Goodwill and Other Intangible Assets

9 Months Ended

Sep. 25, 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 4. As a result, we tested the California's Great America trade name totaling $0.7 million for impairment during the second quarter of 2022 resulting in no impairment charges. The fair value of the trade name was calculated using a relief-from-royalty model. We are amortizing the trade name over an approximate 5.5-year period, or through December 31, 2027.

We concluded no other indicators of impairment existed during the first nine 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 nine months ended September 25, 2022 and September 26, 2021 were:

(In thousands)	Goodwill
Balance as of December 31, 2021	$	267,232
Foreign currency translation	(4,138)
Balance as of September 25, 2022	$	263,094
Balance as of December 31, 2020	$	266,961
Foreign currency translation	255
Balance as of September 26, 2021	$	267,216

As of September 25, 2022, December 31, 2021, and September 26, 2021, other intangible assets consisted of the following:

(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
September 25, 2022
Other intangible assets:
Trade names	$	48,594	$	(38)	$	48,556
License / franchise agreements	4,293		(3,870)		423
Total other intangible assets	$	52,887	$	(3,908)	$	48,979
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
September 26, 2021
Other intangible assets:
Trade names	$	49,511	$	—	$	49,511
License / franchise agreements	4,262		(3,646)		616
Total other intangible assets	$	53,773	$	(3,646)	$	50,127