Goodwill and Intangibles |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangibles |
Goodwill and Intangibles Goodwill
The goodwill balance was $1,235.4 million at December 31, 2023, an increase of $2.2 million as compared to $1,233.2 million at December 31, 2022. During the year ended December 31, 2023, we acquired businesses for a total purchase price of approximately $2.1 million. Of this amount, approximately $2.2 million was allocated to goodwill, approximately $0.1 million was allocated to property and equipment and approximately $0.2 million was allocated to liabilities assumed. The consideration for these acquisitions consisted of $0.6 million of cash and approximately 0.9 million shares of our common stock with an estimated fair value of approximately $1.5 million as of the acquisition dates. We accounted for each of these acquisitions as a business combination. The financial results associated with these acquisitions have been included in our consolidated financial statements since the acquisition dates.
Intangibles
Intangible assets consisted of the following:
Other intangible assets at both December 31, 2023 and 2022 include a facility license as well as customer relationships associated with our race registration and timing businesses.
During the year ended December 31, 2021, we acquired a facility license associated with an outdoor enthusiast and bicycling event for approximately $10.2 million, of which approximately $1.1 million was included in Accrued expenses and other current liabilities on our consolidated balance sheets as of December 31, 2022 and which was subsequently paid in February 2023. This license expires in April 2031. This acquisition was accounted for as an asset acquisition. The facility license costs are being amortized on a straight-line basis over its estimated useful life of 9.8 years.
Amortization expense associated with intangible assets for the years ended December 31, 2023, 2022 and 2021 was $1.4 million, $1.5 million and $1.3 million, respectively. Amortization of intangible assets is included in Depreciation and amortization in our consolidated statements of operations.
As of December 31, 2023, the expected remaining amortization associated with intangible assets for the next five years was as follows:
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