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Equity Investment | 12 Months Ended
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Dec. 31, 2012
Equity Investment [Abstract] |
Equity Investment | 3. EQUITY INVESTMENT Following is the summarized financial information of CPL as of December 31, 2012 and 2011:
| December 31,
Amounts in thousands (in USD): | 2012 |  | 2011
Balance Sheet: |  |  |
Current assets | $ 4,716 |  | $ 4,061
Noncurrent assets | $ 14,876 |  | $ 9,523
Current liabilities | $ 9,697 |  | $ 4,393
Noncurrent liabilities | $ 2,255 |  | $ 3,230
| For the year ended December 31,
| 2012 |  | 2011
Operating Results |  |  |
Net operating revenue | $ 44,015 |  | $ 49,836
Net earnings | $ 1,279 |  | $ 1,768
The Company’s maximum exposur e to losses at December 31, 2012 was $3.3 million, the value of its equity investment in CPL. Changes in the carrying amount of the investment in CPL for the years ended December 31, 201 2 and 201 1 are as follows:
Amounts in thousands | Total
Balance – January 1, 2011 | $ 2,806
Equity Earnings | 589
Dividend | (163)
Effect of foreign currency translation | (476)
Balance – December 31, 2011 | $ 2,756
Equity Earnings | 426
Effect of foreign currency translation | 164
Balance – December 31, 2012 | $ 3,346
On October 11, 2012, CCE signed an agreement with LOT Polish Airlines to acquire an additional 3 3.3% ownership interest in CPL. Upon closing of the transaction, CCE will own a 66.6% ownership interest in CPL. The purcha se price is approximately $6.9 million. O n February 21, 2013, the Company borrowed CAD 7.3 million (approximately $7.2 million based on the exchange rate in effect on February 21, 2013) from the BMO Credit Agreement to pay for the investment. CCE has obtained required approval from the co-shareholder in CPL, Polish Airports and from the Polish Minister of Finance. The Company anticipates closing the transaction in early April 2013. Once the transaction is final, the Company anticipates consolidating CPL as a majority-owned subsidiary for which the Company would have a c ontrolling financial interest. The Company would account for and report the 33.3% Polish Airports ownership interest as a non-controlling financial interest.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32787-111569 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32847-111569 + Details
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