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Intangible Assets | 12 Months Ended
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Dec. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract] |
Intangible Assets | Note 5. Intangible Assets Intangible assets consist of finite and indefinite life assets and are reported within Other assets in our consolidated balance sheets. As of November 30, 2022, we performed our annual trade name impairment review and determined no incremental impairment losses existed at the date of this annual assessment. We determined the fair value of the Silversea Cruises trade name exceeded its carrying value by approximately 25% at the date of this annual assessment. We did not perform interim impairment evaluations during the quarters ended March 31, 2022, June 30, 2022, and September 30, 2022 as no triggering events were identified. The determination of our trade name fair values using a discounted cash flow model and various valuation methods depending on the nature of the intangible asset, such as the relief-from-royalty method, requires the use of assumptions that are subject to risk and uncertainties. The principal assumptions used in the discounted cash flow analyses that support the Silversea Cruises trade name impairment assessment consisted of: •Forecasted revenues per available passenger cruise day; •Occupancy rates from existing and expected ship deliveries; •Terminal growth rate; •Royalty rate; and •Weighted average cost of capital (i.e., discount rate). We determined the Silversea Cruises trade name carrying value exceeded its fair value as of March 31, 2020. Accordingly, we recognized an impairment charge of $30.8 million for the quarter ended March 31, 2020. As of November 30, 2021, we performed our annual trade name impairment review and determined no incremental impairment losses existed. The following is a summary of our intangible assets as of December 31, 2022 (in thousands, except weighted average amortization period):
|  | As of December 31, 2022
|  | Remaining Weighted Average Amortization Period (Years) |  | Gross Carrying Value |  | Accumulated Amortization |  | Accumulated Impairment Losses |  | Net Carrying Value
Finite-life intangible assets: |  |  |  |  |  |  |  |  |  |
Customer relationships |  | 10.6 |  | $ | 97,400 |  |  | $ | 28,679 |  |  | $ | — |  |  | $ | 68,721 |
Galapagos operating license |  | 21.6 |  | 47,669 |  |  | 11,487 |  |  | — |  |  | 36,182 |
Other finite-life intangible assets |  | 0 |  | 11,560 |  |  | 11,560 |  |  | — |  |  | — |
Total finite-life intangible assets |  |  |  | 156,629 |  |  | 51,726 |  |  | — |  |  | 104,903 |
Indefinite-life intangible assets (1) |  |  |  | 352,275 |  |  | — |  |  | 30,800 |  |  | 321,475 |
Total intangible assets, net |  |  |  | $ | 508,904 |  |  | $ | 51,726 |  |  | $ | 30,800 |  |  | $ | 426,378 |
(1) Primarily relates to the Silversea Cruises trade name representing approximately $318.7 million. The following is a summary of our intangible assets as of December 31, 2021 (in thousands, except weighted average amortization period):
|  | As of December 31, 2021
|  | Remaining Weighted Average Amortization Period (Years) |  | Gross Carrying Value |  | Accumulated Amortization |  | Accumulated Impairment Losses | Net Carrying Value
Finite-life intangible assets: |  |  |  |  |  |  |  |  |
Customer relationships |  | 11.6 |  | $ | 97,400 |  |  | $ | 22,186 |  |  | $ | — |  | $ | 75,214 |
Galapagos operating license |  | 22.6 |  | 47,669 |  |  | 9,802 |  |  | — |  | 37,867 |
Other finite-life intangible assets |  | 0 |  | 11,560 |  |  | 11,560 |  |  | — |  | — |
Total finite-life intangible assets |  |  |  | 156,629 |  |  | 43,548 |  |  | — |  | 113,081 |
Indefinite-life intangible assets (1) |  |  |  | 352,275 |  |  | — |  |  | 30,800 |  | 321,475 |
Total intangible assets, net |  |  |  | $ | 508,904 |  |  | $ | 43,548 |  |  | $ | 30,800 |  | $ | 434,556 |
(1) Primarily relates to the Silversea Cruises trade name representing approximately $318.7 million. The estimated future amortization for finite-life intangible assets for each of the next five years is as follows (in thousands):
Year |  |
2023 |  | $ | 8,179 |
2024 |  | $ | 8,179 |
2025 |  | $ | 8,179 |
2026 |  | $ | 8,179 |
2027 |  | $ | 8,179 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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- References No definition available. + Details
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