Segment Reporting
 6 Months Ended
May 31, 2019
Segment Reporting [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 consolidated industry domestic media rights contract, which continues through the 2024 NASCAR season, continues to be the single-largest contributor to the Company's earnings. These media rights are allocated to specific events, are not facility based, and are derived through a corporate contract, which affects all of the motorsports event facilities within the motorsports event segment. Similarly, corporate sponsorship partnership revenue is primarily derived from corporate contracts, negotiated by the Company's corporate sales team, and allocated to multiple, or all, motorsports entertainment facilities depending on the specific arrangement. Thus, the disclosure of these revenue streams, as they relate to each reporting unit, is not practical.
The Company’s remaining business units, which are comprised of the radio network production and syndication of numerous racing events and programs, non-motorsports events, certain souvenir merchandising operations not associated with the promotion of motorsports events at the Company’s facilities, construction management services, financing and licensing operations, equity investments and retail and commercial leasing 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 and six months ended May 31, 2018 and 2019, respectively (in thousands): 
 
 
Three Months Ended May 31, 2018
 
 
Motorsports
Event
 
All
Other
 
Total
Revenues
 
$
158,674

 
$
13,548

 
$
172,222

Depreciation and amortization
 
25,062

 
1,797

 
26,859

Operating income (loss)
 
19,562

 
(2,305
)
 
17,257

Capital expenditures
 
46,946

 
9,791

 
56,737

Total assets
 
1,659,942

 
661,039

 
2,320,981

Equity investments
 
—

 
85,234

 
85,234

 
 
Three Months Ended May 31, 2019
 
 
Motorsports
Event
 
All
Other
 
Total
Revenues
 
$
160,469

 
$
8,211

 
$
168,680

Depreciation and amortization
 
26,674

 
2,135

 
28,809

Operating income (loss)
 
16,212

 
(709
)
 
15,503

Capital expenditures
 
14,258

 
3,295

 
17,553

Total assets
 
1,669,376

 
652,152

 
2,321,528

Equity investments
 
—

 
82,018

 
82,018

 
 
Six Months Ended May 31, 2018
 
 
Motorsports
Event
 
All
Other
 
Total
Revenues
 
$
302,452

 
$
19,010

 
$
321,462

Depreciation and amortization
 
50,230

 
3,368

 
53,598

Operating income (loss)
 
53,984

 
(4,233
)
 
49,751

Capital expenditures
 
50,681

 
14,338

 
65,019

 
 
Six Months Ended May 31, 2019
 
 
Motorsports
Event
 
All
Other
 
Total
Revenues
 
$
305,402

 
$
14,168

 
$
319,570

Depreciation and amortization
 
54,066

 
4,002

 
58,068

Operating income (loss)
 
43,677

 
(2,645
)
 
41,032

Capital expenditures
 
32,444

 
10,118

 
42,562


Intersegment revenues were approximately $0.5 million and $0.6 million for the three months ended May 31, 2018 and 2019, respectively, and approximately $0.9 million and $0.9 million for the six months ended May 31, 2018 and 2019, respectively.
During the three and six months ended May 31, 2019, revenues in the Motorsports Event segment included approximately $5.0 million and $6.9 million, respectively related to Racing Electronics, for which there was no comparable activity in the same periods of the prior year.
During the three and six months ended May 31, 2019, revenues in the All Other segment have decreased by approximately $5.3 million and $4.8 million, respectively, as compared to the same periods in the prior year. The decrease in the current three and six month periods is predominantly related to the Country 500 music festival at Daytona event not occurring in fiscal 2019 offset by lease revenue from ONE DAYTONA, as new tenants opened during fiscal 2019.
Capital expenditures related to the All Other segment decreased approximately $6.5 million for the three months ended May 31, 2019, and approximately $4.2 million for the six months ended May 31, 2019, as compared to the same periods in the prior year. The decrease is substantially related to the construction activity at The Shoppes at ONE DAYTONA.
During the six months ended May 31, 2019, the Company recognized approximately $0.9 million, of accelerated depreciation, due to shortening the service lives of certain assets associated with the infield project at Talladega. The Company did not recognize any accelerated depreciation during the three months ended May 31, 2019. During the three and six months ended May 31, 2018, the Company recognized approximately $0.3 million and $1.2 million, respectively of accelerated depreciation due to shortening the service lives of certain assets, associated with The ISM Raceway Project and the infield project at Richmond.
During the three and six months ended May 31, 2019, the Company recognized approximately $0.5 million and $0.8 million, respectively, of asset retirement losses attributable to demolition and/or asset relocation costs in connection with the infield project at Talladega. During the three and six months ended May 31, 2018, the Company recognized approximately $0.1 million and $1.2 million, respectively, of similar costs associated with ONE DAYTONA, facility optimization initiatives, and other capital improvements including the infield project at Richmond.