Assets Held for Sale

9 Months Ended

Sep. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

Assets Held for Sale

Assets held for sale represent excess real property located in Charles Town, West Virginia for our APEI Segment, no longer in use due to the relocation of employees to a new facility. Long-lived assets are classified as held for sale when the assets are expected to be sold within the next 12 months and meet the other relevant held-for-sale criteria. As such, the property is recorded at the lower of the carrying value or fair value, less cost to sell, until such time as the asset is sold. The fair value of the asset of $2.1 million, as determined by an independent appraisal, was less than the carrying value, and therefore the Company recognized a loss of $0.5 million during the three and nine months ended September 30, 2016.

During the three months ended September 30, 2016, the Company's APEI Segment sold certain excess real property located in Charles Town, West Virginia, with a carrying value of $1.1 million for a net sales price of $0.8 million. This property was no longer in use due to relocation of employees to another facility. In connection with the sale, the Company recorded a loss on sale of $0.3 million.

In connection with the items noted above, during the three and nine months ended September 30, 2016, the Company's APEI Segment had a loss on assets held for sale of $0.8 million included in loss on assets held for sale in these interim Consolidated Financial Statements.