Goodwill and Other Intangible Assets, Net

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 recognized during the years ended December 31, 2018 and 2017 were as follows (in thousands):



	December 31, 2017		Acquisitions (net of dispositions)			Foreign currency translation			December 31, 2018
U.S. Corrections & Detention	$	317,005	$	(639	)	$	—		$	316,366
GEO Care	461,499		(1,910		)	—			459,589
International Services	447		—			(43		)	404
Total Goodwill	$	778,951	$	(2,549	)	$	(43	)	$	776,359



	December 31, 2016		Acquisitions		Foreign currency translation		December 31, 2017
U.S. Corrections & Detention	$	277,774	$	39,231	$	—	$	317,005
GEO Care	337,257		124,242		—		461,499
International Services	402		—		45		447
Total Goodwill	$	615,433	$	163,473	$	45	$	778,951

Intangible assets consisted of the following as of December 31, 2018 and December 31, 2017 (in thousands):



		December 31, 2018							December 31, 2017
	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	$	308,419	$	(127,481	)	$	180,938	$	308,518	$	(106,724	)	$	201,794
Covenants not to compete	1	700		(700		)	—		700		(517		)	183
Technology	7.3	33,700		(27,478		)	6,222		33,700		(25,538		)	8,162
Trade names	Indefinite	45,200		—			45,200		45,200		—			45,200
Total acquired intangible assets		$	388,019	$	(155,659	)	$	232,360	$	388,118	$	(132,779	)	$	255,339

The accounting for recognized intangible assets is based on the useful lives to the reporting entity. Intangible assets with finite useful lives are amortized over their useful lives and intangible assets with indefinite useful lives are not amortized. The Company estimates the useful lives of its intangible assets taking into consideration (i) the expected use of the asset by the Company, (ii) the expected useful lives of other related assets or groups of assets, (iii) legal or contractual limitations, (iv) the Company's historical experience in renewing or extending similar arrangements, (v) the effects of obsolescence, demand, competition and other economic factors and (vi) the level of maintenance expenditures required to obtain the expected cash flows from the asset.

Amortization expense was $22.9 million, $24.7 million and $20.4 million for the years ended December 31, 2018, 2017 and 2016, respectively, and primarily related to the U.S. Corrections & Detention and GEO Care segments’ amortization of intangible assets for acquired management contracts. The Company relies on its historical experience in determining the useful life of facility management contracts. The Company makes assumptions related to acquired facility management contracts based on the competitive environment for individual contracts, our historical success rates in retaining contracts, the supply of available beds in the market, changes in legislation, the projected profitability of the facilities and other market conditions. As of December 31, 2018, the weighted average period before the next contract renewal or extension for the 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 contractual periods.

Estimated amortization expense related to the Company’s finite-lived intangible assets for 2019 through 2023 and thereafter is as follows (in thousands):



Fiscal Year	Total Amortization Expense
2019	$	22,287
2020	22,306
2021	19,782
2022	18,204
2023	13,494
Thereafter	91,087

	$	187,160