Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Note 9. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill are as follows:


(in thousands)
Balance at December 31, 2022	$	121,429
Foreign currency translation adjustments		400
Other(1)		41
Balance at March 31, 2023	$	121,870

(1)

Represents a purchase accounting measurement period adjustment related to the Glacier Raft Company acquisition.

Goodwill is tested for impairment at the reporting unit level on an annual basis as of October 31, and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. We use a discounted expected future cash flow methodology (income approach) to estimate the fair value of our reporting units for purposes of goodwill impairment testing.

Other intangible assets consisted of the following:


		March 31, 2023							December 31, 2022
(in thousands)	Useful Life (Years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Intangible assets subject to amortization:
Customer contracts and relationships	7.5	$	34,588	$	(28,118	)	$	6,470	$	37,194	$	(30,109	)	$	7,085
Operating contracts and licenses	34.0		39,854		(3,738	)		36,116		38,993		(3,504	)		35,489
In-place lease	33.5		14,457		(1,513	)		12,944		14,420		(1,404	)		13,016
Tradenames	3.8		5,559		(3,508	)		2,051		5,546		(3,324	)		2,222
Other	4.9		772		(174	)		598		770		(163	)		607
Total amortized intangible assets			95,230		(37,051	)		58,179		96,923		(38,504	)		58,419
Indefinite-lived intangible assets:
Business licenses			567		—			567		566		—			566
Other intangible assets, net		$	95,797	$	(37,051	)	$	58,746	$	97,489	$	(38,504	)	$	58,985

Intangible asset amortization expense (excluding amortization expense of ROU assets) was $1.1 million for the three months ended March 31, 2023 and $1.2 million for the three months ended March 31, 2022.

At March 31, 2023, the estimated future amortization expense related to intangible assets subject to amortization is as follows:


(in thousands)
Year ending December 31,
Remainder of 2023	$	3,495
2024		3,641
2025		2,343
2026		2,309
2027		1,912
Thereafter		44,479
Total	$	58,179