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Goodwill and Intangible Assets, Net | 6 Months Ended
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Jun. 30, 2022
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets, Net |
5. | GOODWILL AND INTANGIBLE ASSETS, NET
As of both June 30, 2022 and December 31, 2021, goodwill was $51.9 million. We have selected June 30 as our annual goodwill impairment testing date. We performed a qualitative analysis of the fair value of our goodwill and determined there was no impairment as of June 30, 2022. As of June 30, 2022 and December 31, 2021, there were no indicators of impairment. In connection with our marketing initiatives, we have purchased the naming rights to the downtown Oklahoma City arena that is home to the Oklahoma City Thunder National Basketball Association franchise. Under the terms of the naming rights agreement, we have committed to make payments escalating annually from $4.0 million in 2021 to $6.1 million in 2035. We also made a $1.5 million one-time payment in July 2021 to cover sponsorship rights leading up to the 2021-2022 season. Upon the conclusion of the initial term, the agreement may be extended upon the mutual agreement of both parties for an additional five-year period. The cost of the naming rights has been recorded as an intangible asset with an offsetting liability as of the date of the contract. The intangible asset is being amortized over the life of the agreement on a straight line basis that commenced in June 2021. The difference between the present value of the offsetting liability and actual cash payments is being relieved through sales and marketing expense using the effective interest method over the life of the agreement. All of our intangible assets other than goodwill are considered to have definite lives and, as such, are subject to amortization. The following table presents the components of intangible assets within our consolidated balance sheets:
|  | June 30, 2022 |
|  | Weighted Average Remaining |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Useful Life |  |  | Gross |  |  | Amortization |  |  | Net |
|  | (Years) |  |  |  |  |  |  |  |  |  |  |  |  |
Intangibles: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Naming rights |  |  | 14.3 |  |  | $ | 60,199 |  |  | $ | (4,230 | ) |  | $ | 55,969 |
Trade name |  |  | — |  |  |  | 3,194 |  |  |  | (3,194 | ) |  |  | — |
Total |  |  |  |  |  | $ | 63,393 |  |  | $ | (7,424 | ) |  | $ | 55,969 |
|  | December 31, 2021 |
|  | Weighted Average Remaining |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Useful Life |  |  | Gross |  |  | Amortization |  |  | Net |
|  | (Years) |  |  |  |  |  |  |  |  |  |  |  |  |
Intangibles: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Naming rights |  |  | 14.8 |  |  | $ | 60,199 |  |  | $ | (2,278 | ) |  | $ | 57,921 |
Trade name |  |  | 0.5 |  |  |  | 3,194 |  |  |  | (3,087 | ) |  |  | 107 |
Total |  |  |  |  |  | $ | 63,393 |  |  | $ | (5,365 | ) |  | $ | 58,028 |
Amortization of intangible assets for the three and six months ended June 30, 2022 was $1.1 million and $2.1 million, respectively. Amortization of intangible assets for the three and six months ended June 30, 2021 was $0.4 million and $0.4 million, respectively. We estimate the aggregate amortization expense will be $2.0 million for the remainder of 2022 and $3.9 million for each of 2023, 2024, 2025, 2026 and 2027.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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