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Goodwill and Other Intangible Assets, Net | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets, Net | NOTE 8. GOODWILL AND OTHER INTANGIBLE ASSETS, NET The changes in the goodwill carrying amount include:
(in thousands) |  |  |
Balance as of December 31, 2024 |  | $ | 103,321 |
Foreign currency translation adjustment |  |  | 3,351 |
Tabacón acquisition (1) |  |  | 41,966 |
Measurement period adjustments |  |  | (85 | )
Balance as of September 30, 2025 |  | $ | 148,553 |
(1) See Note 4 – Acquisitions for additional information. 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. As of September 30, 2025, 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 between annual tests is required. Other intangible assets consisted of the following:
|  |  |  | September 30, 2025 |  |  | December 31, 2024 |
(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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating contracts and licenses |  | 25.9 |  | $ | 57,554 |  |  | $ | (7,560 | ) |  | $ | 49,994 |  |  | $ | 52,697 |  |  | $ | (5,505 | ) |  | $ | 47,192 |
In-place lease |  | 31.0 |  |  | 14,039 |  |  |  | (2,425 | ) |  |  | 11,614 |  |  |  | 13,588 |  |  |  | (2,069 | ) |  |  | 11,519 |
Customer contracts and relationships |  | 4.9 |  |  | 7,782 |  |  |  | (2,883 | ) |  |  | 4,899 |  |  |  | 5,475 |  |  |  | (2,453 | ) |  |  | 3,022 |
Tradenames and other |  | 3.3 |  |  | 5,124 |  |  |  | (3,511 | ) |  |  | 1,613 |  |  |  | 5,002 |  |  |  | (2,929 | ) |  |  | 2,073 |
Total amortized intangible assets |  |  |  |  | 84,499 |  |  |  | (16,379 | ) |  |  | 68,120 |  |  |  | 76,762 |  |  |  | (12,956 | ) |  |  | 63,806 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tradenames (1) |  |  |  |  | 4,950 |  |  |  | — |  |  |  | 4,950 |  |  |  | — |  |  |  | — |  |  |  | — |
Business licenses |  |  |  |  | 3,665 |  |  |  | — |  |  |  | 3,665 |  |  |  | 560 |  |  |  | — |  |  |  | 560 |
Other intangible assets, net |  |  |  | $ | 93,114 |  |  | $ | (16,379 | ) |  | $ | 76,735 |  |  | $ | 77,322 |  |  | $ | (12,956 | ) |  | $ | 64,366 |
(1) See Note 4 – Acquisitions for additional information. Intangible asset amortization expense (excluding amortization expense of right-of-use (“ROU”) assets) was $0.9 million and $2.4 million during the three and nine months ended September 30, 2025, respectively. Intangible asset amortization expense was $0.7 million and $2.0 million during the three and nine months ended September 30, 2024, respectively. As of September 30, 2025, the estimated future definite-lived intangible asset amortization expense includes:
(in thousands) |  |  |
Year ending December 31, |  |  |
Remainder of 2025 |  | $ | 734 |
2026 |  |  | 3,237 |
2027 |  |  | 2,851 |
2028 |  |  | 2,829 |
2029 |  |  | 2,716 |
Thereafter |  |  | 55,753 |
Total |  | $ | 68,120 |

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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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