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Goodwill and Other Intangible Assets, Net | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets, Net | Note 9. Goodwill and Other Intangible Assets, Net The changes in the carrying amount of goodwill are as follows:
(in thousands) |  |  |
Balance at December 31, 2021 |  | $ | 112,078 |
Business acquisition |  |  | 16,787 |
Foreign currency translation adjustments |  |  | (7,436 | )
Balance at December 31, 2022 |  |  | 121,429 |
Foreign currency translation adjustments |  |  | 2,436 |
Other(1) |  |  | 41 |
Balance at December 31, 2023 |  | $ | 123,906 |
(1) Represents a purchase accounting measurement period adjustment related to the Glacier Raft Company acquisition. Refer to Note 4 – Acquisitions and Disposition for additional information. The following table summarizes the remaining goodwill by reporting unit:
|  | December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Pursuit: |  |  |  |  |  |
Banff Jasper Collection |  | $ | 63,829 |  |  | $ | 62,383 |
Alaska Collection |  |  | 3,184 |  |  |  | 3,184 |
Glacier Park Collection |  |  | 16,828 |  |  |  | 16,787 |
FlyOver |  |  | 40,065 |  |  |  | 39,075 |
Total Goodwill |  | $ | 123,906 |  |  | $ | 121,429 |
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. The results of our most recent impairment analysis performed as of October 31, 2023, indicated that no impairment existed for Pursuit’s reporting units with reported goodwill. The excess of the estimated fair value over the carrying value for our reporting units with reported goodwill (expressed as a percentage of the carrying amounts) under step one of the impairment test for the Banff Jasper Collection and the Alaska Collection was significant, Glacier Park Collection was 3%, and FlyOver was 5%. We will continue to closely monitor actual results versus expectations as well as whether and to what extent any significant changes in current events or conditions result in corresponding changes to our expectations about future estimated cash flows and discount rates. If our adjusted expectations of the operating results of our reporting units do not materialize, or the discount rate increases (based on increases in interest rates, market rates of return or market volatility), it is possible that we may be required to record goodwill impairment charges in the future, which may be material. Our accumulated goodwill impairment was $415.5 million as of December 31, 2023 and 2022. Other intangible assets consisted of the following:
|  |  |  | December 31, 2023 |  |  | December 31, 2022 |
(in thousands) |  | Remaining 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 |  | 8.2 |  | $ | 34,701 |  |  | $ | (29,950 | ) |  | $ | 4,751 |  |  | $ | 37,194 |  |  | $ | (30,109 | ) |  | $ | 7,085 |
Operating contracts and licenses |  | 33.3 |  |  | 40,324 |  |  |  | (4,692 | ) |  |  | 35,632 |  |  |  | 38,993 |  |  |  | (3,504 | ) |  |  | 35,489 |
In-place lease |  | 32.8 |  |  | 14,754 |  |  |  | (1,842 | ) |  |  | 12,912 |  |  |  | 14,420 |  |  |  | (1,404 | ) |  |  | 13,016 |
Tradenames |  | 3.3 |  |  | 5,667 |  |  |  | (4,121 | ) |  |  | 1,546 |  |  |  | 5,546 |  |  |  | (3,324 | ) |  |  | 2,222 |
Other |  | 4.2 |  |  | 787 |  |  |  | (200 | ) |  |  | 587 |  |  |  | 770 |  |  |  | (163 | ) |  |  | 607 |
Total amortized intangible assets |  |  |  |  | 96,233 |  |  |  | (40,805 | ) |  |  | 55,428 |  |  |  | 96,923 |  |  |  | (38,504 | ) |  |  | 58,419 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business licenses |  |  |  |  | 569 |  |  |  | — |  |  |  | 569 |  |  |  | 566 |  |  |  | — |  |  |  | 566 |
Other intangible assets |  |  |  | $ | 96,802 |  |  | $ | (40,805 | ) |  | $ | 55,997 |  |  | $ | 97,489 |  |  | $ | (38,504 | ) |  | $ | 58,985 |
Intangible asset amortization expense (excluding amortization expense of ROU assets) was $4.6 million during 2023, $5.2 million during 2022, and $5.8 million during 2021. At December 31, 2023, the estimated future amortization expense related to intangible assets subject to amortization is as follows:
(in thousands) |  |  |
Year ending December 31, |  |  |
2024 |  | $ | 3,680 |
2025 |  |  | 2,378 |
2026 |  |  | 2,344 |
2027 |  |  | 1,939 |
2028 |  |  | 1,907 |
Thereafter |  |  | 43,180 |
Total |  | $ | 55,428 |

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