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Goodwill and Intangible Assets, Net | 12 Months Ended
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Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets, Net | 4. GOODWILL AND INTANGIBLE ASSETS, NET As of both December 31, 2022 and 2021, goodwill totaled $51.9 million. We have selected June 30 as our annual goodwill impairment testing date. We performed a qualitative impairment test of our goodwill and concluded that, as of June 30, 2022, it was more likely than not that the fair value exceeded the carrying value and therefore goodwill was no t impaired. As of December 31, 2022 and 2021, there were no indicators of impairment. In connection with our marketing initiatives, we 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 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 tables present the components of intangible assets within our consolidated balance sheets:
|  | December 31, 2022 |
|  | Weighted Average Remaining |  |  |  |  | Accumulated |  |  |  |
|  | Useful Life |  | Gross |  |  | Amortization |  |  | Net |
|  | (Years) |  |  |  |  |  |  |  |  |
Intangibles: |  |  |  |  |  |  |  |  |  |  |
Naming rights |  | 13.8 |  | $ | 60,199 |  |  | $ | (6,182 | ) |  | $ | 54,017 |
Trade name |  | — |  |  | 3,194 |  |  |  | (3,194 | ) |  |  | — |
Total |  |  |  | $ | 63,393 |  |  | $ | (9,376 | ) |  | $ | 54,017 |
|  | 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 years ended December 31, 2022, 2021 and 2020 was $4.0 million, $2.5 million and $0.2 million, respectively. We estimate the aggregate amortization expense will be $3.9 million in 2023, and $3.9 million for each of 2024, 2025, 2026 and 2027, respectively.

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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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