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Noncontrolling Interest – Redeemable and Non-redeemable | 6 Months Ended
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Jun. 30, 2023
Noncontrolling Interest [Abstract] |
Noncontrolling Interest – Redeemable and Non-redeemable | Note 23. Noncontrolling Interests – Redeemable and Non-redeemable Redeemable noncontrolling interest On November 3, 2017, we acquired the controlling interest (54.5% of the common stock) in Esja, a private corporation in Reykjavik, Iceland. Subsequent to additional capital contributions, our equity ownership increased to 56.4% as of June 30, 2023. Through Esja and its wholly-owned subsidiary, we are operating the FlyOver Iceland attraction. The minority Esja shareholders have the right to sell (or “put”) their Esja shares to us based on a multiple of 5.0x EBITDA as calculated on the trailing 12 months from the most recently completed quarter before the put option exercise. The put option is only exercisable after August 2022 (the “Reference Date”), and in the event the FlyOver Iceland attraction has earned a minimum of €3.25 million in unadjusted EBITDA during the most recent fiscal year and during the trailing 12-month period prior to exercise (the “Put Option Condition”). The put option is exercisable during a period of 12 months following the Reference Date (the “Option Period”) if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire. The Put Option Condition has not been met as of June 30, 2023. If the FlyOver Iceland attraction has not achieved the Put Option Condition by December 31, 2024, the put option expires. The noncontrolling interest’s carrying value is determined by the fair value of the noncontrolling interest as of the acquisition date and the noncontrolling interest’s share of the subsequent net income or loss. This value is benchmarked against the redemption value of the sellers’ put option. The carrying value is adjusted to the redemption value, provided that it does not fall below the initial carrying value, as determined by the purchase price allocation. We have made a policy election to reflect any changes caused by such an adjustment to retained earnings (accumulated deficit), rather than to current earnings (loss). Changes in the redeemable noncontrolling interest are as follows:
(in thousands) |  |  |
Balance at December 31, 2022 |  | $ | 4,956 |
Net loss attributable to redeemable noncontrolling interest |  |  | (409 | )
Foreign currency translation adjustment |  |  | 180 |
Balance at June 30, 2023 |  | $ | 4,727 |
Non-redeemable noncontrolling interest Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. Our non-redeemable noncontrolling interest relates to the equity ownership interest that we do not own. Changes in the non-redeemable noncontrolling interest are as follows:
(in thousands) | Glacier Park Inc. |  |  | Brewster (1) |  |  | Sky Lagoon |  |  | Total |
Balance at December 31, 2022 | $ | 16,690 |  |  | $ | 55,702 |  |  | $ | 9,918 |  |  | $ | 82,310 |
Net income (loss) attributable to non-redeemable noncontrolling interest |  | (783 | ) |  |  | (24 | ) |  |  | 1,312 |  |  |  | 505 |
Distributions to non-controlling interests |  | — |  |  |  | — |  |  |  | (1,126 | ) |  |  | (1,126 | )
Foreign currency translation adjustments |  | 6 |  |  |  | 1,279 |  |  |  | 515 |  |  |  | 1,800 |
Balance at June 30, 2023 | $ | 15,913 |  |  | $ | 56,957 |  |  | $ | 10,619 |  |  | $ | 83,489 |
Equity ownership interest that we do not own |  | 20 | % |  |  | 40 | % |  |  | 49 | % |  |  |
(1) Includes Mountain Park Lodges and the Golden Skybridge at Brewster, part of the Banff Jasper Collection.

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
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- References No definition available. + Details
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