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Insurance Recoveries | 6 Months Ended
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Jun. 30, 2017
Insurance Recoveries [Abstract] |
Insurance Recoveries | Note 18 – Insurance Recoveries On November 14, 2016, we filed an initial insurance claim with our Insurer with respect to earthquake damage to our parking building adjacent to our Courtenay Central entertainment-themed center (“ETC”) in Wellington, New Zealand and to the ETC itself. Also, we filed a separate business interruption claim to recover lost profits as a result of the earthquake. As of December 31, 2016, we record ed a recoverable asset to the extent of our incurred losses that we deemed probable of recoverability under our insurance claim, consisting of the (i) written down carrying value of the damaged parking building and (ii) a significant portion of the derivative loss contingencies o n demolition activities. We received an initial settlement from our Insurer in December 2016 amounting to $5.0 million (NZ$7.1 million). I n April 2017, our Insurer concluded that our losses exceeded the earthquake coverage limit of $25.0 million (NZ$36.0 million) under our insurance policy. We received a final settlement of US$20.0 million (NZ$28.9 million) in May 2017, taking us to the policy limit. Our allocation of the total insurance proceeds to the various covered risks and the bases for such allocation are described below: ﻿
﻿ |  |  |  |  |  |  |  |  |  |
﻿Covered Risks |  | Basis for Allocation (Dollars in thousands) |  | Commentary |  | % Allocation |  | Allocation of Insurance Proceeds (Dollars in thousands)
﻿Property damage |  | NZ$ | 44,808 |  | Estimated replacement cost for Courtenay Central parking building, as determined by an independent construction cost consultant. |  | 81% |  | NZ$ | 29,093
﻿Demolition costs |  |  | 7,276 |  | Actual costs incurred and best estimates of remaining costs to complete the demolition activities of Courtenay Central parking building |  | 13% |  |  | 4,724
﻿Business interruption |  |  | 3,415 |  | Estimated lost profits during the closure period relating to our various revenue-generating components within Courtenay Central ETC (including our cinema and property operations) |  | 6% |  |  | 2,217
﻿Total |  | NZ$ | 55,499 |  |  |  | 100% |  | NZ$ | 36,034
As a result of the final settlement, we recorded total insurance gain of $10.7 million (NZ$14.8 million) during the quarter ended June 30, 2017, determined as follows: ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Recoverable Components
﻿ |  | Non-Operating Income |  | Operating Income |  |  |
﻿(Dollars in thousands) |  | Property Damage(1) |  | Demolition Costs(1) |  | Total |  | Business Interruption(2) |  | Grand Total
﻿Insurance Proceed Allocation |  | NZ$ | 29,093 |  | NZ$ | 4,724 |  | NZ$ | 33,817 |  | NZ$ | 2,217 |  | NZ$ | 36,034
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Less: Recorded values of Recoverable Components, June 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Recorded as of December 31, 2016 |  |  | 13,451 |  |  | 7,276 |  |  | 20,727 |  |  | -- |  |  | 20,727
﻿Changes in estimates and others |  |  | 347 |  |  | -- |  |  | 347 |  |  | 111 |  |  | 458
﻿ |  |  | 13,798 |  |  | 7,276 |  |  | 21,074 |  |  | 111 |  |  | 21,185
﻿Net Impact in Current Earnings (in NZ$) |  | NZ$ | 15,295 |  | NZ$ | (2,552) |  | NZ$ | 12,743 |  | NZ$ | 2,106 |  | NZ$ | 14,849
﻿Net Impact in Current Earnings (in US$) |  | $ | 11,063 |  | $ | (1,846) |  | $ | 9,217 |  | $ | 1,523 |  | $ | 10,741
﻿ (1) The net impact to current earnings of $9.2 million (NZ$12.7 million) is recorded as “Gain on Insurance Recoveries” in our Consolidated Statement of Income. (2) The impact to current earnings of $1.5 million (NZ$2.1 million) is recorded as part of the applicable segment revenues in our Consolidated Statement of Income.

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