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Goodwill And Intangible Assets | Note 7 – Goodwill and Intangible Assets The table below summarizes goodwill by business segment as of September 30, 2019 and December 31, 2018.
The Company is required to test goodwill and other intangible assets for impairment on an annual basis and, if current events or circumstances require, on an interim basis. Our next annual evaluation of goodwill and other intangible assets is scheduled during the fourth quarter of 2019. To test the impairment of goodwill, the Company compares the fair value of each reporting unit to its carrying amount, including the goodwill, to determine if there is potential goodwill impairment. A reporting unit is generally one level below the operating segment. As of September 30, 2019, we were not aware that any events indicating potential impairment of goodwill had occurred. The tables below summarize intangible assets other than goodwill, as of September 30, 2019 and December 31, 2018, respectively.
Beneficial leases were amortized over the life of the lease up to 30 years up until January 1, 2019. Under ASC 842 they are now incorporated into the relevant right-of-use asset. Trade names are amortized based on the accelerated amortization method over their estimated useful life of 30 years, and other intangible assets are amortized over their estimated useful lives of up to 30 years (except for transferrable liquor licenses, which are indefinite-lived assets). The table below summarizes the amortization expense of intangible assets for the quarter and nine months ended September 30, 2019.
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