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Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure

6. Goodwill and Other Intangible Assets

Our intangible assets include goodwill, in-place leases, non-competition agreements, trademarks and trade names, customer relationships, franchise agreements and other intangible assets. These intangible assets are recorded in Goodwill and Other intangible assets, net on the Consolidated Balance Sheets.

Goodwill

The measurement periods for the valuation of assets acquired and liabilities assumed in a business combination end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available on the earlier of (i) the dates of acquisition, or (ii) 12 months after the acquisition dates. Adjustments in purchase price allocations may require a change in the amounts allocated to goodwill during the periods in which the adjustments are determined. Changes in the carrying amount of goodwill during the six months ended June 30, 2024 by reportable segment were as follows (in millions):

									RV						Marina						UK						Total
Balance as of December 31, 2023(1)									$	9.5					$	541.5					$	182.0					$	733.0
Currency translation adjustments									—						—						(1.3)						(1.3)
Balance as of June 30, 2024									$	9.5					$	541.5					$	180.7					$	731.7
Accumulated impairment losses as of June 30, 2024(2)									$	—					$	—					$	369.9					$	369.9

(1) Recast to reflect segment changes.

(2) During the six months ended June 30, 2024, we performed a qualitative assessment of our goodwill balance in accordance with ASC 350-20, "Goodwill and Other." We reviewed relevant events and circumstances and concluded that the fair value of each respective reporting segment was more-likely-than-not greater than its carrying value. Accordingly, there were no goodwill impairment charges recorded during the six months ended June 30, 2024. For the three and six months ended June 30, 2023, we recorded aggregate non-cash impairment charges of $309.7 million and $325.1 million, respectively, within Goodwill impairment on the Consolidated Statements of Operations. The decline in fair value of the UK reporting segment was primarily driven by a higher weighted average cost of capital due to increases in interest rates, as well as inflationary pressures in the UK causing a decline in financial projections.

Other Intangible Assets, net

The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions):

												June 30, 2024												December 31, 2023
Other Intangible Asset						Useful Life						Gross Carrying Amount						Accumulated Amortization						Gross Carrying Amount						Accumulated Amortization
In-place leases						2 months - 13 years						$	166.3					$	(149.4)					$	166.0					$	(146.2)
Non-competition agreements						5 years						10.5						(7.2)						10.5						(6.2)
Trademarks and trade names						3 - 15 years						84.8						(15.1)						85.3						(12.3)
Customer relationships						4 - 17 years						131.6						(43.7)						131.6						(37.3)
Franchise agreements and other intangible assets						1 - 27 years						48.3						(15.9)						48.4						(14.3)
Total finite-lived assets												$	441.5					$	(231.3)					$	441.8					$	(216.3)
Indefinite-lived assets - Trademarks, trade names and other						N/A						144.0						—						144.0						—
Total indefinite-lived assets												$	144.0					$	—					$	144.0					$	—
Total												$	585.5					$	(231.3)					$	585.8					$	(216.3)

Amortization expenses related to our Other intangible assets were as follows (in millions):

						Three Months Ended												Six Months Ended
Other Intangible Asset Amortization Expense						June 30, 2024						June 30, 2023						June 30, 2024						June 30, 2023
In-place leases						$	1.8					$	3.2					$	3.7					$	6.8
Non-competition agreements						0.6						0.6						1.1						1.1
Trademarks and trade names						1.4						1.6						2.8						3.1
Customer relationships						3.2						3.1						6.4						6.3
Franchise fees and other intangible assets						0.6						0.8						1.3						1.7
Total						$	7.6					$	9.3					$	15.3					$	19.0

We anticipate amortization expense for Other intangible assets to be as follows for the next five years (in millions):

Other Intangible Asset Future Amortization Expense						Remainder 2024						2025						2026						2027						2028
In-place leases						$	3.4					$	6.1					$	3.9					$	2.3					$	0.9
Non-competition agreements						1.1						2.1						0.1						—						—
Trademarks and trade names						3.0						5.7						5.7						5.4						5.4
Customer relationships						6.3						12.7						12.3						12.2						12.1
Franchise agreements and other intangible assets						1.5						3.0						2.7						2.5						2.5
Total						$	15.3					$	29.6					$	24.7					$	22.4					$	20.9

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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