Goodwill and Intangible Assets

6 Months Ended

May 31, 2011

Goodwill and Intangible Assets [Abstract]

5. Goodwill and Intangible Assets

The gross carrying value, accumulated amortization and net carrying value of the major classes of intangible assets relating to the Motorsports Event segment are as follows (in thousands):


	November 30, 2010
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount

Amortized intangible assets:
Food, beverage and merchandise contracts	$	10	$	7	$	3

Total amortized intangible assets		10		7		3
Non-amortized intangible assets:
NASCAR — sanction agreements		177,813		—		177,813
Other		793		—		793

Total non-amortized intangible assets		178,606		—		178,606

Total intangible assets	$	178,616	$	7	$	178,609


	May 31, 2011
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount

Amortized intangible assets:
Food, beverage and merchandise contracts	$	10	$	7	$	3

Total amortized intangible assets		10		7		3
Non-amortized intangible assets:
NASCAR — sanction agreements		177,813		—		177,813
Other		793		—		793

Total non-amortized intangible assets		178,606		—		178,606

Total intangible assets	$	178,616	$	7	$	178,609

The following table presents current and expected amortization expense of the existing intangible assets as of May 31, 2011 for each of the following periods (in thousands):


Amortization expense for the six months ended May 31, 2011	$	0
Estimated amortization expense for the year ending November 30:
2011		1
2012		1
2013		1

There were no changes in the carrying value of goodwill during the three and six months ended May 31, 2011.

- Definition

Discloses 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 or 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. This element may be used as a single block of text to include the entire intangible asset disclosure including data and tables.

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