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.

In the third quarter of 2022, changes in macroeconomic facts and circumstances, particularly high inflation and the resulting rise in interest rates, has resulted in reduced expectations of fair value. We considered these circumstances and the potential long-term impact on our reporting units and determined that an indicator of possible impairment existed within our FlyOver reporting unit due to slower than anticipated visitation ramp up. Accordingly, we performed a quantitative impairment analysis to determine the fair value of this reporting unit as of September 30, 2022, resulting in a fair value that exceeded the carrying amount by approximately 10%. Accordingly, no impairment charge was recorded. The carrying amount of goodwill for the FlyOver reporting unit was $38.3 million as of September 30, 2022.

We will continue to closely monitor actual results versus expectations as well as whether and to what extent any significant changes in current events or conditions result in corresponding changes to our expectations about future estimated cash flows and discount rates. If our adjusted expectations of the operating results of FlyOver do not materialize, or the discount rate increases (based on increases in interest rates, market rates of return or market volatility), it is possible that we may be required to record goodwill impairment charges in the future, which may be material.

Other intangible assets consisted of the following:


		September 30, 2022							December 31, 2021
(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	7.2	$	36,879	$	(29,120	)	$	7,759	$	36,848	$	(28,372	)	$	8,476
Operating contracts and licenses	34.4		38,285		(3,250	)		35,035		40,927		(2,660	)		38,267
In-place lease	34.0		14,133		(1,283	)		12,850		15,464		(1,084	)		14,380
Tradenames	4.2		5,441		(3,085	)		2,356		5,626		(2,819	)		2,807
Other	5.4		754		(151	)		603		824		(139	)		685
Total amortized intangible assets			95,492		(36,889	)		58,603		99,689		(35,074	)		64,615
Indefinite-lived intangible assets:
Business licenses			564		—			564		574		—			574
Other intangible assets, net		$	96,056	$	(36,889	)	$	59,167	$	100,263	$	(35,074	)	$	65,189

Intangible asset amortization expense (excluding amortization expense of ROU assets) was $1.4 million for the three months ended September 30, 2022 and $4.0 million for the nine months ended September 30, 2022. Intangible assets amortization expense was $1.6 million for the three months ended September 30, 2021 and $4.4 million for the nine months ended September 30, 2021.