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Goodwill and Other Intangible Assets
3 Months Ended
Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
GOODWILL AND OTHER INTANGIBLE ASSETS

The Company has recorded goodwill as a result of its business combinations. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the tangible assets and intangible assets acquired net of liabilities assumed, including noncontrolling interests. Changes in the Company's goodwill balances from December 31, 2016 to March 31, 2017 are as follows (in thousands):

 
December 31, 2016
Foreign Currency Translation
March 31, 2017
U.S. Corrections & Detention
$
277,774

$

$
277,774

GEO Care
337,257


337,257

International Services
402

25

427

Total Goodwill
$
615,433

$
25

$
615,458




The Company has also recorded other finite and indefinite-lived intangible assets as a result of its various business combinations. The Company's intangible assets include customer relationships, facility management contracts, trade names and technology, as follows (in thousands):
 
 
 
March 31, 2017
 
December 31, 2016
 
Weighted Average Useful Life (years)
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Facility management contracts and customer relationships
15.6
 
$
233,154

 
$
(91,187
)
 
$
141,967

 
$
233,136

 
$
(87,256
)
 
$
145,880

Technology
7.3
 
33,700

 
(22,057
)
 
11,643

 
33,700

 
(20,896
)
 
12,804

Trade name (Indefinite lived)
Indefinite
 
45,200

 

 
45,200

 
45,200

 

 
45,200

Total acquired intangible assets
 
 
$
312,054

 
$
(113,244
)
 
$
198,810

 
$
312,036

 
$
(108,152
)
 
$
203,884



Amortization expense was $5.1 million for both the three months ended March 31, 2017 and March 31, 2016. Amortization expense was primarily related to the U.S. Corrections & Detention and GEO Care segments' amortization of acquired facility management contracts. As of March 31, 2017, the weighted average period before the next contract renewal or extension for the acquired facility management contracts was approximately 1.5 years. Although the facility management contracts acquired have renewal and extension terms in the near term, the Company has historically maintained these relationships beyond the current contractual periods.
Estimated amortization expense related to the Company's finite-lived intangible assets for the remainder of 2017 through 2021 and thereafter is as follows (in thousands):
Fiscal Year
 
 
Total Amortization Expense
Remainder of 2017
 
$
15,271

2018
 
17,470

2019
 
17,142

2020
 
17,143

2021
 
15,348

Thereafter
 
71,236

 
 
$
153,610