Goodwill and Other Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

Note 9. Goodwill and Other Intangible Assets, Net

The changes in the carrying amount of goodwill are as follows:

(in thousands)
Balance at December 31, 2021	$	112,078
Business acquisition		16,787
Foreign currency translation adjustments		(7,436	)
Balance at December 31, 2022		121,429
Foreign currency translation adjustments		2,436
Other(1)		41
Balance at December 31, 2023	$	123,906

(1)Represents a purchase accounting measurement period adjustment related to the Glacier Raft Company acquisition. Refer to Note 4 – Acquisitions and Disposition for additional information.

The following table summarizes the remaining goodwill by reporting unit:

	December 31,
(in thousands)	2023		2022
Pursuit:
Banff Jasper Collection	$	63,829	$	62,383
Alaska Collection		3,184		3,184
Glacier Park Collection		16,828		16,787
FlyOver		40,065		39,075
Total Goodwill	$	123,906	$	121,429

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.

The results of our most recent impairment analysis performed as of October 31, 2023, indicated that no impairment existed for Pursuit’s reporting units with reported goodwill. The excess of the estimated fair value over the carrying value for our reporting units with reported goodwill (expressed as a percentage of the carrying amounts) under step one of the impairment test for the Banff Jasper Collection and the Alaska Collection was significant, Glacier Park Collection was 3%, and FlyOver was 5%.

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 our reporting units 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.

Our accumulated goodwill impairment was $415.5 million as of December 31, 2023 and 2022.

Other intangible assets consisted of the following:

		December 31, 2023							December 31, 2022
(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:
Customer contracts and relationships	8.2	$	34,701	$	(29,950	)	$	4,751	$	37,194	$	(30,109	)	$	7,085
Operating contracts and licenses	33.3		40,324		(4,692	)		35,632		38,993		(3,504	)		35,489
In-place lease	32.8		14,754		(1,842	)		12,912		14,420		(1,404	)		13,016
Tradenames	3.3		5,667		(4,121	)		1,546		5,546		(3,324	)		2,222
Other	4.2		787		(200	)		587		770		(163	)		607
Total amortized intangible assets			96,233		(40,805	)		55,428		96,923		(38,504	)		58,419
Indefinite-lived intangible assets:
Business licenses			569		—			569		566		—			566
Other intangible assets		$	96,802	$	(40,805	)	$	55,997	$	97,489	$	(38,504	)	$	58,985

Intangible asset amortization expense (excluding amortization expense of ROU assets) was $4.6 million during 2023, $5.2 million during 2022, and $5.8 million during 2021.

At December 31, 2023, the estimated future amortization expense related to intangible assets subject to amortization is as follows:

(in thousands)
Year ending December 31,
2024	$	3,680
2025		2,378
2026		2,344
2027		1,939
2028		1,907
Thereafter		43,180
Total	$	55,428