As a result of the effect of COVID-19 on our expected future operating cash flows and our evaluation of the current economic and market conditions, and its impact on the Company’s common share price, we concluded it is more likely than not that the trade name indefinite-lived intangible asset and goodwill are impaired and performed, including work performed by third-party valuation specialists, interim impairment tests as of March 31, 2020.

We performed a fair value test applying the relief of royalty method and determined that the estimated fair value of one of our trade names is less than carrying value as of March 31, 2020. As a result, we recognized an impairment charge of $0.7 million during the nine months ended September 30, 2020 (Successor). Management determined that there were no triggering events during the third quarter of 2020 that would require additional testing.

Goodwill represents the purchase price in excess of the fair value of the net assets acquired and liabilities assumed in connection with the Business Combination (See “Note 3”). We performed discounted cash flow analyses and determined that the estimated fair values of our Maritime and Destination Resorts segment reporting units no longer exceeded their carrying values as of March 31, 2020. As a result, we concluded that the goodwill associated with these reporting units was fully impaired. We recognized goodwill impairment charges of approximately $190 million for these reporting units during the nine months ended September 30, 2020 (Successor) (See “Note 13”).

The changes in the carrying amount of goodwill for each unit for the nine months ended September 30, 2020 (Successor) were as follows (in thousands):

	Maritime			Destination Resorts			Total
Balance at December 31, 2019	$	174,150		$	15,927		$	190,077
Impairment		(174,150	)		(15,927	)		(190,077	)
Balance at September 30, 2020	$	-		$	-		$	-

Intangible assets consist of finite and indefinite life assets. The following is a summary of the Company’s intangible assets as of September 30, 2020 (in thousands, except amortization period):

Successor:	Cost		Accumulated Amortization and Impairment			Net Balance		Amortization Period (in years)
Retail concession agreements	$	604,700	$	(23,801	)	$	580,899	39
Destination resort agreements		17,900		(1,798	)		16,102	15
Trade name		6,200		(700	)		5,500	Indefinite-life
Licensing agreement		1,000		(181	)		819	8
	$	629,800	$	(26,480	)	$	603,320

The following is a summary of the Company’s intangible assets as of December 31, 2019 (in thousands, except amortization period):

Successor:	Cost		Accumulated Amortization			Net Balance		Amortization Period (in years)
Retail concession agreements	$	604,700	$	(12,165	)	$	592,535	39
Destination resort agreements		17,900		(907	)		16,993	15
Trade name		6,200		-			6,200	Indefinite-life
Licensing agreement		1,000		(91	)		909	8
	$	629,800	$	(13,163	)	$	616,637

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 September 30, 2020 (Successor) and 2019 (Successor) was $4.2 million and $4.0 million, respectively. Amortization expense during the nine months ended September 30, 2020 (Successor) and for the periods for March 20, 2019 to September 30, 2019 (Successor) and January 1, 2019 to March 19, 2019 (Predecessor) was $12.6 million, $9.1 million and $0.8 million, respectively.