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Goodwill and Other Intangible Assets
9 Months Ended
Sep. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

Note 8. Goodwill and Other Intangible Assets

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

 

(in thousands)

 

GES U.S.

 

 

GES International

 

 

Pursuit

 

 

Total

 

Balance at December 31, 2016

 

$

148,277

 

 

$

34,460

 

 

$

71,285

 

 

$

254,022

 

Business acquisitions

 

 

 

 

 

1,060

 

 

 

 

 

 

1,060

 

Foreign currency translation adjustments

 

 

 

 

 

3,084

 

 

 

5,753

 

 

 

8,837

 

Balance at September 30, 2017

 

$

148,277

 

 

$

38,604

 

 

$

77,038

 

 

$

263,919

 

Other intangible assets consisted of the following:

 

 

 

September 30, 2017

 

 

December 31, 2016

 

(in thousands)

 

Gross Carrying

Value

 

 

Accumulated

Amortization

 

 

Net Carrying Value

 

 

Gross Carrying

Value

 

 

Accumulated

Amortization

 

 

Net Carrying Value

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer contracts and relationships

 

$

68,739

 

 

$

(21,505

)

 

$

47,234

 

 

$

67,762

 

 

$

(14,345

)

 

$

53,417

 

Operating contracts and licenses

 

 

10,038

 

 

 

(1,083

)

 

 

8,955

 

 

 

9,315

 

 

 

(652

)

 

 

8,663

 

Tradenames

 

 

8,665

 

 

 

(2,613

)

 

 

6,052

 

 

 

8,324

 

 

 

(1,440

)

 

 

6,884

 

Non-compete agreements

 

 

5,358

 

 

 

(2,682

)

 

 

2,676

 

 

 

5,190

 

 

 

(1,369

)

 

 

3,821

 

Other

 

 

896

 

 

 

(601

)

 

 

295

 

 

 

886

 

 

 

(458

)

 

 

428

 

Total amortized intangible assets

 

 

93,696

 

 

 

(28,484

)

 

 

65,212

 

 

 

91,477

 

 

 

(18,264

)

 

 

73,213

 

Unamortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business licenses

 

 

460

 

 

 

 

 

 

460

 

 

 

460

 

 

 

 

 

 

460

 

Other intangible assets

 

$

94,156

 

 

$

(28,484

)

 

$

65,672

 

 

$

91,937

 

 

$

(18,264

)

 

$

73,673

 

Intangible asset amortization expense was $3.3 million and $2.7 million for the three months ended September 30, 2017 and 2016, respectively, and $9.6 million and $6.1 million for the nine months ended September 30, 2017 and 2016, respectively. The weighted-average amortization period of customer contracts and relationships is approximately 8.8 years, operating contracts and licenses is approximately 26.5 years, tradenames is approximately 7.2 years, non-compete agreements is approximately 2.5 years, and other amortizable intangible assets is approximately 2.6 years. The estimated future amortization expense related to amortized intangible assets held at September 30, 2017 is as follows:

 

(in thousands)

 

 

 

 

Year ending December 31,

 

 

 

 

Remainder of 2017

 

$

2,812

 

2018

 

 

11,014

 

2019

 

 

9,946

 

2020

 

 

8,446

 

2021

 

 

7,450

 

Thereafter

 

 

25,544

 

Total

 

$

65,212