unconsolidated subsidiary investment recorded for the three and nine months ended September 30, 2018 and 2017.







 

 

 

 

 

 

 

 

 

 

 



Three Months Ended

 

Nine Months Ended



September 30, 2018

 

September 30, 2018

Income from unconsolidated subsidiary (excluding merger-

2018

 

2017

 

2018

 

2017

related adjustments)

 

 

 

 

 

 

 

 

 

 

 

Dividend income

$

 -

 

$

 13 

 

$

 36 

 

$

 49 

Equity income

 

 -

 

 

 36 

 

 

 45 

 

 

 105 

Total income (excluding merger-related adjustments)

 

 -

 

 

 49 

 

 

 81 

 

 

 154 



 

 

 

 

 

 

 

 

 

 

 

Merger-related adjustments for investment in unconsolidated

 

 

 

 

 

 

 

 

 

 

 

subsidiary

 

 

 

 

 

 

 

 

 

 

 

Adjustment to LCB book value at April 30, 2018

 

 -

 

 

 -

 

 

 (239)

 

 

 -

Special merger-related dividend

 

 -

 

 

 -

 

 

 39 

 

 

 -

Fair value gain

 

 -

 

 

 -

 

 

 415 

 

 

 -

Total merger-related adjustments

 

 -

 

 

 -

 

 

 215 

 

 

 -

Total income/gain from unconsolidated subsidiary

$

 -

 

$

 49 

 

$

 296 

 

$

 154