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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 2. 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, 2020 to September 30, 2020 are as follows (in thousands):
|  | January 1, 2020 |  |  | Foreign Currency Translation |  |  | September 30, 2020 |
GEO Secure Services |  | $ | 316,366 |  |  | $ | — |  |  | $ | 316,366 |
GEO Care |  |  | 459,589 |  |  |  | — |  |  |  | 459,589 |
International Services |  |  | 401 |  |  |  | 8 |  |  |  | 409 |
Total Goodwill |  | $ | 776,356 |  |  | $ | 8 |  |  | $ | 776,364 |
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):
|  | September 30, 2020 |  |  | December 31, 2019 |
|  | 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 |  |  | $ | 308,336 |  |  | $ | (163,671 | ) |  | $ | 144,665 |  |  | $ | 308,432 |  |  | $ | (148,171 | ) |  | $ | 160,261 |
Technology |  |  | 7.3 |  |  |  | 33,700 |  |  |  | (30,300 | ) |  |  | 3,400 |  |  |  | 33,700 |  |  |  | (29,091 | ) |  |  | 4,609 |
Trade names |  | Indefinite |  |  |  | 45,200 |  |  |  | — |  |  |  | 45,200 |  |  |  | 45,200 |  |  |  | — |  |  |  | 45,200 |
Total acquired intangible assets |  |  |  |  |  | $ | 387,236 |  |  | $ | (193,971 | ) |  | $ | 193,265 |  |  | $ | 387,332 |  |  | $ | (177,262 | ) |  | $ | 210,070 |
Amortization expense was $16.7 million for each of the nine months ended September 30, 2020 and 2019, respectively. Amortization expense was primarily related to the GEO Secure Services and GEO Care segments' amortization of acquired facility management contracts. As of September 30, 2020, the weighted average period before the next contract renewal or extension for the acquired facility management contracts was approximately 2.1 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 2020 through 2024 and thereafter is as follows (in thousands):
Fiscal Year |  | Total Amortization Expense |
Remainder of 2020 |  | $ | 7,222 |
2021 |  |  | 19,769 |
2022 |  |  | 18,125 |
2023 |  |  | 13,481 |
2024 |  |  | 9,748 |
Thereafter |  |  | 79,720 |
|  | $ | 148,065 |

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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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