| INTANGIBLES, NET OF ACCUMULATED AMORTIZATION |
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION
The following table summarizes the Company's intangible assets:
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December 31, 2019 |
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December 31, 2018 |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Value |
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net Carrying Value |
Trade name |
$ |
700 |
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|
$ |
(140 |
) |
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$ |
560 |
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$ |
700 |
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$ |
(117 |
) |
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$ |
583 |
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Leasehold intangibles (A) (B) |
— |
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— |
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— |
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46,581 |
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(20,270 |
) |
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26,311 |
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Management contracts |
32,331 |
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(17,342 |
) |
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14,989 |
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32,932 |
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(15,174 |
) |
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17,758 |
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Internally-developed software |
252 |
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(27 |
) |
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225 |
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2,314 |
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(967 |
) |
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1,347 |
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Membership base |
5,236 |
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(4,488 |
) |
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748 |
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5,236 |
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(3,740 |
) |
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1,496 |
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Nonamortizable liquor licenses |
1,043 |
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— |
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1,043 |
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|
893 |
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— |
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893 |
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Total intangibles |
$ |
39,562 |
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$ |
(21,997 |
) |
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$ |
17,565 |
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$ |
88,656 |
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$ |
(40,268 |
) |
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$ |
48,388 |
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(A) |
The amortization expense for leasehold intangibles is reported in operating expenses in the Consolidated Statements of Operations. |
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(B) |
As of January 1, 2019, leasehold intangibles were reclassified from "Intangibles, net of accumulated amortization" to "Operating lease right-of-use assets" in the Consolidated Balance Sheet as part of the adoption of ASU 2016-02. |
Amortization expense for the years ended December 31, 2019, 2018, and 2017 was $3.4 million, $8.0 million and $8.2 million, respectively.
The unamortized balance of intangible assets at December 31, 2019 is expected to be amortized as follows:
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2020 |
$ |
2,941 |
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2021 |
1,827 |
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2022 |
1,571 |
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2023 |
1,566 |
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2024 |
1,090 |
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Thereafter |
7,527 |
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Total amortizable intangible assets |
16,522 |
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Nonamortizable liquor licenses |
1,043 |
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Total intangible assets |
$ |
17,565 |
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