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Goodwill and Other Intangible Assets
9 Months Ended
Sep. 30, 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 various business combinations. On April 5, 2017, the Company completed its acquisition of CEC. Refer to Note 2 - 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 September 30, 2017 are as follows (in thousands):

 
December 31, 2016
 Acquisitions
Foreign Currency Translation
September 30, 2017
U.S. Corrections & Detention
$
277,774

$
41,604

$

$
319,378

GEO Care
337,257

124,889


462,146

International Services
402


46

448

Total Goodwill
$
615,433

166,493

$
46

$
781,972




The Company has also recorded other finite and indefinite-lived intangible assets as a result of its various business combinations. Refer to Note 2 - Business Combinations for a discussion of the Company's recent acquisition of CEC. The Company's intangible assets include facility management contracts, covenants not to compete, trade names and technology, as follows (in thousands):
 
 
 
September 30, 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
16.3
 
$
308,446

 
$
(101,537
)
 
$
206,909

 
$
233,136

 
$
(87,256
)
 
$
145,880

Covenants not to compete
1
 
700

 
(342
)
 
358

 

 

 

Technology
7.3
 
33,700

 
(24,377
)
 
9,323

 
33,700

 
(20,896
)
 
12,804

Trade name (Indefinite lived)
Indefinite
 
45,200

 

 
45,200

 
45,200

 

 
45,200

Total acquired intangible assets
 
 
$
388,046

 
$
(126,256
)
 
$
261,790

 
$
312,036

 
$
(108,152
)
 
$
203,884



Amortization expense was $6.5 million and $18.1 million for the three and nine months ended September 30, 2017, respectively. Amortization expense was $5.1 million and $15.3 million for the three and nine months ended September 30, 2016, respectively. Amortization expense was primarily related to the U.S. Corrections & Detention and GEO Care segments' amortization of acquired facility management contracts. As of September 30, 2017, the weighted average period before the next contract renewal or extension for the acquired facility management contracts was approximately 1.6 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
 
$
6,525

2018
 
22,821

2019
 
22,310

2020
 
22,310

2021
 
20,090

Thereafter
 
122,534

 
 
$
216,590