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Goodwill and Other Intangible Assets
12 Months Ended
Dec. 31, 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 are as follows:

(in thousands)

 

GES U.S.

 

 

GES International

 

 

Pursuit

 

 

Total

 

Balance at December 31, 2015

 

$

112,300

 

 

$

38,635

 

 

$

34,288

 

 

$

185,223

 

Business acquisitions

 

 

35,977

 

 

 

 

 

 

35,681

 

 

 

71,658

 

Foreign currency translation adjustments

 

 

 

 

 

(4,175

)

 

 

1,316

 

 

 

(2,859

)

Balance at December 31, 2016

 

 

148,277

 

 

 

34,460

 

 

 

71,285

 

 

 

254,022

 

Business acquisitions

 

 

 

 

 

1,060

 

 

 

7,094

 

 

 

8,154

 

Foreign currency translation adjustments

 

 

 

 

 

3,320

 

 

 

5,055

 

 

 

8,375

 

Balance at December 31, 2017

 

$

148,277

 

 

$

38,840

 

 

$

83,434

 

 

$

270,551

 

The following table summarizes goodwill by reporting unit and segment:

 

 

December 31,

 

(in thousands)

 

2017

 

 

2016

 

GES:

 

 

 

 

 

 

 

 

U.S.

 

$

148,277

 

 

$

148,277

 

International:

 

 

 

 

 

 

 

 

GES EMEA

 

 

31,612

 

 

 

27,694

 

GES Canada

 

 

7,228

 

 

 

6,766

 

Total GES

 

 

187,117

 

 

 

182,737

 

Pursuit:

 

 

 

 

 

 

 

 

Banff Jasper Collection

 

 

35,305

 

 

 

32,587

 

Alaska Collection

 

 

3,184

 

 

 

3,184

 

Glacier Park Collection

 

 

1,268

 

 

 

1,268

 

FlyOver

 

 

43,677

 

 

 

34,246

 

Total Pursuit

 

 

83,434

 

 

 

71,285

 

Total Goodwill

 

$

270,551

 

 

$

254,022

 

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.

GES U.S. goodwill is assigned to, and tested at, the operating segment level. GES International goodwill is assigned to and tested based on the segment’s geographical operations (GES Europe, Middle East, and Asia (“GES EMEA”) and GES Canada). Pursuit’s impairment testing is performed at the reporting unit level (Banff Jasper Collection, the Alaska Collection, Glacier Park Collection, and FlyOver).

As a result of our most recent impairment analysis performed as of October 31, 2017, the excess of the estimated fair value over the carrying value for each of our reporting units (expressed as a percentage of the carrying amounts) under step one of the impairment test for GES U.S. was 134%, GES EMEA was 214%, GES Canada was 164%, the Banff Jasper Collection was 147%, the Alaska Collection was 99%, the Glacier Park Collection was 16%, and FlyOver was 29%.

Our accumulated goodwill impairment as of both December 31, 2017 and 2016 was $229.7 million.

Other intangible assets consisted of the following:

 

 

December 31, 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

 

$

68,798

 

 

$

(23,696

)

 

$

45,102

 

 

$

67,762

 

 

$

(14,345

)

 

$

53,417

 

Operating contracts and licenses

 

 

9,951

 

 

 

(1,094

)

 

 

8,857

 

 

 

9,315

 

 

 

(652

)

 

 

8,663

 

Tradenames

 

 

8,633

 

 

 

(2,873

)

 

 

5,760

 

 

 

8,324

 

 

 

(1,440

)

 

 

6,884

 

Non-compete agreements

 

 

5,363

 

 

 

(3,007

)

 

 

2,356

 

 

 

5,190

 

 

 

(1,369

)

 

 

3,821

 

Other

 

 

896

 

 

 

(650

)

 

 

246

 

 

 

886

 

 

 

(458

)

 

 

428

 

Total amortized intangible assets

 

 

93,641

 

 

 

(31,320

)

 

 

62,321

 

 

 

91,477

 

 

 

(18,264

)

 

 

73,213

 

Unamortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business licenses

 

 

460

 

 

 

 

 

 

460

 

 

 

460

 

 

 

 

 

 

460

 

Other intangible assets

 

$

94,101

 

 

$

(31,320

)

 

$

62,781

 

 

$

91,937

 

 

$

(18,264

)

 

$

73,673

 

Intangible asset amortization expense was $12.4 million during 2017, $9.2 million during 2016, and $7.2 million during 2015. The weighted-average amortization period of customer contracts and relationships is approximately 8.5 years, operating contracts and licenses is approximately 26.3 years, tradenames is approximately 7.0 years, non-compete agreements is approximately 2.2 years, and other amortizable intangible assets is approximately 2.2 years. The estimated future amortization expense related to amortized intangible assets held at December 31, 2017 is as follows:

 

(in thousands)

 

 

 

 

Year ending December 31,

 

 

 

 

2018

 

$

11,013

 

2019

 

 

9,945

 

2020

 

 

8,444

 

2021

 

 

7,447

 

2022

 

 

5,895

 

Thereafter

 

 

19,577

 

Total

 

$

62,321