NOTE E — INTANGIBLE ASSETS

Intangible assets consist of the following (in thousands):


	September 30, 2018										December 31, 2017
	Gross		Impairment			Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Goodwill	$	104,232	$	(2,205	)	$	—		$	102,027	$	15,772	$	—		$	15,772
Indefinite-lived intangible assets:
Trade names		62,216		—			—			62,216		7,616		—			7,616
Finite-lived intangible assets:
Licenses		15,847		—			(9,717	)		6,130		15,847		(9,375	)		6,472
Trade names		38,355		—			(13,084	)		25,271		33,368		(11,109	)		22,259
Customer relationships		183,250		—			(24,861	)		158,389		52,961		(16,966	)		35,995
Other		6,434		—			(1,098	)		5,336		1,165		(800	)		365

Total	$	410,334	$	(2,205	)	$	(48,760	)	$	359,369	$	126,729	$	(38,250	)	$	88,479

A summary of the activities related to the Company’s intangible assets for the nine months ended September 30, 2018 consists of the following (in thousands):


Goodwill and Intangible Assets, December 31, 2017	$	88,479
Goodwill acquired		88,898
Trade names acquired		60,000
Customer relationships acquired		131,450
Other intangibles acquired		5,292
Impairment of goodwill		(2,205	)
Foreign currency translation adjustment		(1,391	)
Amortization		(11,154	)

Goodwill and intangible assets, September 30, 2018	$	359,369

The Company’s European tableware business has experienced a decline in operating performance and has reduced its expectations for future cash flows. Therefore, the Company performed an interim impairment assessment in the third quarter, which resulted in a $2.2 million non-cash goodwill impairment charge.

The European tableware business is a reporting unit within the International segment. The fair value of the reporting unit was determined based on a combined income and market approach. The significant assumption used under the income approach, or discounted cash flow method, was projected net sales, projected earnings before interest, tax, depreciation and amortization (“EBITDA”), terminal growth rates, and the cost of capital. Projected net sales, projected EBITDA and terminal growth rates were determined to be significant assumptions because they are three primary drivers of the projected cash flows in the discounted cash flow fair value model. Cost of capital was also determined to be a significant assumption as it is the discount rate used to calculate the current fair value of those projected cash flows. The market approach is based on a market multiple (revenue and EBITDA) and requires an estimate of appropriate multiples based on market data. The resulting fair value was approximately 12% below the reporting units carrying value.

In accordance with ASC 360-10, the Company records impairment losses on long-lived assets used in operations when events and circumstances indicate that long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. During the three months ended September 30, 2018, events and circumstances indicated that $22.9 million of assets of the European tableware reporting unit might be impaired. However, the Company’s estimate of undiscounted cash flows indicated that such carrying amounts were expected to be recovered. Nonetheless, it is reasonably possible that the estimate of undiscounted cash flows may change in the near term resulting in the need to write down those assets to fair value.