Assets Held For Sale

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Assets Held For Sale

Assets Held For Sale

Assets held for sale at December 31, 2016 represented excess real property located in Charles Town, West Virginia for the Company’s APEI Segment, which was 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 was recorded at the lower of the carrying value or fair value, less cost to sell, until such time as the asset was 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 for the year ended December 31, 2016. During the year ended December 31, 2017, the APEI segment sold the asset held for sale with a fair value of $2.1 million for a net sales price of $1.5 million. During the year ended December 31, 2017, the Company recognized a loss of $0.6 million when the asset was sold, which is included in loss on disposals of long-lived assets in these Consolidated Financial Statements.

In addition, for the year ended December 31, 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 the relocation of employees to another facility. In connection with this sale, the Company recorded a loss on sale of $0.3 million in the year ended December 31, 2016.

In connection with the items noted above, the Company’s APEI segment had a loss on the assets held for sale of $0.8 million and $0.6 million during the years ended December 31, 2016 and 2017, respectively included in loss on disposals of long-lived assets in these Consolidated Financial Statements.