Gain on insurance settlements (Notes) |
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| Gain on insurance settlements [Abstract] | |||||||||||||||||||||||||||||
| Gain on insurance settlements |
Gain on insurance settlements
During the third quarter of 2017, parts of Texas and the Southeast were struck by Hurricanes Harvey and Irma. As a result of the hurricanes, the Company incurred operating losses as well as property damage. The property damage was mainly related to a restaurant in the Houston region which was closed through the middle of the fourth quarter of 2017 and required a complete reconstruction. Additionally, we incurred property damage from a fire that took place at one restaurant during the second quarter of 2017.
The Company recovered $2.3 million in insurance settlements, of which $1.0 million was received during the fourth quarter of 2017 and $1.3 million accrued in our accounts receivables at December 31, 2017. Approximately $0.5 million of insurance settlements was recognized as a reduction to certain direct expenses which were incurred as a result of the storms. The remainder was allocated to a replacement of damaged property and equipment resulting in a gain of $1.4 million recorded in the fourth quarter of 2017.
The Company's operating losses and property damages as well as related insurance settlements during the year ended December 31, 2017 were as follows:
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- Definition Gain on insurance settlements [Abstract] No definition available.
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- Definition The entire disclosure for business interruption insurance recoveries. Includes, but is not limited to, the nature of the event resulting in business interruption losses, amount of business interruption insurance recoveries recognized, and line item in the statement of income in which those recoveries are classified. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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