INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

INTANGIBLE ASSETS

The following table summarizes information relating to the Company's acquired amortizable intangible assets: 

	As of December 31, 2019						As of December 31, 2018
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Estimated Useful Lives
Customer relationships	$	6,017,524	$	(2,843,561)	$	3,173,963	$	5,970,884	$	(2,162,110)	$	3,808,774	8 to 18 years
Trade names	1,081,083		(798,484)		282,599		1,067,083		(701,998)		365,085		2 to 5 years
Other amortizable intangibles	53,181		(28,634)		24,547		37,644		(18,679)		18,965		1 to 15 years
	$	7,151,788	$	(3,670,679)	$	3,481,109	$	7,075,611	$	(2,882,787)	$	4,192,824

Amortization expense for the years ended December 31, 2019, 2018 and 2017 aggregated $787,893, $874,214 and $1,341,807, respectively.

The following table sets forth the estimated amortization expense on intangible assets for the periods presented:

Estimated amortization expense
Year Ending December 31, 2020	$	710,537
Year Ending December 31, 2021	629,095
Year Ending December 31, 2022	542,371
Year Ending December 31, 2023	378,643
Year Ending December 31, 2024	300,387

The carrying amount of goodwill is presented below:

Goodwill as of December 31, 2017	$	8,019,861
Reclassification of goodwill to property, plant and equipment related to Cequel	(15,041)
Goodwill recorded in connection with an acquisition	7,608
Adjustment to purchase accounting relating to business acquired	(12)
Goodwill as of December 31, 2018	8,012,416
Goodwill recorded in connection with an acquisition of Cheddar Inc. ("Cheddar")	130,039
Adjustments to purchase accounting relating to business acquired	(146)
Goodwill as of December 31, 2019	$	8,142,309

In June 2019, the Company completed the acquisition of Cheddar, a digital-first news company, for approximately $198,754 in cash and stock. The acquisition was accounted for as a business combination in accordance with ASC Topic 805. The purchase price was allocated to the identifiable tangible and intangible assets and liabilities of Cheddar based on their fair values. The Company recorded goodwill of $130,039, customer relationships of $46,640, trade names of $14,000 and other amortizable intangible assets of $11,780.

In connection with certain acquisitions completed in 2018, the Company recorded goodwill of $7,462 which represents the excess of the estimated purchase price of approximately $9,888 (based on current probability of contingent consideration) over the net book value of assets acquired.