Lifetime Fitness 2012 Annual Report Download - page 59

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LIFE TIME FITNESS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands, except share and per share data)
53
individual center or athletic event level. Based upon our review and analysis, no impairments were deemed to have
occurred during 2012, 2011 or 2010.
Other Assets — We record other assets at cost. Amortization of financing costs is computed over the periods of the
related debt financing. Other assets consist of the following:
December 31,
2012 2011
Financing costs, net $ 7,960 $ 9,047
Investment in unconsolidated affiliate (see Note 3) 4,331 3,733
Intangible assets 25,878 9,416
Land held for sale 17,229 21,941
Executive nonqualified plan (see Note 11) 3,980 3,024
Other 7,733 7,919
Total other assets $ 67,111 $ 55,080
Land held for sale consists of excess land purchased as part of our original center site acquisitions. All land held for
sale is currently being marketed for sale. If the excess land is currently under contract for sale, the cost is reflected as
current and listed within prepaid expenses and other current assets.
Intangible assets are comprised principally of trade names, leasehold rights, curriculum- and technology-based
intangible assets and customer relationships. In accordance with accounting guidance on intangible assets, intangible
assets determined to have an indefinite useful life are not amortized but instead tested for impairment at least
annually.
We evaluate our intangible assets for impairment on an annual basis each September 30. We are also required to
evaluate these assets for impairment between annual tests if an event occurs or circumstances change that would
more likely than not reduce the fair value of the intangible asset below its carrying amount. Based upon our review
and analysis, no impairments were deemed to have occurred during 2012, 2011 or 2010.
The following table summarizes the changes in our gross intangible balance during the years ended December 31,
2012 and 2011:
Balance at December 31, 2010 $ 8,490
Trade/brand names acquired 1,098
Customer relationships acquired 893
Balance at December 31, 2011 10,481
Leasehold rights acquired 4,000
Trade/brand names acquired 5,566
Curriculum- and technology-based intangibles acquired 3,965
Customer relationships acquired 4,519
Balance at December 31, 2012 $ 28,531