NOTE 5 – GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill:

Changes in the carrying amount of goodwill by reportable segment and for the “All Other” category were as follows:

In millions
	Domestic and Canada RCS			International RCS			All Other			Total
Balance as of January 1, 2017	$	2,811.8		$	498.4		$	280.8		$	3,591.0
Goodwill acquired during year		36.9			4.9			4.7			46.5
Purchase accounting adjustments		(10.1	)		1.2			1.5			(7.4	)
Impairments during the year		-			(65.0	)		-			(65.0	)
Impairments related to disposition and assets held for sale		-			(7.1	)		-			(7.1	)
Changes due to foreign currency fluctuations		11.6			34.4			-			46.0
Balance as of December 31, 2017		2,850.2			466.8			287.0			3,604.0
Goodwill acquired during period		42.0			-			-			42.0
Purchase accounting adjustments		(6.5	)		-			(0.8	)		(7.3	)
Impairments related to disposition and assets held for sale (see Note 4)		(5.8	)		(0.1	)		-			(5.9	)
Changes due to foreign currency fluctuations		(4.0	)		(15.0	)		-			(19.0	)
Balance as of September 30, 2018	$	2,875.9		$	451.7		$	286.2		$	3,613.8

Current period adjustments to goodwill for certain prior year acquisitions are primarily due to the finalization, with the assistance of third party valuation specialists, of intangible asset valuations among other opening balance sheet adjustments.

Other Intangible Assets:

As of September 30, 2018 and December 31, 2017, the values of other intangible assets were as follows:

In millions
	September 30, 2018						December 31, 2017
	Gross Carrying Amount		Accumulated Amortization		Net Value		Gross Carrying Amount		Accumulated Amortization		Net Value
Amortizable intangibles:
Customer relationships	$	1,593.6	$	466.4	$	1,127.2	$	1,613.4	$	381.4	$	1,232.0
Covenants not-to-compete		4.1		2.8		1.3		7.9		5.9		2.0
Tradenames		4.0		1.2		2.8		6.0		1.8		4.2
Other		11.9		3.1		8.8		17.0		3.4		13.6
Indefinite lived intangibles:
Operating permits		215.9		-		215.9		222.3		-		222.3
Tradenames		314.6		-		314.6		317.4		-		317.4
Total	$	2,144.1	$	473.5	$	1,670.6	$	2,184.0	$	392.5	$	1,791.5

Changes in the carrying amount of intangible assets were as follows:

In millions
	Total
Balance as of January 1, 2017	$	1,862.0
Intangible assets acquired during the year		28.2
Valuation adjustments for prior year acquisitions		7.9
Amounts reclassified to assets held for sale		(2.6	)
Impairments during the year		(21.0	)
Amortization during the year		(118.4	)
Changes due to foreign currency fluctuations		35.4
Balance as of December 31, 2017		1,791.5
Intangible assets acquired during the period		22.7
Valuation adjustments for prior year acquisitions		0.6
Amounts reclassified to assets held for sale		(14.4	)
Impairments during the period		(5.7	)
Amortization during the period		(96.6	)
Changes due to foreign currency fluctuations		(27.5	)
Balance as of September 30, 2018	$	1,670.6

In the second quarter of 2018, in connection with entering into an agreement for the sale of a business (see Note 4 – Restructuring, Divestitures and Assets Held For Sale), which closed during the three months ended September 30, 2018, we reclassified $14.4 million of customer relationship intangibles to Assets held for sale and recorded a $0.5 million non-cash impairment of customer relationship intangibles.

During the three and nine months ended September 30, 2018, we impaired $0.0 million and $1.0 million, respectively, of tradenames, $0.0 million and $1.2 million, respectively, of operating permits, and $0.0 million and $3.0 million, respectively, of customer relationships in our International RCS segment, due to decisions to rationalize certain operations.

Our indefinite-lived intangible assets include permits and certain tradenames. We have determined that our permits and certain tradenames have indefinite lives due to our ability to renew them with minimal additional cost, and therefore these are not amortized.

Our finite-lived intangible assets are amortized over their useful lives using the straight-line method. Our customer relationships have useful lives ranging from 10 to 30 years, based upon the type of customer, and a weighted average remaining useful life of 11.0 years. We have covenants not-to-compete with useful lives ranging from 5 to 14 years and a weighted average remaining useful life of 2.2 years. Our tradenames have useful lives ranging from 4 to 40 years and a weighted average remaining useful life of 17.7 years. Other intangibles mainly consist of landfill air rights with a remaining useful life of 16.0 years.

During the three months ended September 30, 2018 and 2017, the aggregate intangible asset amortization expense was $31.8 million and $29.9 million, respectively. During the nine months ended September 30, 2018 and 2017, the aggregate intangible asset amortization expense was $96.6 million and $88.5 million, respectively.

The estimated amortization expense for each of the next five years (based upon exchange rates at September 30, 2018) is as follows for the years ended December 31:

In millions
2018	$	127.4
2019	$	127.5
2020	$	126.8
2021	$	126.4
2022	$	126.2