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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2018
GOODWILL AND INTANGIBLE ASSETS | NOTE F — GOODWILL AND INTANGIBLE ASSETS The Company’s intangible assets, all of which are included in the U.S. and International segments, consist of the following (in thousands):
|  | Year Ended December 31, |
|  | 2018 |  |  | 2017 |
|  | Gross |  |  | Impairment |  |  | Accumulated Amortization |  |  | Net |  |  | Gross |  |  | Accumulated Amortization |  |  | Net |
Goodwill |  | $ | 93,895 |  |  | $ | (2,205 | ) |  | $ | — |  |  | $ | 91,690 |  |  | $ | 15,772 |  |  | $ | — |  |  | $ | 15,772 |
Indefinite -lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  |  | 58,216 |  |  |  | — |  |  |  | — |  |  |  | 58,216 |  |  |  | 7,616 |  |  |  | — |  |  |  | 7,616 |
Finite -lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Licenses |  |  | 15,847 |  |  |  |  |  |  |  | (9,825 | ) |  |  | 6,022 |  |  |  | 15,847 |  |  |  | (9,375 | ) |  |  | 6,472 |
Trade names |  |  | 43,689 |  |  |  |  |  |  |  | (13,965 | ) |  |  | 29,724 |  |  |  | 33,368 |  |  |  | (11,109 | ) |  |  | 22,259 |
Customer relationships |  |  | 175,482 |  |  |  |  |  |  |  | (27,538 | ) |  |  | 147,944 |  |  |  | 52,961 |  |  |  | (16,966 | ) |  |  | 35,995 |
Other |  |  | 6,510 |  |  |  |  |  |  |  | (1,259 | ) |  |  | 5,251 |  |  |  | 1,165 |  |  |  | (800 | ) |  |  | 365 |
Total |  | $ | 393,639 |  |  | $ | (2,205 | ) |  | $ | (52,587 | ) |  | $ | 338,847 |  |  | $ | 126,729 |  |  | $ | (38,250 | ) |  | $ | 88,479 |
A summary of the activities related to the Company’s intangible assets for the years ended December 31, 2018, 2017 and 2016 consists of the following (in thousands):
|  | Intangible Assets |  |  | Goodwill |  |  | Total Intangible Assets and Goodwill |
Goodwill and Intangible Assets, December 31, 2015 |  | $ | 78,492 |  |  | $ | 18,101 |  |  | $ | 96,593 |
Acquisition of trade names |  |  | 5,159 |  |  |  | — |  |  |  | 5,159 |
Acquisition of customer relationships |  |  | 8,878 |  |  |  | — |  |  |  | 8,878 |
Acquisition of other intangible assets |  |  | 50 |  |  |  | — |  |  |  | 50 |
Foreign currency translation adjustment |  |  | (11,400 | ) |  |  | (3,900 | ) |  |  | (15,300 | )
Amortization |  |  | (6,161 | ) |  |  | — |  |  |  | (6,161 | )
Goodwill and Intangible Assets, December 31, 2016 |  |  | 75,018 |  |  |  | 14,201 |  |  |  | 89,219 |
Acquisition of goodwill |  |  | — |  |  |  | 434 |  |  |  | 434 |
Acquisition of trade names |  |  | 1,134 |  |  |  | — |  |  |  | 1,134 |
Acquisition of customer relationships |  |  | 563 |  |  |  | — |  |  |  | 563 |
Foreign currency translation adjustment |  |  | 2,823 |  |  |  | 1,137 |  |  |  | 3,960 |
Amortization |  |  | (6,831 | ) |  |  | — |  |  |  | (6,831 | )
Goodwill and Intangible Assets, December 31, 2017 |  |  | 72,707 |  |  |  | 15,772 |  |  |  | 88,479 |
Acquisition of goodwill |  |  | — |  |  |  | 78,795 |  |  |  | 78,795 |
Acquisition of trade names |  |  | 61,500 |  |  |  |  |  |  |  | 61,500 |
Acquisition of customer relationships |  |  | 124,430 |  |  |  |  |  |  |  | 124,430 |
Acquisition of other intangible assets |  |  | 5,367 |  |  |  | — |  |  |  | 5,367 |
Foreign currency translation adjustment |  |  | (1,524 | ) |  |  | (672 | ) |  |  | (2,196 | )
Amortization |  |  | (15,323 | ) |  |  | — |  |  |  | (15,323 | )
Impairment of goodwill |  |  | — |  |  |  | (2,205 | ) |  |  | (2,205 | )
Goodwill and Intangible Assets, December 31, 2018 |  | $ | 247,157 |  |  | $ | 91,690 |  |  | $ | 338,847 |
The weighted-average amortization periods for the Company’s finite-lived intangible assets as of December 31, 2018 are as follows:
|  | Years |
Trade names |  |  | 15 |
Licenses |  |  | 33 |
Customer relationships |  |  | 14 |
Other |  |  | 10 |
