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Trade Names/Trademarks and Other Intangible Assets, Net
12 Months Ended
Dec. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]  
Trade Names/Trademarks and Other Intangible Assets, Net

10. TRADE NAMES/TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET

Interim Impairment TestDue to financial performance particularly late in the second quarter of 2017 at the Company’s SeaWorld San Diego and Orlando parks, driven primarily by a decline in U.S. domestic and international attendance at those parks, the Company determined a triggering event occurred that required an interim impairment test for certain trade names/trademarks with a combined balance of $93,000 related to the SeaWorld brand.  Based on its assessment, the Company calculated that the estimated fair value of the trade names/trademarks exceeded their carrying values.  Based on these assessments, the Company determined there was no impairment as the estimated fair values of these trade names/trademarks were in excess of their carrying values.

Annual Impairment Test – The Company conducted either a qualitative or quantitative assessment for its other indefinite-lived intangible assets at December 1, 2017, December 1, 2016 and December 1, 2015 and concluded that it was more-likely-than-not that the trade names/trademarks were not impaired in these annual assessments.

Trade names/trademarks, net at December 31, 2017, consisted of the following:

 

 

 

Weighted

Average

Amortization

Period

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net Carrying

Value

 

Trade names/trademarks - indefinite lives

 

 

 

$

157,000

 

 

$

 

 

$

157,000

 

Trade names/trademarks- finite lives

 

9.3 years

 

 

12,900

 

 

 

10,098

 

 

 

2,802

 

Total trade names/trademarks, net

 

 

 

$

169,900

 

 

$

10,098

 

 

$

159,802

 

 

Trade names/trademarks, net at December 31, 2016, consisted of the following:

 

 

 

Weighted

Average

Amortization

Period

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net Carrying

Value

 

Trade names/trademarks - indefinite lives

 

 

 

$

157,000

 

 

$

 

 

$

157,000

 

Trade names/trademarks- finite lives

 

9.3 years

 

 

12,900

 

 

 

8,636

 

 

 

4,264

 

Total trade names/trademarks, net

 

 

 

$

169,900

 

 

$

8,636

 

 

$

161,264

 

 

Other intangible assets, net at December 31, 2017, consisted of the following:

 

 

 

Weighted

Average

Amortization

Period

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net Carrying

Value

 

Favorable lease asset

 

39 years

 

$

18,200

 

 

$

3,734

 

 

$

14,466

 

Reseller agreements

 

8.1 years

 

 

22,300

 

 

 

22,032

 

 

 

268

 

Non-compete agreement

 

5 years

 

 

500

 

 

 

458

 

 

 

42

 

Other intangible assets - indefinite lives

 

 

 

 

120

 

 

 

 

 

 

120

 

Total other intangible assets, net

 

 

 

$

41,120

 

 

$

26,224

 

 

$

14,896

 

 

Other intangible assets, net at December 31, 2016, consisted of the following:

 

 

 

Weighted

Average

Amortization

Period

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net Carrying

Value

 

Favorable lease asset

 

39 years

 

$

18,200

 

 

$

3,267

 

 

$

14,933

 

Reseller agreements

 

8.1 years

 

 

22,300

 

 

 

19,487

 

 

 

2,813

 

Non-compete agreement

 

5 years

 

 

500

 

 

 

358

 

 

 

142

 

Other intangible assets - indefinite lives

 

 

 

 

120

 

 

 

 

 

 

120

 

Total other intangible assets, net

 

 

 

$

41,120

 

 

$

23,112

 

 

$

18,008

 

 

Total amortization was approximately $4,600, $4,800 and $4,800 for the years ended December 31, 2017, 2016 and 2015, respectively.  The total weighted average amortization period of all finite-lived intangibles is 18.8 years.

Total expected amortization of the finite-lived intangible assets for the succeeding five years and thereafter is as follows:

 

Years Ending December 31

 

 

 

 

2018

 

$

2,235

 

2019

 

 

1,849

 

2020

 

 

467

 

2021

 

 

467

 

2022

 

467

 

Thereafter

 

 

12,093

 

 

 

$

17,578