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Goodwill And Intangible Assets | 6 Months Ended
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Jun. 30, 2014
Goodwill And Intangible Assets [Abstract] |
Goodwill And Intangible Assets | 4.GOODWILL AND INTANGIBLE ASSETS Goodwill We test goodwill for impairment as of October 1 each year, or more frequently as circumstances indicate it is necessary. Testing compares the estimated fair values of our reporting units to the reporting units’ carrying values. Our reporting units with goodwill balances as of June 30, 2014 include our Edmonton casino property, our CPL casino operations, and UHA’s REC project development activities. We consider a variety of factors when estimating the fair value of our reporting units, including estimates about the future operating results of each reporting unit, multiples of earnings, various market analyses, and recent sales of comparable businesses, if such information is available to us. The Company makes a variety of estimates and judgments about the relevance and comparability of these factors to the reporting units in estimating their fair values. If the carrying value of a reporting unit exceeds its estimated fair value, the fair value of each reporting unit is allocated to the reporting unit’s assets and liabilities to determine the implied fair value of the reporting unit’s goodwill and whether impairment is necessary. No impairment charges related to goodwill were recorded during 2013 or during the six months ended June 30, 2014. Changes in the carrying amount of goodwill related to the Company’s Edmonton property, CPL casino operations and UHA’s REC project development activities for the six months ended June 30, 2014 are as follows:
Amounts in thousands |  |  | Edmonton |  |  | Casinos Poland |  |  | UHA |  |  | Total
Balance – January 1, 2014 |  | $ | 4,622 |  | $ | 8,479 |  | $ | 178 |  | $ | 13,279
Effect of foreign currency translation |  |  | (17) |  |  | (56) |  |  | (1) |  |  | (74)
Balance – June 30, 2014 |  | $ | 4,605 |  | $ | 8,423 |  | $ | 177 |  | $ | 13,205
Intangible Assets Trademarks The Company currently owns two trademarks, the Century Casinos trademark and the Casinos Poland trademark. As of April 8, 2013, the Company began reporting the Casinos Poland trademark as an intangible asset on the Company’s consolidated balance sheets. As of June 30, 2014, the carrying amounts of the trademarks were as follows:
Amounts in thousands |  |  |
Century Casinos |  | $ | 108
Casinos Poland |  |  | 2,008
Total |  | $ | 2,116
Changes in the carrying amount of trademarks for the six months ended June 30, 2014 are as follows:
Amounts in thousands |  |  | Century Casinos |  |  | Casinos Poland |  |  | Total
Balance – January 1, 2014 |  | $ | 108 |  | $ | 2,021 |  | $ | 2,129
Effect of foreign currency translation |  |  | 0 |  |  | (13) |  |  | (13)
Balance – June 30, 2014 |  | $ | 108 |  | $ | 2,008 |  | $ | 2,116
The Company has determined both trademarks have indefinite useful lives and therefore the Company does not amortize trademarks. Rather, the Company tests its trademarks for impairment annually or more frequently as circumstances indicate it is necessary. The Company tests trademarks for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company would recognize an impairment charge equal to the difference. No impairment charges related to trademarks were recorded during 2013 or during the six months ended June 30, 2014. Casino Licenses Casinos Poland Casinos Poland currently has nine casino licenses each with an original term of six years. As of April 8, 2013, the Company began reporting the Polish casino licenses as finite-lived intangible assets on the Company’s consolidated balance sheets. On June 30, 2014, the Casinos Poland management board decided to suspend operations at the Sosnowiec casino for a period of five months. During the preceding year, the board replaced staff, changed the exterior appearance of the casino, increased marketing efforts and modified the floor plan of the casino. However, the casino had not achieved profitability. Based on the decision to suspend operations, the Company evaluated the carrying amount of the Sosnowiec casino license and determined that it no longer had value. Therefore, the Company wrote down the Sosnowiec casino license to zero and charged $0.2 million to operating costs and expenses. Changes in the carrying amount of the Casinos Poland licenses for the six months ended June 30, 2014 are as follows:
Amounts in thousands |  |  |
Balance – January 1, 2014 |  | $ | 2,245
Sosnowiec license impairment |  |  | (198)
Amortization |  |  | (283)
Effect of foreign currency translation |  |  | (13)
Balance – June 30, 2014 |  | $ | 1,751
As of June 30, 2014, estimated amortization expense for the CPL casino licenses over the next five years is as follows:
Amounts in thousands |  |  |
2014 |  | $ | 255
2015 |  |  | 510
2016 |  |  | 475
2017 |  |  | 377
2018 |  |  | 117
2019 |  |  | 17
|  | $ | 1,751
Such estimates do not reflect the impact of future foreign exchange rate changes or the renewal of the licenses. The weighted average period before the next renewal is 3.4 years. UHA UHA currently has one casino license pending final approval from the AGLC for the REC project. The AGLC has approved development of the REC project and a preliminary license. However, the AGLC will not issue a final license until the REC opens. As of November 29, 2013, the Company began reporting the UHA license as an intangible asset on the Company’s consolidated balance sheet. As of June 30, 2014, the carrying amount of the license was $3.0 million. No impairment charges related to the license have been recorded during 2013 or during the six months ended June 30, 2014.
|  |  | UHA
Amounts in thousands |  |  |
Balance – January 1, 2014 |  | $ | 2,991
Effect of foreign currency translation |  |  | (11)
Balance – June 30, 2014 |  | $ | 2,980

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13854-109267 + Details
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