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Goodwill and Other Intangible Assets, Net | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets, Net | Note 8. Goodwill and Other Intangible Assets, Net The changes in the carrying amount of goodwill are as follows:
(in thousands) |  |  |
Balance at December 31, 2023 |  | $ | 123,906 |
Foreign currency translation adjustments |  |  | (2,001 | )
Balance at September 30, 2024 |  | $ | 121,905 |
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. We do not believe there have been any significant changes to the outlook for the future years or to the risk profile of our reporting units that would indicate that goodwill impairment testing should have been performed as of September 30, 2024. Other intangible assets consisted of the following:
|  |  |  | September 30, 2024 |  |  | December 31, 2023 |
(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 |  | 8.9 |  | $ | 33,162 |  |  | $ | (29,487 | ) |  | $ | 3,675 |  |  | $ | 34,701 |  |  | $ | (29,950 | ) |  | $ | 4,751 |
Operating contracts and licenses |  | 32.8 |  |  | 40,314 |  |  |  | (5,535 | ) |  |  | 34,779 |  |  |  | 40,324 |  |  |  | (4,692 | ) |  |  | 35,632 |
In-place lease |  | 32.0 |  |  | 14,450 |  |  |  | (2,104 | ) |  |  | 12,346 |  |  |  | 14,754 |  |  |  | (1,842 | ) |  |  | 12,912 |
Tradenames |  | 2.9 |  |  | 4,004 |  |  |  | (2,961 | ) |  |  | 1,043 |  |  |  | 5,667 |  |  |  | (4,121 | ) |  |  | 1,546 |
Other |  | 1.2 |  |  | 9 |  |  |  | (8 | ) |  |  | 1 |  |  |  | 787 |  |  |  | (200 | ) |  |  | 587 |
Total amortized intangible assets |  |  |  |  | 91,939 |  |  |  | (40,095 | ) |  |  | 51,844 |  |  |  | 96,233 |  |  |  | (40,805 | ) |  |  | 55,428 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business licenses |  |  |  |  | 566 |  |  |  | — |  |  |  | 566 |  |  |  | 569 |  |  |  | — |  |  |  | 569 |
Other intangible assets, net |  |  |  | $ | 92,505 |  |  | $ | (40,095 | ) |  | $ | 52,410 |  |  | $ | 96,802 |  |  | $ | (40,805 | ) |  | $ | 55,997 |
Intangible asset amortization expense (excluding amortization expense of ROU assets) was $1.0 million during the three months ended September 30, 2024 and $2.8 million during the nine months ended September 30, 2024. Intangible asset amortization expense was $1.3 million during the three months ended September 30, 2023 and $3.6 million during the nine months ended September 30, 2023. On July 24, 2024, Pursuit’s Wilderness Kitchen was lost to the Jasper wildfires. During the three months ended September 30, 2024, we recorde d an impairment charge of $0.6 million against intangible assets (trademark and favorable lease) of the Wilderness Kitchen. Refer to Note 1 – Overview and Basis of Presentation - Insurance Recoveries for additional information. At September 30, 2024, the estimated future amortization expense related to intangible assets subject to amortization is as follows:
(in thousands) |  |  |
Year ending December 31, |  |  |
Remainder of 2024 |  | $ | 801 |
2025 |  |  | 2,328 |
2026 |  |  | 2,295 |
2027 |  |  | 1,898 |
2028 |  |  | 1,875 |
Thereafter |  |  | 42,647 |
Total |  | $ | 51,844 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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