Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The carrying amount of goodwill, by operating segment is as follows:


(In thousands)	National Networks		International and Other		Total
December 31, 2019	$	237,103	$	464,877	$	701,980

Amortization of "second component" goodwill	(332)				(332)
Foreign currency translation			(14,813)		(14,813)
March 31, 2020	$	236,771	$	450,064	$	686,835

The reduction of $0.3 million in the carrying amount of goodwill for the National Networks is due to the realization of a tax benefit for the amortization of "second component" goodwill at SundanceTV. Second component goodwill is the amount of tax deductible goodwill in excess of goodwill for financial reporting purposes. In accordance with the authoritative guidance at the time of the SundanceTV acquisition, the tax benefits associated with this excess are applied to first reduce the amount of goodwill, and then other intangible assets for financial reporting purposes, if and when such tax benefits are realized in the Company's tax returns.

The Company performs its annual goodwill impairment test as of December 1 each year. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred which would require an interim impairment test. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and its impact on each of its reporting units. Further, the Company assessed the current forecasts

(including significant assumptions about revenue growth rates, long-term growth rates and enterprise specific discount rates) and the amount of excess fair value over carrying value for each of its reporting units in the 2019 impairment test. The Company determined that a triggering event has not occurred which would require an interim impairment test to be performed. However, we are unable to predict how long the COVID-19 pandemic conditions will persist, what additional measures may be introduced by governments or private parties or what effect any such additional measures may have on our business. If these estimates or related assumptions change in the future, we may be required to record impairment charges related to goodwill.

The following tables summarize information relating to the Company's identifiable intangible assets:


(In thousands)	March 31, 2020
			Gross			Accumulated Amortization			Net		Estimated Useful Lives
Amortizable intangible assets:
Affiliate and customer relationships	$	608,758		$	(237,333)		$	371,425		6 to 25 years
Advertiser relationships	46,282			(22,872)			23,410			11 years
Trade names	110,343			(18,589)			91,754			3 to 20 years
Other amortizable intangible assets	2,798			(2,151)			647			5 to 15 years
Total amortizable intangible assets	768,181			(280,945)			487,236
Indefinite-lived intangible assets:
Trademarks	19,900			—			19,900
Total intangible assets	$	788,081		$	(280,945)		$	507,136

(In thousands)	December 31, 2019
			Gross			Accumulated Amortization			Net
Amortizable intangible assets:
Affiliate and customer relationships	$	616,197		$	(232,193)		$	384,004
Advertiser relationships	46,282			(21,820)			24,462
Trade names	113,075			(17,997)			95,078
Other amortizable intangible assets	2,798			(1,711)			1,087
Total amortizable intangible assets	778,352			(273,721)			504,631
Indefinite-lived intangible assets:
Trademarks	19,900			—			19,900
Total intangible assets	$	798,252		$	(273,721)		$	524,531

Aggregate amortization expense for amortizable intangible assets for the three months ended March 31, 2020 and 2019 was $12.1 million and $10.3 million, respectively. Estimated aggregate amortization expense for intangible assets subject to amortization for each of the following five years is:


(In thousands)
Years Ending December 31,
2020	$	45,895
2021	46,130
2022	45,631
2023	45,523
2024	45,455