Goodwill and Intangible Assets

Goodwill represents the excess of acquisition purchase price over the fair value of net assets acquired. We review goodwill for impairment annually, initially utilizing a qualitative assessment, in the second fiscal quarter and whenever events or changes in circumstances indicate the carrying value may not be recoverable. Our goodwill is attributable to the GTB Segment. In conducting the qualitative assessment, we consider relevant events and circumstances that affect the fair value or carrying amount of the reporting unit. Such events and circumstances could include macroeconomic conditions, industry and market considerations, overall financial performance, entity and reporting unit specific events, cost factors and capital market pricing. We consider the extent to which each of the adverse events and circumstances identified affect the comparison of the reporting unit’s fair value with its carrying amount. We place more weight on the events and circumstances that most affect the reporting unit’s fair value or the carrying amount of its net assets. We consider positive and mitigating events and circumstances that may affect its determination of whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. These factors are all considered by management in reaching its conclusion about whether to perform the first step of the impairment test. No impairment was necessary as a result of our second quarter 2018 assessment.

The changes in the carrying amounts of goodwill are as follows:



	June 30, 2018			December 31, 2017
Balance — Beginning	$	8,045		$	7,703
Currency translation adjustment	(387		)	342
Balance — Ending	$	7,658		$	8,045

Our definite-lived intangible assets were comprised of the following:



		June 30, 2018							December 31, 2017
	Weighted- Average Amortization Period	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Trademarks/Tradenames	23 years	$	8,395	$	(3,726	)	$	4,669	$	8,472	$	(3,585	)	$	4,887
Customer relationships	15 years	14,125		(5,252		)	8,873		14,609		(4,948		)	9,661
		$	22,520	$	(8,978	)	$	13,542	$	23,081	$	(8,533	)	$	14,548

The aggregate intangible asset amortization expense was approximately $0.3 million for the three months ended June 30, 2018 and 2017 and $0.7 million for the six months ended June 30, 2018 and 2017. Intangible assets accumulated amortization was positively impacted by foreign currency translation of $0.2 million for the six months ended June 30, 2018. The estimated intangible asset amortization expense for the fiscal year ending December 31, 2018 and for each of the five succeeding years is $1.3 million per year through 2019 and $1.2 million per year from 2020 through 2023.