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Intangible Assets | 12 Months Ended
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Dec. 31, 2024
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, 2024, we performed our annual trade name impairment review and determined no impairment losses existed at the date of this annual assessment for this indefinite-life intangible asset. We determined the fair value of the Silversea Cruises trade name exceeded its carrying value by approximately 66% at the date of this annual assessment. We did not perform interim impairment evaluations during the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024 as no triggering events were identified. The determination of our trade name fair values using a probability weighted 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 vessels; •Terminal growth rate; •Royalty rate; and •Weighted average cost of capital (i.e., discount rate). The following is a summary of our intangible assets as of December 31, 2024 (in millions, except weighted average amortization period):
|  | As of December 31, 2024
|  | Remaining Weighted Average Amortization Period (Years) |  | Gross Carrying Value |  | Accumulated Amortization |  | Accumulated Impairment Losses |  | Net Carrying Value
Finite-life intangible assets: |  |  |  |  |  |  |  |  |  |
Customer relationships |  | 8.6 |  | $ | 97 |  |  | $ | 42 |  |  | $ | — |  |  | $ | 55 |
Galapagos operating license |  | 19.6 |  | 41 |  |  | 13 |  |  | — |  |  | 28 |
Total finite-life intangible assets |  |  |  | 138 |  |  | 55 |  |  | — |  |  | 83 |
Indefinite-life intangible assets (1) |  |  |  | 352 |  |  | — |  |  | 31 |  |  | 321 |
Total intangible assets, net |  |  |  | $ | 490 |  |  | $ | 55 |  |  | $ | 31 |  |  | $ | 404 |
(1) Primarily relates to the Silversea Cruises trade name representing approximately $319 million. The following is a summary of our intangible assets as of December 31, 2023 (in millions, except weighted average amortization period):
|  | As of December 31, 2023
|  | Remaining Weighted Average Amortization Period (Years) |  | Gross Carrying Value |  | Accumulated Amortization |  | Accumulated Impairment Losses |  | Net Carrying Value
Finite-life intangible assets: |  |  |  |  |  |  |  |  |  |
Customer relationships |  | 9.6 |  | $ | 97 |  |  | $ | 35 |  |  | $ | — |  |  | $ | 62 |
Galapagos operating license |  | 20.6 |  | 48 |  |  | 13 |  |  | — |  |  | 35 |
Total finite-life intangible assets |  |  |  | 145 |  |  | 48 |  |  | — |  |  | 97 |
Indefinite-life intangible assets (1) |  |  |  | 352 |  |  | — |  |  | 31 |  |  | 321 |
Total intangible assets, net |  |  |  | $ | 497 |  |  | $ | 48 |  |  | $ | 31 |  |  | $ | 418 |
(1) Primarily relates to the Silversea Cruises trade name representing approximately $319 million. The estimated future amortization for finite-life intangible assets for each of the next five years is $8 million.

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