Segment Reporting

6 Months Ended

May 31, 2013

Text Block [Abstract]

Segment Reporting

Segment Reporting

The general nature of the Company’s business is a motorsports themed amusement enterprise, furnishing amusement to the public in the form of motorsports themed entertainment. The Company’s motorsports event operations consist principally of racing events at its major motorsports entertainment facilities. The reporting units within the motorsports segment portfolio are reviewed together as the nature of the products and services, the production processes used, the type or class of customer using our products and services, and the methods used to distribute our products or provide their services are consistent in objectives and principles, and predominately uniform and centralized throughout the Company. The Company’s remaining business units, which are comprised of the radio network production and syndication of numerous racing events and programs, certain souvenir merchandising operations not associated with the promotion of motorsports events at the Company’s facilities, construction management services, leasing operations, and financing and licensing operations are included in the “All Other” segment. The Company evaluates financial performance of the business units on operating profit after allocation of corporate general and administrative (“G&A”) expenses. Corporate G&A expenses are allocated to business units based on each business unit’s net revenues to total net revenues.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Intersegment sales are accounted for at prices comparable to unaffiliated customers. The following tables provide segment reporting of the Company for the three months ended May 31, 2012 and 2013 (in thousands):

	Three Months Ended May 31, 2012
	Motorsports Event		All Other			Total
Revenues	$	171,323	$	8,676		$	179,999
Depreciation and amortization	17,653		1,514			19,167
Operating income (loss)	32,707		462			33,169
Capital expenditures	12,335		961			13,296
Total assets	1,610,430		382,555			1,992,985
Equity investments	—		152,787			152,787
	Three Months Ended May 31, 2013
	Motorsports Event		All Other			Total
Revenues	$	172,287	$	6,844		$	179,131
Depreciation and amortization	18,292		1,366			19,658
Operating income (loss)	37,568		(488		)	37,080
Capital expenditures	14,394		1,132			15,526
Total assets	1,600,572		426,040			2,026,612
Equity investments	—		141,129			141,129
	Six Months Ended May 31, 2012
	Motorsports Event		All Other			Total
Revenues	$	294,273	$	13,481		$	307,754
Depreciation and amortization	35,507		3,119			38,626
Operating income (loss)	64,090		(1,222		)	62,868
Capital expenditures	24,371		1,721			26,092
	Six Months Ended May 31, 2013
	Motorsports Event		All Other			Total
Revenues	$	296,287	$	11,801		$	308,088
Depreciation and amortization	36,740		2,760			39,500
Operating income (loss)	64,638		(2,411		)	62,227
Capital expenditures	20,133		1,499			21,632

Intersegment revenues were approximately $0.4 million and $0.8 million for the three months ended May 31, 2012 and 2013, respectively, and approximately $0.8 million and $1.2 million for the six months ended May 31, 2012 and 2013, respectively.

The Company recorded losses on asset retirements of approximately $5.7 million and $0.7 million, for the three months ended May 31, 2012 and 2013, respectively, and approximately $5.7 million and $2.3 million, for the six months endedMay 31, 2012 and 2013, respectively, and are primarily attributable to the removal of certain assets not fully depreciated. These losses were included in the Motorsports Event segment.