Goodwill and Intangible Assets

As a result of a decline in market capitalization of the Company, and lower than projected financial results of certain reporting units due to customer losses and operational inefficiencies, which have caused us to revise our expectations with regard to future performance, we determined that there were indicators present that would require an interim impairment analysis. During the quarter ended June 30, 2018, we performed an interim goodwill impairment test and concluded that the fair values for certain reporting units comprising our kitting business within our Global Products segment were below their carrying amount. The amount by which the carrying values of the impaired reporting units' goodwill exceeded their fair values was $149.0 million, which was recognized as an impairment loss for the quarter ended June 30, 2018.

As of October 1, 2018, we performed our annual impairment test and concluded that there were no impairments of goodwill as the estimated fair value of each reporting unit exceeded its carrying value. During the quarter ended December 31, 2018, we noted a further decline in market capitalization of the Company and determined that there were further indicators present that would require another interim impairment analysis as of December 31, 2018. As a result of the interim impairment test, the estimated fair value of certain reporting units were determined to be lower than their carrying value and we recorded an impairment loss of $205.5 million within our Global Solutions segment and $68.5 million within our Global Products segment.

We recorded these amounts in “Goodwill and intangible asset impairment charges” in our accompanying consolidated statements of income (loss).

The following table summarizes the changes in the carrying amount of goodwill through December 31, 2018:



	Global Solutions			Global Products			Consolidated

Carrying amount of goodwill, January 1, 2017	$	199,397		$	215,539		$	414,936
Acquisitions (See Note 3)	288,691			—			288,691
Currency translation adjustments	7,772			2,412			10,184
Carrying amount of goodwill, December 31, 2017	495,860			217,951			713,811
Currency translation adjustments	(1,347		)	(637		)	(1,984		)
Acquisitions (See Note 3)	(4,933		)	130,364			125,431
Carrying amount of goodwill, December 31, 2018	489,580			347,678			837,258
Accumulated goodwill impairment, December 31, 2017	—			—			—
Goodwill impairment charge	(205,675		)	(217,461		)	(423,136		)
Accumulated goodwill impairment, December 31, 2018	(205,675		)	(217,461		)	(423,136		)
Net carrying amount of goodwill, December 31, 2018	$	283,905		$	130,217		$	414,122

Intangible assets at December 31, 2018 and 2017 were as follows:



	2018									2017
	Customer Relationships			Tradenames			Other Intangibles			Customer Relationships			Tradenames			Other Intangibles
Gross intangible assets	$	267,510		$	97,000		$	42,930		$	199,265		$	31,000		$	12,537
Accumulated amortization	(72,947		)	(8,544		)	(4,185		)	(54,757		)	(1,769		)	(1,808		)
Net intangible assets	$	194,563		$	88,456		$	38,745		$	144,508		$	29,231		$	10,729
Weighted average useful life	10 years			11 years			8 years			11 years			9 years			10 years

During the quarters ended June 30, 2018 and December 31, 2018, we noted impairment indicators related to our intangible assets. Consistent with the impairment indicators that were considered in performing our interim goodwill impairment assessments, lower than projected financial results of certain reporting units due to customer losses and operational inefficiencies have caused us to revise our expectations with regard to future performance. We performed impairment tests for the asset groups to which our intangible assets are assigned and based on the projected undiscounted future cash flows, we recorded an impairment charge of $16.5 million related to a write-off of customer relationships for the quarter ended June 30, 2018. We recorded this amount in “Goodwill and intangible asset impairment charges” in our accompanying consolidated statements of income (loss). We did not record an impairment to intangibles other than goodwill at December 31, 2018.

At December 31, 2018 and 2017, $106.9 million and $127.4 million in net intangible assets were held in the Global Solutions segment and $214.9 million and $57.0 million were held in the Global Products segment, respectively. Amortization expense for intangible assets was $36.5 million for 2018, $16.4 million for 2017 and $10.0 million for 2016.

Based on the current carrying value of intangible assets subject to amortization, estimated amortization expense is $41.6 million for 2019, $40.7 million for 2020, $39.0 million for 2021, $38.1 million for 2022 and $38.1 million for 2023.