The following table provides information related to the carrying value of all intangible assets, other than goodwill:

	March 31, 2021								December 31, 2020
	Gross							Amortization	Gross
	Carrying		Accumulated					Period	Carrying		Accumulated
	Amount		Amortization			Net		(Years)	Amount		Amortization			Net
Amortizable intangible assets:
Trade Names	$	1,389.1	$	(286.3	)	$	1,102.8	3-20	$	1,389.6	$	(269.6	)	$	1,120.0
Customer Relationships		659.5		(301.0	)		358.5	15-20		659.5		(291.2	)		368.3
Patents/Formulas		230.5		(88.9	)		141.6	4-20		230.5		(85.3	)		145.2
Total	$	2,279.1	$	(676.2	)	$	1,602.9		$	2,279.6	$	(646.1	)	$	1,633.5

Intangible amortization expense was $30.5 and $24.5 for the first three months of 2021 and 2020, respectively. The Company estimates that intangible amortization expense will be approximately $120.0 in 2021 and approximately $116.0 to $107.0 annually over the next five years.

Fair value for indefinite lived intangible assets was estimated based on a “relief from royalty” or “excess earnings” discounted cash flow method, which contains numerous variables that are subject to change as business conditions change, and therefore could impact fair values in the future. The key assumptions used in determining fair value are sales growth, profitability margins, tax rates and discount rates. The Company determined that the fair value of all indefinite lived intangible assets for each of the years in the three-year period ended December 31, 2020 exceeded their respective carrying values based upon the forecasted cash flows and profitability. However, in recent years the Company’s TROJAN business, specifically the condom category, has not grown and competition has increased resulting in a reduction in expected future cash flows. As a result, the TROJAN business has experienced sales and profit declines that has eroded a portion of the excess between the fair and carrying value of the tradename, which could potentially result in an impairment. The carrying value of the TROJAN tradename is $176.4 and fair value exceeded carrying value by 53% as of December 31, 2020. The key assumptions used in the projections from the Company’s October 1, 2020 impairment analysis include discount rates of 7.0% in the U.S. and 9.0% internationally, growth assumptions commensurate with its outlook for the brand and the category based on recent trends, and an average royalty rate of approximately 10%. These discount rates were reduced by 250 basis points from the October 1, 2019 impairment analysis to reflect the inherent reduction in the risk profile of the Company. This indefinite-lived intangible asset is susceptible to impairment risk. While management can and has implemented strategies to address the risk, including lowering the Company’s production costs, investing in new product ideas, and developing new creative advertising, significant changes in operating plans or adverse changes in the future could reduce the underlying cash flows used to estimate fair value. This could result in a decline in fair value that could trigger a future impairment charge of the TROJAN tradename. The Company’s indefinite lived intangible impairment review is completed in the fourth quarter of each year.

In addition, the Company’s Passport Food Safety business, under pressure as a result of the COVID-19 pandemic and new competitive activities, is experiencing sales and profit declines due to decreased demand for its products that could result in an impairment of the associated tradename and other intangible assets. The assets have a current net book value of approximately $22.0 and are being amortized over their remaining weighted average life of 12 years. The Company is implementing strategies to address the decline, however, if unsuccessful, this decline could trigger a future impairment charge.

	Consumer		Consumer		Specialty
	Domestic		International		Products		Total
Balance at December 31, 2020	$	1,859.3	$	234.3	$	136.0	$	2,229.6
Balance at March 31, 2021	$	1,859.3	$	234.3	$	136.0	$	2,229.6

The result of the Company’s annual goodwill impairment test, performed in the beginning of the second quarter of 2020, determined that the estimated fair value substantially exceeded the carrying values of all reporting units. The determination of fair value contains numerous variables that are subject to change as business conditions change and therefore could impact fair value in the future. The Company has never incurred a goodwill impairment charge.