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Goodwill and Intangible Assets, net | 9 Months Ended
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Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets, net | Goodwill and Intangible Assets, net The purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The Company determines the estimated fair values after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is recorded as goodwill. Changes in Carrying Value of Goodwill and Other Intangible Assets
|  |  | Non-Amortizing Intangible Assets
(In millions) | Amortizing Intangible Assets |  | Goodwill |  | Other
December 31, 2019 | $ | 53 |  |  | $ | 910 |  |  | $ | 1,058 |
Amortization | (35) |  |  | — |  |  | — |
Impairments | — |  |  | (100) |  |  | (20) |
Acquired (a) | 488 |  |  | 8,649 |  |  | 3,081 |
Assets held for sale (see Note 4) | (5) |  |  | (9) |  |  | (154) |
September 30, 2020 | $ | 501 |  |  | $ | 9,450 |  |  | $ | 3,965 |
____________________ (a)Includes intangible assets and goodwill acquired upon Merger and $20 million of acquisition of gaming rights. See Note 2 and Note 13 for further detail. Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill
| September 30, 2020 |  | December 31, 2019
(Dollars in millions) | Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Amortizing intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships | 3 - 7 years |  | $ | 488 |  |  | $ | (71) |  |  | $ | 417 |  |  | $ | 101 |  |  | $ | (48) |  |  | $ | 53 |
Gaming rights and others | 34.2 years |  | 84 |  |  | — |  |  | 84 |  |  | — |  |  | — |  |  | — |
|  |  | $ | 572 |  |  | $ | (71) |  |  | 501 |  |  | $ | 101 |  |  | $ | (48) |  |  | 53 |
Non-amortizing intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  |  |  |  |  |  | 2,202 |  |  |  |  |  |  | 165 |
Gaming rights |  |  |  |  |  |  | 1,223 |  |  |  |  |  |  | 893 |
Caesars Rewards |  |  |  |  |  |  | 540 |  |  |  |  |  |  | — |
|  |  |  |  |  |  | 3,965 |  |  |  |  |  |  | 1,058 |
Total amortizing and non-amortizing intangible assets, net |  |  | $ | 4,466 |  |  |  |  |  |  | $ | 1,111 |
Gaming rights represent intangible assets acquired from the purchase of a gaming entity located in a gaming jurisdiction where competition is limited, such as when only a limited number of gaming operators are allowed to operate in the jurisdiction. These gaming license rights are not subject to amortization as the Company has determined that they have indefinite useful lives. For gaming jurisdictions with high barriers of renewal of the gaming rights, such as material costs of renewal, the gaming rights are deemed to have a finite useful life and are amortized over the expected useful life. During the nine months ended September 30, 2020, the Company recognized impairment charges in our Regional segment related to goodwill and trade names totaling $100 million and $16 million, respectively, due to declines in recent performance and the expected impact on future cash flows as a result of COVID-19. Additionally, in conjunction with the classification of MontBleu’s operations as assets held for sale as of September 30, 2020 (see Note 4) as a result of the announced sale, an impairment charge totaling $45 million was recorded due to the carrying value exceeding the estimate sales proceeds. Trade names, property, plant and equipment and other assets were impaired by $4 million, $23 million and $18 million, respectively, recorded in the Regional segment. Amortization expense with respect to intangible assets for the three months ended September 30, 2020 and 2019 totaled $21 million and $8 million, respectively, and $35 million and $23 million for the nine months ended September 30, 2020 and 2019, respectively, which is included in depreciation and amortization in the Consolidated Condensed Statements of Operations.
Estimated Five-Year Amortization |  |  |  |  |  |  |  |  |  |  |
|  |  | Years Ended December 31,
(In millions) | Remaining 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025
Estimated annual amortization expense | $ | 20 |  |  | $ | 78 |  |  | $ | 64 |  |  | $ | 60 |  |  | $ | 60 |  |  | $ | 60 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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