Estimated amortization expense for each of the five succeeding fiscal years is as follows (in thousands):
Year ending December 31, |  |  |  |
2019 |  | $ | 16,841 |
2020 |  |  | 16,827 |
2021 |  |  | 16,349 |
2022 |  |  | 16,349 |
2023 |  |  | 16,309 |
Amortization expense for the years ended December 31, 2018, 2017 and 2016 was $15.3 million, $6.8 million and $6.2 million, respectively. Annual indefinite-lived trade name impairment test In 2018, the Company elected to first perform a qualitative assessment to determine if it was more likely than not that the fair values of the Company’s indefinite-lived trade names were less than the carrying values. The Company considered events and circumstances that could affect the significant inputs used to determine the fair values of the indefinite-lived trade names. Based on the qualitative assessment, the Company determined it was not more likely than not that the fair values of the Company’s indefinite-lived trade names were less than the carrying values as of October 1, 2018. Goodwill impairment test During the third quarter of 2018, the Company performed an interim impairment assessment of its European tableware business due to a decline in operating performance and reduced expectations for future cash flows. The impairment assessment 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 resulting fair value was approximately 12 % below the reporting unit’s carrying value. The Company bypassed the optional qualitative impairment analysis for its reporting units with goodwill for its annual October 1, 2018 impairment test. Accordingly, the estimated fair value of each of the reporting units was determined using the income approach and market approach. The significant assumptions used under the income approach, or discounted cash flow method, are 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. Under the income approach, the resultant estimated fair value of the reporting units exceeded their carrying value as of October 1, 2018. As of October 1 , 2018 , the excess of fair value of the European kitchenware reporting unit, which carries goodwill of $ 10.0 million, was approximately 7 % over its carrying value. Management’s projections used to estimate the cash flows include increasing net sales and operational improvements expected as a results of the consolidation of locations in the U.K. As a result of the European restructuring plan, the European kitchenware and tableware reporting units will be combined into one reporting unit as of January 1 , 2019 . Changes in any of the significant assumptions, including the identified restructuring activities used in the valuation of the reporting unit could materially affect the expected cash flows, and such impacts could potentially result in a material non-cash impairment charge. As of October 1 , 2018 , the fair value of the U.S. reporting unit, which carries goodwill of approximately $ 81.6 million was approximately 9 % over its carrying value. Management’s projections used to estimate fair value included increasing net sales and the realization of the savings due to additional synergies expected from the Company’s acquisition of Filament. Changes in any of the significant assumptions used in the valuation of the reporting unit could materially affect the expected cash flows, and such impacts could potentially result in a material non-cash impairment charge. The Company is not currently aware of any negative changes in its assumptions that could lead to the fair value of the reporting units being less than the carrying value. As of December 31, 2018, the Company assessed the carrying value of goodwill and determined based on qualitative factors, no impairment existed.

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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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