IMPAIRMENT CHARGES

12 Months Ended

Dec. 31, 2024

2024 Impairment Charges

The following summarizes pre-tax impairment charges recorded during 2024, which are included in Impairment expense in our consolidated statements of operations (in thousands):


	Canada		Australia		U.S.		Total
Quarter ended March 31, 2024
Long-lived assets	$	—	$	5,749	$	2,074	$	7,823
Quarter ended December 31, 2024
Long-lived assets	3,212		—		546		3,758
Total	$	3,212	$	5,749	$	2,620	$	11,581

Quarter ended December 31, 2024. During the fourth quarter of 2024, we recorded impairment expense of $3.2 million related to recent low activity levels and no associated future cash flows at two lodges in the southern region of the Athabasca oil sands in Canada. The assets were written down to zero. In addition, we recorded impairment expense of $0.5 million, related to fixed assets in a lodge located in our U.S. market. The lodge was written down to its estimated fair value of $0.3 million.

Quarter ended March 31, 2024. During the first quarter of 2024, we recorded impairment expense of $5.7 million related to various undeveloped land positions and related permitting costs in Australia. At March 31, 2024, we identified an impairment trigger related to certain of these properties due to the denial of development permit applications in Australia. Accordingly, the assets were written down to their estimated fair value of $0.6 million.

In addition, during the first quarter of 2024, we recorded impairment expense of $2.1 million, related to land located in the U.S. The land was written down to its estimated fair value (less costs to sell) of $3.8 million.

2023 Impairment Charges

The following summarizes pre-tax impairment charges recorded during 2023, which are included in Impairment expense in our consolidated statements of operations (in thousands):


	U.S.		Total
Quarter ended December 31, 2023
Long-lived assets	$	1,395	$	1,395
Total	$	1,395	$	1,395

Quarter ended December 31, 2023. During the fourth quarter of 2023, we recorded impairment expense of $1.4 million, related to land located in our U.S. market. The land was written down to its estimated fair value (less costs to sell) of $5.9 million.

2022 Impairment Charges

The following summarizes pre-tax impairment charges recorded during 2022, which are included in Impairment expense in our consolidated statements of operations (in thousands):


	Australia		U.S.		Total
Quarter ended December 31, 2022
Long-lived assets	$	3,808	$	1,913	$	5,721
Total	$	3,808	$	1,913	$	5,721

Quarter ended December 31, 2022. During the fourth quarter of 2022, we recorded impairment expense of $3.8 million, related to fixed assets in a village located in Western Australia. At December 31, 2022, we identified an impairment trigger due to an expiring contract that was not renewed. Accordingly, the assets were written down to their estimated fair value of $1.8 million. In addition, we recorded impairment expense of $1.9 million, related to fixed assets in a lodge located in our U.S. market. The lodge was written down to its estimated fair value (less costs to sell) of $7.7 million.