XML 23 R11.htm IDEA: XBRL DOCUMENT
v3.22.2

Hurricane Laura | 6 Months Ended
--- | ---
Jun. 30, 2022
Unusual or Infrequent Items, or Both [Abstract] |
Hurricane Laura | Hurricane Laura On August 27, 2020, Hurricane Laura made landfall in Lake Charles, Louisiana, which caused significant damage to our L’Auberge Lake Charles property and closure of the property for approximately two weeks. The Company maintains insurance, subject to certain deductibles and coinsurance, that covers business interruption, including lost profits, and covers the repair or replacement of assets that suffered losses. The Company recorded a receivable relating to our estimate of repairs and maintenance costs which have been incurred and property and equipment which have been written off, and for which we deem the recovery of such costs and property and equipment from our insurers to be probable. The insurance recovery receivable was included in “Accounts Receivable, net” within the unaudited Consolidated Balance Sheets. As we deemed it probable that the proceeds to be recovered from our insurers exceeds the total of our insurance recovery recorded and our insurers’ deductible and coinsurance, we did not record any loss associated with the impact of this natural disaster. Timing differences exist between the recognition of (i) impairment losses and capital expenditures made to repair or restore the assets and (ii) the receipt of insurance proceeds within the unaudited Consolidated Financial Statements. As of December 31, 2021, the receivable was $28.7 million. During the six months ended June 30, 2022, we received additional insurance claim proceeds totaling $37.5 million, resulting in a gain of $8.8 million, which is included in “General and administrative” within our unaudited Consolidated Statements of Operations. We did not receive insurance proceeds during the three months ended June 30, 2022. As of August 4, 2022, the insurance claim remains open and we expect to receive additional future proceeds. We will record proceeds in excess of the recognized losses and lost profits under our business interruption insurance as a gain contingency in accordance with ASC 450, “Contingencies,” which we expect to recognize at the time of final settlement or when nonrefundable cash advances are made in a period subsequent to June 30, 2022. The following table summarizes the financial impact of Hurricane Laura related matters:
(in millions) | June 30, 2022 |  | December 31, 2021
Insurance proceeds received through the end of the period | $ | 85.0 |  |  | $ | 47.5 |
Deductible | $ | 15.0 |  |  | $ | 15.0 |
Coinsurance | $ | 2.5 |  |  | $ | 2.5 |
Clean-up, restoration, and other costs | $ | 52.8 |  |  | $ | 52.8 |
Fixed asset write-off | $ | 23.2 |  |  | $ | 23.2 |
Inventory write-off | $ | 0.2 |  |  | $ | 0.2 |
Insurance receivable | $ | — |  |  | $ | 28.7 |

X
- References No definition available. + Details
Name: | us-gaap_ExtraordinaryAndUnusualItemsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for an event or transaction that is unusual in nature or infrequent in occurrence, or both. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=114868817 + Details
Name: | us-gaap_UnusualOrInfrequentItemsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration