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Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 26, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets:
Goodwill and other indefinite-lived intangible assets, including trade names, are reviewed for impairment annually, or more frequently if indicators of impairment exist. During the first nine months of 2021, we concluded indicators of impairment did not exist. We based our conclusion on our financial performance projections, as well as an updated analysis of macroeconomic and industry-specific conditions. During the first and third quarters of 2020 and due to the negative effects of the COVID-19 pandemic on our expected future operating results, we tested our goodwill and indefinite-lived intangible assets for impairment. We concluded the estimated fair value of goodwill at the Schlitterbahn parks and Dorney Park reporting units, and the estimated fair value of the Schlitterbahn trade name no longer exceeded their carrying values. Therefore, we recorded a $73.6 million, $6.8 million and $7.9 million impairment of goodwill at the Schlitterbahn parks, goodwill at Dorney Park, and the Schlitterbahn trade name, respectively, during the first quarter of 2020. We also recorded an $11.3 million, $2.3 million and $2.2 million impairment of goodwill at the Schlitterbahn parks, goodwill at Dorney Park, and the Schlitterbahn trade name, respectively, during the third quarter of 2020. The impairment charges were equal to the amount by which the carrying amounts exceeded the assets' fair value and were recorded in "Loss on impairment of goodwill and other intangibles" within the unaudited condensed consolidated statement of operations and comprehensive loss.

The fair value of our reporting units was established using a combination of an income (discounted cash flow) approach and market approach. The income approach used each reporting unit's projection of estimated operating results and discounted cash flows using a weighted-average cost of capital that reflected current market conditions. Estimated operating results were established using our best estimates of economic and market conditions over the projected period including growth rates in revenues and costs, estimates of future expected changes in operating margins and cash expenditures, the anticipated time frame to re-open our parks, and the related anticipated demand upon re-opening our parks. Other significant estimates and assumptions included terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements. The market approach estimated fair value by applying cash flow multiples to each reporting unit's operating performance. The multiples were derived from comparable publicly traded companies with similar operating and investment characteristics of the reporting units. The impairment charges recognized were for the amount by which the reporting unit's carrying amount exceeded its fair value.

Our indefinite-lived intangible assets consist of trade names. The fair value of our trade names was calculated using a relief-from-royalty model. The impairment charges recognized were for the amount by which the trade name's carrying amount exceeded its fair value.

Management made significant estimates calculating the fair value of our reporting units and trade names. Actual results could materially differ from these estimates depending on the ultimate extent of the effects of the COVID-19 pandemic.

Changes in the carrying value of goodwill for the nine months ended September 26, 2021 and September 27, 2020 were:
(In thousands)Goodwill
Balance as of December 31, 2020$266,961 
Foreign currency translation255 
Balance as of September 26, 2021$267,216 
Balance as of December 31, 2019$359,654 
Impairment(93,929)
Foreign currency translation(1,865)
Balance as of September 27, 2020$263,860 
As of September 26, 2021, December 31, 2020, and September 27, 2020, other intangible assets consisted of the following:
(In thousands)Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Value
September 26, 2021
Other intangible assets:
Trade names$49,511 $— $49,511 
License / franchise agreements4,262 (3,646)616 
Total other intangible assets$53,773 $(3,646)$50,127 
December 31, 2020
Other intangible assets:
Trade names$49,454 $— $49,454 
License / franchise agreements4,259 (3,425)834 
Total other intangible assets$53,713 $(3,425)$50,288 
September 27, 2020
Other intangible assets:
Trade names$48,764 $— $48,764 
License / franchise agreements4,257 (3,304)953 
Total other intangible assets$53,021 $(3,304)$49,717