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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2019
GOODWILL AND OTHER INTANGIBLE ASSETS |
GOODWILL AND OTHER INTANGIBLE ASSETS | N OTE 4 GOODWILL AND OTHER INTANGIBLE ASSETS ​ The changes in the carrying amount of goodwill for the year ended December 31, 2019 are as follows by reporting segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Beauty + |  | ​ | ​ |  | Food + |  | Corporate |  | ​ | ​ |
​ | ​ | Home | ​ | Pharma | ​ | Beverage | ​ | & Other | ​ | Total |
Balance as of December 31, 2017 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Goodwill | ​ | $ | 223,947 | ​ | $ | 203,069 | ​ | $ | 16,871 | ​ | $ | 1,615 | ​ | $ | 445,502 | ​
Accumulated impairment losses | ​ | ​ | — | ​ |  | — | ​ |  | — | ​ |  | (1,615) | ​ |  | (1,615) | ​
​ | ​ | $ | 223,947 | ​ | $ | 203,069 | ​ | $ | 16,871 | ​ | $ | — | ​ | $ | 443,887 | ​
Acquisition | ​ | ​ | 5,565 | ​ | ​ | 174,343 | ​ | ​ | 103,678 | ​ | ​ | — | ​ | ​ | 283,586 | ​
Reallocation, net | ​ | ​ | — | ​ | ​ | (8,048) | ​ | ​ | 8,048 | ​ | ​ | — | ​ | ​ | — | ​
Foreign currency exchange effects | ​ | ​ | (5,579) | ​ |  | (9,481) | ​ |  | (318) | ​ |  | — | ​ |  | (15,378) | ​
Balance as of December 31, 2018 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Goodwill | ​ | $ | 223,933 | ​ | $ | 359,883 | ​ | $ | 128,279 | ​ | $ | 1,615 | ​ | $ | 713,710 | ​
Accumulated impairment losses | ​ | ​ | — | ​ |  | — | ​ |  | — | ​ |  | (1,615) | ​ |  | (1,615) | ​
​ | ​ | $ | 223,933 | ​ | $ | 359,883 | ​ | $ | 128,279 | ​ | $ | — | ​ | $ | 712,095 | ​
Acquisition | ​ | ​ | — | ​ | ​ | 57,934 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 57,934 | ​
Foreign currency exchange effects | ​ |  | (2,275) | ​ |  | (4,167) | ​ |  | (126) | ​ |  | — | ​ |  | (6,568) | ​
Balance as of December 31, 2019 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Goodwill | ​ | $ | 221,658 | ​ | $ | 413,650 | ​ | $ | 128,153 | ​ | $ | 1,615 | ​ | $ | 765,076 | ​
Accumulated impairment losses | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (1,615) | ​ |  | (1,615) | ​
​ | ​ | $ | 221,658 | ​ | $ | 413,650 | ​ | $ | 128,153 | ​ | $ | — | ​ | $ | 763,461 | ​
​ During the fourth quarter of 2018, certain CSP Technologies product lines were transferred from Pharma segment to the Food + Beverage segment affecting the Active Packaging and Food + Beverage reporting units to better align our customer needs. The changes resulted in the reassignment of the assets and liabilities to the reporting units affected. The goodwill was reallocated to the reporting units affected using the relative fair value approach. 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 value (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. We have completed the annual impairment analysis of our reporting units as of October 1, 2019 using a qualitative analysis of goodwill commonly referred to as the “step zero” approach for each of our reporting units. Based on our review of macroeconomic, industry, and market events and circumstances as well as the overall financial performance of the reporting units, we determined that it was more likely than not that the fair value of these reporting units was greater than their carrying amounts. No impairment was recognized during the years ended December 31, 2019, 2018 or 2017. The table below shows a summary of intangible assets for the years ended December 31, 2019 and 2018. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 2019 | ​ | ​ | 2018 | ​
Weighted Average | ​ | Gross | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | ​ | ​ |
Amortization Period | ​ | Carrying | ​ | Accumulated | ​ | Net | ​ | Carrying | ​ | Accumulated | ​ | Net |
​ |  | (Years) |  | Amount |  | Amortization |  | Value |  | Amount |  | Amortization |  | Value |
Amortized intangible assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Patents |  | 7.2 | ​ | $ | 2,804 | ​ | ​ | (1,318) | ​ | $ | 1,486 | ​ | $ | 5,427 | ​ | $ | (5,294) | ​ | $ | 133 | ​
Acquired technology |  | 13.0 | ​ |  | 100,511 | ​ | ​ | (25,430) | ​ |  | 75,081 | ​ |  | 92,389 | ​ |  | (18,304) | ​ |  | 74,085 | ​
Customer relationships | ​ | 13.6 | ​ | ​ | 217,934 | ​ | ​ | (33,924) | ​ | ​ | 184,010 | ​ | ​ | 179,597 | ​ | ​ | (20,439) | ​ | ​ | 159,158 | ​
Trademarks and trade names | ​ | 7.0 | ​ | ​ | 35,015 | ​ | ​ | (11,003) | ​ | ​ | 24,012 | ​ | ​ | 21,243 | ​ | ​ | (5,914) | ​ | ​ | 15,329 | ​
License agreements and other |  | 10.3 | ​ |  | 16,153 | ​ | ​ | (9,658) | ​ |  | 6,495 | ​ |  | 13,852 | ​ |  | (7,653) | ​ |  | 6,199 | ​
Total intangible assets |  | 12.6 | ​ | $ | 372,417 | ​ | $ | (81,333) | ​ | $ | 291,084 | ​ | $ | 312,508 | ​ | $ | (57,604) | ​ | $ | 254,904 | ​
​ Aggregate amortization expense for the intangible assets above for the years ended December 31, 2019, 2018 and 2017 was $27,608, $15,455 and $10,339, respectively. Estimated amortization expense for the years ending December 31 is as follows: ​
​ | ​ | ​ | ​
2020 |  | $ | 31,135
2021 | ​ |  | 29,582
2022 | ​ |  | 29,343
2023 | ​ |  | 29,171
2024 and thereafter | ​ |  | 171,853
​ 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 December 31, 2019.

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