6. GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company tests 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 the reporting units to the reporting units’ carrying values. The reporting units with goodwill balances as of December 31, 2018 include CRA, CDR, CSA and CPL. The Company considers a variety of factors when estimating the fair value of its 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 the Company. 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 related to CRA, CDR, CSA or CPL have been recorded.

Changes in the carrying amount of goodwill related to CRA, CDR, CSA and CPL are as follows:



	Canada						Poland
Amounts in thousands	Century Resorts Alberta		Century Downs		Century Casino St. Albert		Casinos Poland		Total
Balance -- January 1, 2017	$	3,661	$	141	$	3,501	$	6,084	$	13,387
Effect of foreign currency translation		258		10		246		1,261		1,775
Balance – December 31, 2017	$	3,919	$	151	$	3,747	$	7,345	$	15,162
Effect of foreign currency translation		(316)		(12)		(301)		(540)		(1,169)
Balance -- December 31, 2018	$	3,603	$	139	$	3,446	$	6,805	$	13,993

Intangible Assets

Trademarks

The Company currently owns two trademarks, the Century Casinos trademark and the Casinos Poland trademark, which are reported as intangible assets on the Company’s consolidated balance sheets. Changes in the carrying amount of the trademarks are as follows:



Amounts in thousands	Century Casinos		Casinos Poland		Total
Balance -- January 1, 2017	$	108	$	1,450	$	1,558
Effect of foreign currency translation		—		301		301
Balance – December 31, 2017	$	108	$	1,751	$	1,859
Effect of foreign currency translation		—		(129)		(129)
Balance -- December 31, 2018	$	108	$	1,622	$	1,730

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 as of October 1 each year, 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 the Company’s Century Casinos and Casinos Poland trademarks have been recorded.

Licenses

Casino licenses at December 31, 2018 and 2017 consisted of the following:



	December 31,		December 31,
Amounts in thousands	2018		2017
Finite-lived
Casino licenses	$	2,883	$	2,992
Less: accumulated amortization		(708)		(1,434)
Total finite-lived casino licenses, net		2,175		1,558
Infinite-lived
Casino licenses		12,453		13,507
Total infinite-lived casino licenses		12,453		13,507
Casino licenses, net	$	14,628	$	15,065

Poland

As of December 31, 2018, Casinos Poland had eight casino licenses, each with an original term of six years, which are reported as finite-lived intangible assets and are amortized over their respective useful lives. Changes in the carrying amount of the Casinos Poland licenses are as follows:



Amounts in thousands		Casinos Poland
Balance -- January 1, 2017	$	667
New casino licenses		1,127
Amortization		(385)
Effect of foreign currency translation		149
Balance – December 31, 2017	$	1,558
New casino licenses		1,151
Amortization		(427)
Effect of foreign currency translation		(107)
Balance -- December 31, 2018	$	2,175

As of December 31, 2018, estimated amortization expense for the CPL casino licenses over the next five years was as follows:



Amounts in thousands
2019	$	442
2020		429
2021		429
2022		414
2023		361
Thereafter		100
	$	2,175

These estimates do not reflect the impact of future foreign exchange rate changes or the continuation of the licenses following their expiration. The weighted average period before the next license expiration is 4.4 years. In Poland, gaming licenses are not renewable. Before a gaming license expires, the public is notified of the license availability and any gaming company can apply for the license. The Company was not awarded the licenses in Poznan and Plock, which expired and were fully amortized. No impairment charges related to the loss of the license tenders for these licenses were recorded.

Canada and Corporate and Other

The licenses at CDR, CSA and CCB are infinite-lived intangible assets that are not amortized. CDR holds licenses from the AGLC and from the HRA, CSA holds a license from the AGLC, and CCB holds licenses from the Great Britain Gambling Commission. No impairment charges related to the licenses have been recorded. Changes in the carrying amount of the licenses are as follows:



	Canada				Corporate and Other
Amounts in thousands	Century Downs		Century Casino St. Albert		Century Casino Bath
Balance -- January 1, 2017	$	2,369	$	9,104	$	—
Purchase of Century Casino Bath		—		—		1,160
Effect of foreign currency translation		167		640		67
Balance – December 31, 2017	$	2,536	$	9,744	$	1,227
Effect of foreign currency translation		(204)		(784)		(66)
Balance -- December 31, 2018	$	2,332	$	8,960	$	1,161