Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

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. We concluded no indicators of impairment existed during 2023. We based our conclusions on our financial performance projections, as well as an updated analysis of macroeconomic and industry-specific conditions. We performed our annual impairment test as of the first days of the fourth quarter in 2023 and 2022, respectively, and concluded there was no impairment of the carrying value of goodwill or other indefinite-lived intangible assets in either period.

During the second quarter of 2022, we concluded the useful life of the trade name, California's Great America, was no longer indefinite due to the then-anticipated sale of the land and the eventual disposal of the remaining assets; see Note 4. As a result, we tested the California's Great America trade name totaling $0.7 million for impairment during the second quarter of 2022 resulting in no impairment. The fair value of the trade name was calculated using a relief-from-royalty model. We are amortizing the trade name over an approximate 5.5-year period, or through December 31, 2027. There were no other indicators of impairment during 2022.

Changes in the carrying value of goodwill for the years ended December 31, 2023 and December 31, 2022 were:

(In thousands)	Goodwill
Balance as of December 31, 2021	$	267,232
Foreign currency exchange translation	(4,026)
Balance as of December 31, 2022	$	263,206
Foreign currency exchange translation	1,419
Balance as of December 31, 2023	$	264,625

As of December 31, 2023 and December 31, 2022, other intangible assets consisted of the following:

(In thousands)	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
December 31, 2023
Other intangible assets:
Trade names (1)	5.5 years	$	48,934	$	(190)	$	48,744
License / franchise agreements	15.1 years	1,249		(931)		318
Total other intangible assets		$	50,183	$	(1,121)	$	49,062
December 31, 2022
Other intangible assets:
Trade names (1)	5.5 years	$	48,619	$	(63)	$	48,556
License / franchise agreements	13.0 years	4,293		(3,899)		394
Total other intangible assets		$	52,912	$	(3,962)	$	48,950

(1)    Trade name amortization represents amortization of the California's Great America trade name. Our other trade names are indefinite-lived.

Amortization expense of finite-lived other intangible assets for 2023, 2022 and 2021 was immaterial and is expected to be immaterial going forward.