Insurance Recoveries

12 Months Ended

Sep. 30, 2024

Unusual or Infrequent Items, or Both [Abstract]

One of our clubs in Washington Park, Illinois, was temporarily closed due to a fire during the third quarter of 2019, and another club in Fort Worth, Texas, sustained weather-related damage toward the end of fiscal 2019. Both of these casualties received insurance recoveries in subsequent fiscal years. During the fourth quarter of 2022, one club in Sulphur, Louisiana, incurred damage from a hurricane. We also partially recovered and recognized a $327,000 gain related to a fire in one of our clubs in Fort Worth, Texas, during the fourth quarter of 2024. We wrote off the net carrying value of the assets destroyed in the said events and recorded corresponding recovery of losses or gains in as much as the insurers have paid us or where contingencies relating to the insurance claims have been resolved.

In relation to these casualty events, we recorded the following in our consolidated financial statements (in thousands):


	Included in	2024		2023		2022
Consolidated balance sheets (period end)
Insurance receivable	Receivables, net	$	—	$	—	$	—

Consolidated statements of income – gain
Property	Impairments and other charges, net	$	(327)	$	(77)	$	(463)

Consolidated statements of cash flows
Proceeds from business interruption insurance claims	Operating activity	$	—	$	—	$	—
Proceeds from property insurance claims	Investing activity	$	1,367	$	86	$	648

The net property insurance gain/loss amount in fiscal 2024, 2023, and 2022 was net of assets written off and expenses amounting to $845,000, $9,000, and $0, respectively.