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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amount of goodwill for the year ended December 31, 2024 are as follows by reporting segment:
| Aptar Pharma |  | Aptar Beauty |  | Aptar Closures |  | Total
Balance as of December 31, 2022 | $ | 498,742 |  |  | $ | 319,011 |  |  | $ | 127,879 |  |  | $ | 945,632 |
Reclassification due to segment change | — |  |  | (39,472) |  |  | 39,472 |  |  | — |
Acquisition | — |  |  | 4,603 |  |  | 114 |  |  | 4,717 |
Foreign currency exchange effects | 9,705 |  |  | 2,955 |  |  | 409 |  |  | 13,069 |
Balance as of December 31, 2023 | $ | 508,447 |  |  | $ | 287,097 |  |  | $ | 167,874 |  |  | $ | 963,418 |
Foreign currency exchange effects | (20,213) |  |  | (5,811) |  |  | (1,138) |  |  | (27,162) |
Balance as of December 31, 2024 | $ | 488,234 |  |  | $ | 281,286 |  |  | $ | 166,736 |  |  | $ | 936,256 |
Effective January 1, 2023, we realigned two of our segment, allowing us to better serve our customers and position us for long-term profitable growth; see Note 18 - Segment Information for additional information. As a result of this segment realignment, we reassigned a total of $39.5 million of goodwill from the Beauty reporting unit to the Closures reporting unit using the relative fair value approach. We have completed the annual impairment analysis of our reporting units as of October 1, 2024. As we performed our annual goodwill impairment assessment, due to events or circumstances that were unfavorable for injectables and the passage of time from our prior Step 1 analysis over the other pharma reporting unit, management determined it appropriate to calculate the fair value of both reporting units and compare with their associated carrying amounts as of October 1, 2024. We estimated the fair values of the affected businesses based upon the present value of their estimated future cash flows. Our determination of fair value involved judgment and the use of significant estimates and assumptions, including assumptions regarding the projected revenue growth rates, projected EBITDA margins, as well as the discount rate to calculate estimated future cash flows. We believe that our assumptions used in discounting future cash flows are appropriate. 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, 2024, 2023 or 2022. The table below shows a summary of intangible assets for the years ended December 31, 2024 and 2023.
|  |  | 2024 |  | 2023
| Weighted Average Amortization Period (Years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Value |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Value
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Patents | 12.6 |  | $ | 18,333 |  |  | $ | (2,343) |  |  | $ | 15,990 |  |  | $ | 7,362 |  |  | $ | (1,754) |  |  | $ | 5,608 |
Acquired technology | 11.2 |  | 137,444 |  |  | (80,171) |  |  | 57,273 |  |  | 142,837 |  |  | (70,520) |  |  | 72,317 |
Customer relationships | 13.6 |  | 303,502 |  |  | (145,772) |  |  | 157,730 |  |  | 308,889 |  |  | (124,648) |  |  | 184,241 |
Trademarks and trade names | 8.0 |  | 42,882 |  |  | (36,450) |  |  | 6,432 |  |  | 43,932 |  |  | (33,368) |  |  | 10,564 |
License agreements and other | 19.5 |  | 26,318 |  |  | (8,974) |  |  | 17,344 |  |  | 17,213 |  |  | (6,732) |  |  | 10,481 |
Total intangible assets | 13.3 |  | $ | 528,479 |  |  | $ | (273,710) |  |  | $ | 254,769 |  |  | $ | 520,233 |  |  | $ | (237,022) |  |  | $ | 283,211 |
During the year ended December 31, 2024, we purchased $17.7 million of intangibles primarily associated with the purchase of patents of $12.4 million and other intangible assets. Aggregate amortization expense for the intangible assets above for the years ended December 31, 2024, 2023 and 2022 was $44,117, $44,720 and $43,574, respectively. Future estimated amortization expense for the years ending December 31 is as follows:
2025 | $ | 42,075 |
2026 | 40,923 |
2027 | 33,358 |
2028 | 29,374 |
2029 | 27,283 |
2030 and thereafter | 81,756 |
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, 2024.

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