Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

The Company has recorded goodwill as a result of its various 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 January 1, 2019 to June 30, 2019 are as follows (in thousands):



	January 1, 2019		Foreign Currency Translation			June 30, 2019
GEO Secure Services	$	316,366	$	—		$	316,366
GEO Care	459,589		—			459,589
International Services	404		(2		)	402
Total Goodwill	$	776,359	$	(2	)	$	776,357

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 facility management contracts, covenants not to compete, trade names and technology, as follows (in thousands):



		June 30, 2019							December 31, 2018
	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	$	308,515	$	(137,909	)	$	170,606	$	308,419	$	(127,481	)	$	180,938
Covenants not to compete	1	—		—			—		700		(700		)	—
Technology	7.3	33,700		(28,284		)	5,416		33,700		(27,478		)	6,222
Trade names (Indefinite lived)	Indefinite	45,200		—			45,200		45,200		—			45,200
Total acquired intangible assets		$	387,415	$	(166,193	)	$	221,222	$	388,019	$	(155,659	)	$	232,360

Amortization expense was $11.2 million and $11.7 million for the six months ended June 30, 2019 and 2018, respectively. Amortization expense was primarily related to the GEO Secure Services (formerly known as U.S. Corrections & Detention) and GEO Care segments' amortization of acquired facility management contracts. As of June 30, 2019, 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 2019 through 2023 and thereafter is as follows (in thousands):



Fiscal Year	Total Amortization Expense
Remainder of 2019	$	11,171
2020	22,306
2021	19,782
2022	18,273
2023	13,632
Thereafter	90,858
	$	176,022