Goodwill And Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets [Abstract]

NOTE 8 – GOODWILL AND INTANGIBLE ASSETS

The table below summarizes goodwill by business segment:



(Dollars in thousands)	Cinema		Real Estate		Total
Balance at January 1, 2019	$	14,221	$	5,224	$	19,445
Change in goodwill due to purchase of business		7,126		—		7,126
Foreign currency translation adjustment		(123)		—		(123)
Balance at December 31, 2019	$	21,224	$	5,224	$	26,448
Change in goodwill due to completion of prior period purchase price accounting		120		—		120
Foreign currency translation adjustment		1,548		—		1,548
Balance at December 31, 2020	$	22,892	$	5,224	$	28,116

The Company is required to test goodwill and other intangible assets for impairment on an annual basis and, if current events or circumstances require, on an interim basis. To test the impairment of goodwill, the Company compares the fair value of each reporting unit to its carrying amount, including the goodwill, to determine if there is potential goodwill impairment. A reporting unit is generally one level below the operating segment. The most recent annual assessment occurred in the fourth quarter of 2020. The assessment results, as described at Note 3 – Impact of COVID-19 Pandemic and Liquidity, indicated that there is no impairment to our goodwill as of December 31, 2020.

The tables below summarize intangible assets other than goodwill:



	December 31, 2020
(Dollars in thousands)	Beneficial ‎Leases		Trade ‎Name		Other ‎Intangible ‎Assets		Total
Gross carrying amount	$	12,451	$	9,058	$	4,764	$	26,273
Less: accumulated amortization		(10,375)		(7,377)		(4,533)		(22,285)
Less: impairment charges		—		—		(17)		(17)
Net intangible assets other than goodwill	$	2,076	$	1,681	$	214	$	3,971



	December 31, 2019
(Dollars in thousands)	Beneficial ‎Leases		Trade ‎Name		Other ‎Intangible ‎Assets		Total
Gross carrying amount	$	15,048	$	7,258	$	3,145	$	25,451
Less: accumulated amortization		(14,496)		(5,449)		(1,186)		(21,131)
Net intangible assets other than goodwill	$	552	$	1,809	$	1,959	$	4,320

Beneficial leases obtained from business combinations relating to our arrangements as lessee were amortized over the life of the lease up to 30 years until January 1, 2019. Under ASC 842 they are now incorporated into the relevant right-of-use asset. The remaining balance of beneficial leases relates to our operations as lessor. Trade names are amortized using an accelerated amortization method over an estimated useful life of 30 years, and other intangible assets over their estimated useful life of up to 30 years (except for

transferrable liquor licenses, which are indefinite-lived assets, with a balance of $490,000 and $490,000 as of December 31, 2020 and 2019).

For the years ended December 31, 2020, 2019, and 2018, our amortization expense was $0.9 million, $0.7 million, and $1.9 million, respectively.

As of December 31, 2020, the estimated amortization expense for our amortizable intangibles, in the five succeeding years and thereafter is as follows:



(Dollars in thousands)	Estimated ‎Future ‎Amortization ‎Expense
2021	$	990
2022		902
2023		313
2024		224
2025		144
Thereafter		908
Total future amortization expense	$	3,481