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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Note 9. Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill are as follows:
(in thousands) |  | Pursuit |
Balance at December 31, 2020 |  | $ | 99,847 |
Business acquisition |  |  | 11,776 |
Foreign currency translation adjustments |  |  | 2,943 |
Balance at June 30, 2021 |  | $ | 114,566 |
Goodwill is tested for impairment at the reporting unit level on an annual basis as of October 31, and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. We use a discounted expected future cash flow methodology (income approach) to estimate the fair value of our reporting units for purposes of goodwill impairment testing. Although certain of Pursuit’s reporting units continue to operate at a loss due to travel restrictions as a result of the COVID-19 pandemic, we did not record any impairment charges during the first half of 2021 as there were no significant changes to our outlook for the future years and the risk profile of the reporting units had not changed. Given the evolving nature of COVID-19, and the uncertain government and consumer reactions, the estimates and assumptions regarding expected future cash flows, discount rates, and terminal values used in our goodwill impairment analysis require considerable judgment and are based on our current estimates of market conditions, financial forecasts, and industry trends. These estimates, however, have inherent uncertainties and different assumptions could lead to materially different results including impairment charges in the future. Other intangible assets consisted of the following:
|  |  |  | June 30, 2021 |  |  | December 31, 2020 |
(in thousands) |  | Useful Life (Years) |  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |
Intangible assets subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer contracts and relationships |  | 6.2 |  | $ | 37,926 |  |  | $ | (27,617 | ) |  | $ | 10,309 |  |  | $ | 38,214 |  |  | $ | (26,288 | ) |  | $ | 11,926 |
Operating contracts and licenses |  | 36.3 |  |  | 43,302 |  |  |  | (2,854 | ) |  |  | 40,448 |  |  |  | 42,012 |  |  |  | (2,405 | ) |  |  | 39,607 |
In-place lease |  | 13.0 |  |  | 15,765 |  |  |  | (900 | ) |  |  | 14,865 |  |  |  | 15,347 |  |  |  | (656 | ) |  |  | 14,691 |
Tradenames |  | 4.8 |  |  | 5,735 |  |  |  | (2,508 | ) |  |  | 3,227 |  |  |  | 5,940 |  |  |  | (2,435 | ) |  |  | 3,505 |
Non-compete agreements |  | 0.5 |  |  | 790 |  |  |  | (711 | ) |  |  | 79 |  |  |  | 770 |  |  |  | (616 | ) |  |  | 154 |
Other |  | 6.7 |  |  | 840 |  |  |  | (123 | ) |  |  | 717 |  |  |  | 818 |  |  |  | (102 | ) |  |  | 716 |
Total amortized intangible assets |  |  |  |  | 104,358 |  |  |  | (34,713 | ) |  |  | 69,645 |  |  |  | 103,101 |  |  |  | (32,502 | ) |  |  | 70,599 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business licenses |  |  |  |  | 576 |  |  |  | — |  |  |  | 576 |  |  |  | 573 |  |  |  | — |  |  |  | 573 |
Other intangible assets |  |  |  | $ | 104,934 |  |  | $ | (34,713 | ) |  | $ | 70,221 |  |  | $ | 103,674 |  |  | $ | (32,502 | ) |  | $ | 71,172 |
Intangible asset amortization expense was $1.6 million for the three months ended June 30, 2021 and $2.8 million for the six months ended June 30, 2021. Intangible asset amortization was $1.4 million for the three months ended June 30, 2020 and $3.6 million for the six months ended June 30, 2020. We recorded a non-cash impairment charge to intangible assets of $15.7 million during the six months ended June 30, 2020 related to our United States audio-visual production business. The duration and impact of COVID-19 may result in additional future impairment charges as facts and circumstances evolve. At June 30, 2021, the estimated future amortization expense related to intangible assets subject to amortization is as follows:
(in thousands) |  |  |  |
Year ending December 31, |  |  |  |
Remainder of 2021 |  | $ | 3,025 |
2022 |  |  | 5,202 |
2023 |  |  | 4,534 |
2024 |  |  | 3,570 |
2025 |  |  | 2,271 |
Thereafter |  |  | 51,043 |
Total |  | $ | 69,645 |

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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 http://asc.fasb.org/topic&trid=2144416 + Details
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