GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

NOTE 5—GOODWILL AND INTANGIBLE ASSETS

The following table summarizes the changes in goodwill by reporting unit:

(In millions)	U.S. Markets		International Markets		Total
Balance December 31, 2019	$	3,072.6	$	1,716.5	$	4,789.1
Impairment adjustment March 31, 2020		(1,124.9)		(619.4)		(1,744.3)
Impairment adjustment September 30, 2020		(151.2)		(5.6)		(156.8)
Impairment adjustment December 31, 2020		—		(405.3)		(405.3)
Baltics disposition-Latvia (1)		—		(7.9)		(7.9)
Currency translation adjustment		—		72.5		72.5
Balance December 31, 2020		1,796.5		750.8		2,547.3
Currency translation adjustment		—		(76.2)		(76.2)
Baltics disposition-Estonia (1)		—		(3.7)		(3.7)
Baltics disposition-Lithuania (1)		—		(37.6)		(37.6)
Balance December 31, 2021	$	1,796.5	$	633.3	$	2,429.8

(1) See Note 1—The Company and Significant Accounting Policies for further information regarding the Baltic theatre sale.

Detail of other intangible assets is presented below:

		December 31, 2021				December 31, 2020
		Gross				Gross
	Remaining	Carrying		Accumulated		Carrying		Accumulated
(In millions)	Useful Life	Amount		Amortization		Amount		Amortization
Amortizable Intangible Assets:
Management contracts and franchise rights	1 to 5 years	$	10.4	$	(9.8)	$	12.0	$	(9.8)
Starplex trade name	5 years		7.9		(4.1)		7.9		(3.4)
Carmike trade name	2 years		9.3		(6.7)		9.3		(5.3)
Total, amortizable		$	27.6	$	(20.6)	$	29.2	$	(18.5)
Non-amortizing Intangible Assets:
AMC trademark		$	104.4			$	104.4
Odeon trade names			38.9				40.7
Nordic trade names			3.1				7.4
Total, unamortizable		$	146.4			$	152.5

See the impairment table in Note 1—The Company and Significant Accounting Policies for information regarding indefinite and definite-lived intangible assets impairment amounts.

Amortization expense associated with the intangible assets noted above is as follows:

	Year Ended
(In millions)	December 31, 2021		December 31, 2020		December 31, 2019
Recorded amortization	$	3.5	$	4.5	$	5.1

Estimated annual amortization for the next five calendar years for intangible assets is projected below:

(In millions)	2022		2023		2024		2025		2026
Projected annual amortization	$	2.5	$	2.2	$	1.0	$	1.0	$	1.0