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GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended
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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.

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