Note 4 – Intangible Assets and Goodwill

Intangible assets consist of the following at:


$'s in 000's	Useful Lives	December 31, 2019		December 31, 2018
Amortizable intangibles
Distribution agreement	2 years	$	—	$	3,021
Certification	7 years		350		350
Customer relationships	12-20 years		89,232		82,124
Patents and processes	5-10 years		4,928		1,900
Brand names	5-15 years		15,019		10,470
Total amortizable intangibles			109,529		97,865
Less accumulated amortization			(13,058)		(9,835)
Total net amortizable intangibles			96,471		88,030
Non-amortizable intangibles
Trademarks and other			18,016		516
In-process research and development			5,469		—
Intangible assets, net of accumulated amortization		$	119,956	$	88,546

Certain intangible assets are denominated in currencies other than the U.S. Dollar; therefore, their gross and net carrying values are subject to foreign currency movements. Amortization expense for the years ended December 31, 2019, 2018, and 2017 was $6.0 million, $5.2 million, and $1.1 million, respectively.

The IPRD, intangible assets represent the value assigned to acquired R&D projects that principally represent rights to develop and sell a product that the Company has acquired which have not yet been completed or approved. The IPRD acquired as part of the Perrigo Animal Health Acquisition is accounted for as an indefinite-lived asset until the product is available for sale and regulatory approval is obtained, or abandonment of the associated research and development efforts. If the research and development efforts are successfully completed, the IPRD would be amortized over its then estimated useful life. The fair value of the IPRD was estimated using the multi-period excess earnings income method. The projected cash flows estimates for the future products were based on certain key assumptions including estimates of future revenues and expenses, taking into account the stage of development at the acquisition date and the resources needed to complete development.

Estimated future amortization expense for each of the following years is as follows:


Years ending December 31, ($'s in 000's)
2020	$	9,012
2021		8,996
2022		9,173
2023		8,809
2024		6,797
Thereafter		53,684

The following is a summary of the changes in the carrying value of goodwill for the years ended December 31, 2019 and 2018.


	Reporting Unit
($'s in 000's)	Products		Services		Total
Goodwill as of January 1, 2018	$	5,064	$	—	$	5,064
Foreign currency translation		(285)		—		(285)
Acquisitions		72,986		47,264		120,250
Goodwill as of December 31, 2018		77,765		47,264		125,029
Foreign currency translation		178		—		178
Acquisitions		105,838		—		105,838
Goodwill as of December 31, 2019	$	183,781	$	47,264	$	231,045