Note 6 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE

6

– GOODWILL AND INTANGIBLE ASSETS

The carrying amounts and accumulated amortization of the Company’s intangibles, net are as follows:

	As of December 31,
	2018								2017
(In thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life (years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Tradenames	$	2,900	$	(515	)	$	2,385	12.3	$	2,900	$	(322	)	$	2,578
Customer lists		3,300		(1,760	)		1,540	2.3		3,300		(1,100	)		2,200
Operating rights		6,529		(2,479	)		4,050	5.6		6,529		(1,753	)		4,776
Total intangibles, net	$	12,729	$	(4,754	)	$	7,975	7.0	$	12,729	$	(3,175	)	$	9,554

The decrease in the Company’s intangibles, net is the result of amortization expense associated with intangible assets acquired in connection with the acquisition of Natural Habitat on

May 4, 2016.

As part of the acquisition, the Company acquired Natural Habitat’s tradenames and customer lists and recorded goodwill in the amounts of

$2.9

million,

$3.3

million and

$22.1

million, respectively. See Note

5

– Acquisition, for additional information regarding this acquisition. The Company began amortizing operating rights with a gross carrying value of

$6.5

million in

July 2015,

as a result of changes to cupos in the Galapagos National Park. See Note

2

– Summary of Significant Policies,

Intangible Assets

 for a description of, and rationale for, amortizing operating rights. Amortization expense for the years ended

December 31, 2018,

2017

and

2016

was

$1.6

million.

Future expected amortization expense related to these intangibles are as follows:

Year	Amount
	(In thousands)
2019	$	1,579
2020		1,579
2021		1,139
2022		919
2023		919
Thereafter		1,840
	$	7,975