Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 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		2,429
Other(1)		41
Balance at June 30, 2023	$	123,899

(1)

Represents a purchase accounting measurement period adjustment related to the Glacier Raft Company acquisition. Refer to Note 4 – Acquisition and Disposition for additional information.

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:


		June 30, 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	7.6	$	34,701	$	(28,798	)	$	5,903	$	37,194	$	(30,109	)	$	7,085
Operating contracts and licenses	33.8		40,285		(4,145	)		36,140		38,993		(3,504	)		35,489
In-place lease	33.3		14,755		(1,618	)		13,137		14,420		(1,404	)		13,016
Tradenames	3.6		5,667		(3,760	)		1,907		5,546		(3,324	)		2,222
Other	4.7		787		(186	)		601		770		(163	)		607
Total amortized intangible assets			96,195		(38,507	)		57,688		96,923		(38,504	)		58,419
Indefinite-lived intangible assets:
Business licenses			569		—			569		566		—			566
Other intangible assets, net		$	96,764	$	(38,507	)	$	58,257	$	97,489	$	(38,504	)	$	58,985

Intangible asset amortization expense (excluding amortization expense of ROU assets) was $1.2 million during the three months ended June 30, 2023 and $2.3 million during the six months ended June 30, 2023. Intangible asset amortization expense was $1.4 million during the three months ended June 30, 2022 and $2.6 million during the six months ended June 30, 2022.

At June 30, 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	$	2,276
2024		3,679
2025		2,378
2026		2,344
2027		1,938
Thereafter		45,073
Total	$	57,688