GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2019

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 4 – GOODWILL AND OTHER INTANGIBLE ASSETS

The changes in the carrying amount of goodwill by reporting segment since December 31, 2018 are as follows:

	Beauty +				Food +		Corporate
	Home		Pharma		Beverage		& Other		Total
Goodwill	$	223,933	$	359,883	$	128,279	$	1,615	$	713,710
Accumulated impairment losses		—		—		—		(1,615)		(1,615)
Balance as of December 31, 2018	$	223,933	$	359,883	$	128,279	$	—	$	712,095
Acquisition		—		28,138		—		—		28,138
Foreign currency exchange effects		(4,994)		(12,876)		(293)		—		(18,163)
Goodwill	$	218,939	$	375,145	$	127,986	$	1,615	$	723,685
Accumulated impairment losses		—		—		—		(1,615)		(1,615)
Balance as of September 30, 2019	$	218,939	$	375,145	$	127,986	$	—	$	722,070

During the third quarter of 2019, we performed a separate quantitative impairment assessment using a discounted cash flow analysis of the Active Packaging reporting unit, which was formed as a result of the CSP Technologies Acquisition in the third quarter of 2018. We calculated the fair value of the Active Packaging reporting unit and compared it with the associated carrying amount (the “step one” approach”) as of July 1, 2019. Based on this quantitative analysis, the fair value of the reporting unit exceeded the carrying value and therefore no impairment loss was recognized.

The table below shows a summary of intangible assets as of September 30, 2019 and December 31, 2018.

		September 30, 2019							December 31, 2018
Weighted Average		Gross						Gross
Amortization Period		Carrying		Accumulated		Net		Carrying		Accumulated		Net
	(Years)	Amount		Amortization		Value		Amount		Amortization		Value
Amortized intangible assets:
Patents	3.0	$	5,972		(4,635)	$	1,337	$	5,427	$	(5,294)	$	133
Acquired technology	13.4		93,153		(22,856)		70,297		92,389		(18,304)		74,085
Customer relationships	13.9		187,994		(29,336)		158,658		179,597		(20,439)		159,158
Trademarks and trade names	7.2		33,026		(9,564)		23,462		21,243		(5,914)		15,329
License agreements and other	11.0		14,830		(8,872)		5,958		13,852		(7,653)		6,199
Total intangible assets	12.8	$	334,975	$	(75,263)	$	259,712	$	312,508	$	(57,604)	$	254,904

Aggregate amortization expense for the intangible assets above for the quarters ended September 30, 2019 and 2018 was $7,399 and $4,005, respectively. Aggregate amortization expense for the intangible assets above for the nine months ended September 30, 2019 and 2018 was $19,787 and $9,578, respectively.

Future estimated amortization expense for the years ending December 31 is as follows:

2019	$	7,683	(remaining estimated amortization for 2019)
2020		26,340
2021		25,484
2022		25,247
2023 and thereafter		174,958

Future amortization expense may fluctuate depending on changes in foreign currency rates. The estimates for amortization expense noted above are based upon foreign exchange rates as of September 30, 2019.