GOODWILL AND INTANGIBLES

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill represents the excess of cost over the fair value of identifiable net assets of acquired businesses. Goodwill has an indefinite useful life and is not amortized, but instead is tested for impairment annually in the fourth quarter of each fiscal year, or more frequently if events or circumstances indicate that impairment may have occurred. As of June 30, 2019, the Company had determined there was no goodwill impairment. The carrying value of goodwill was $69.3 million as of June 30, 2019 and December 31, 2018.

The following table summarizes the carrying value of intangible assets:



	As of
	June 30, 2019			December 31, 2018

Contractual rights	$	347,452		$	347,452
Accumulated amortization	(41,560		)	(33,173		)
Intangible assets, net	$	305,892		$	314,279

Amortization expense associated with the Company’s intangible assets was $4.2 million and $8.4 million for both the three and six months ended June 30, 2019 and 2018, respectively. Future amortization of intangible assets held as of June 30, 2019 is set forth below:



Remainder of 2019	$	8,393
2020	16,780
2021	15,112
2022	12,777
2023	12,777
Thereafter	240,053
Total	$	305,892

Goodwill and intangible assets are included in other assets in the condensed consolidated statements of financial position.