GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2022

Finite-Lived Intangible Assets, Net [Abstract]

3. GOODWILL AND INTANGIBLE ASSETS

Intangible assets consist of finite and indefinite life assets. The following is a summary of the Company’s intangible assets as of June 30, 2022 (in thousands, except amortization period):


	Cost		Accumulated Amortization and Impairment			Net Balance		Weighted Average Amortization Period (in years)
Retail concession agreements	$	604,700	$	(50,940	)	$	553,760		39
Destination resort agreements		17,900		(3,883	)		14,017		15
Trade name		6,200		(700	)		5,500	Indefinite-life
Licensing agreement		1,000		(398	)		602		8
	$	629,800	$	(55,921	)	$	573,879

The following is a summary of the Company’s intangible assets as of December 31, 2021 (in thousands, except amortization period):


	Cost		Accumulated Amortization and Impairment			Net Balance		Weighted Average Amortization Period (in years)
Retail concession agreements	$	604,700	$	(43,187	)	$	561,513		39
Destination resort agreements		17,900		(3,287	)		14,613		15
Trade name		6,200		(700	)		5,500	Indefinite-life
Licensing agreement		1,000		(336	)		664		8
	$	629,800	$	(47,510	)	$	582,290

The Company amortizes intangible assets with definite lives on a straight-line basis over their estimated useful lives. Amortization expense for the three months ended June 30, 2022 and 2021 was $4.2 million for each period, respectively. Amortization expense for the six months ended June 30, 2022 and 2021 was $8.4 million for each period, respectively. Amortization expense is estimated to be $16.8 million in each of the next five years beginning in 2022.