Goodwill and Other Intangible Assets

6 Months Ended

Jun. 26, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets:

Goodwill and other indefinite-lived intangible assets, including trade names, are reviewed for impairment annually, or more frequently if indicators of impairment exist. During the second quarter of 2022, we concluded the useful life of the trade name, California's Great America, was no longer indefinite due to the anticipated sale of the land and the eventual disposal of the remaining assets; see Note 11. As a result, we tested the California's Great America trade name totaling $0.7 million for impairment resulting in no impairment charges. The fair value of the trade name was calculated using a relief-from-royalty model. We began amortizing the trade name over an approximate 5.5-year period, or through December 31, 2027, during the second quarter of 2022.

We concluded no other indicators of impairment existed during the first six months of 2022 and 2021, respectively. We based our conclusions on our financial performance projections, as well as an updated analysis of macroeconomic and industry-specific conditions.

Changes in the carrying value of goodwill for the six months ended June 26, 2022 and June 27, 2021 were:

(In thousands)	Goodwill
Balance as of December 31, 2021	$	267,232
Foreign currency translation	(1,244)
Balance as of June 26, 2022	$	265,988
Balance as of December 31, 2020	$	266,961
Foreign currency translation	2,232
Balance as of June 27, 2021	$	269,193

As of June 26, 2022, December 31, 2021, and June 27, 2021, other intangible assets consisted of the following:

(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
June 26, 2022
Other intangible assets:
Trade names	$	49,238	$	—	$	49,238
License / franchise agreements	4,295		(3,831)		464
Total other intangible assets	$	53,533	$	(3,831)	$	49,702
December 31, 2021
Other intangible assets:
Trade names	$	49,515	$	—	$	49,515
License / franchise agreements	4,262		(3,783)		479
Total other intangible assets	$	53,777	$	(3,783)	$	49,994
June 27, 2021
Other intangible assets:
Trade names	$	49,951	$	—	$	49,951
License / franchise agreements	4,263		(3,463)		800
Total other intangible assets	$	54,214	$	(3,463)	$	50,751