Meaning: To recon as worthless, as an accounting of an asset that has lost all value.
Philip. 3:7-8
But what things were gain to me, those I counted loss for Christ. [8] Yea doubtless, and I count all things but loss for the excellency of the knowledge of Christ Jesus my Lord: for whom I have suffered the loss of all things, and do count them but dung, that I may win Christ,