NOTE 7 – GOODWILL AND INTANGIBLE ASSETS

The table below summarizes goodwill by business segment:



(Dollars in thousands)	Cinema		Real Estate		Total
Balance at January 1, 2018	$	15,052	$	5,224	$	20,276
Foreign currency translation adjustment		(831)		—		(831)
Balance at December 31, 2018	$	14,221	$	5,224	$	19,445
Change in goodwill due to purchase of business		7,126		—		7,126
Foreign currency translation adjustment		(123)		—		(123)
Balance at December 31, 2019	$	21,224	$	5,224	$	26,448

The Company is required to test goodwill and other intangible assets for impairment on an annual basis and, if current events or circumstances require, on an interim basis. To test the impairment of goodwill, the Company compares the fair value of each reporting unit to its carrying amount, including the goodwill, to determine if there is potential goodwill impairment. A reporting unit is generally one level below the operating segment. The most recent annual assessment occurred in the fourth quarter of 2019. The assessment results indicated that there is no impairment to our goodwill as of December 31, 2019.

The tables below summarize intangible assets other than goodwill:



	December 31, 2019
(Dollars in thousands)	Beneficial Leases		Trade Name		Other Intangible Assets		Total
Gross carrying amount	$	15,048	$	7,258	$	3,145	$	25,451
Less: accumulated amortization		(14,496)		(5,449)		(1,186)		(21,131)
Net intangible assets other than goodwill	$	552	$	1,809	$	1,959	$	4,320



	December 31, 2018
(Dollars in thousands)	Beneficial Leases		Trade Name		Other Intangible Assets		Total
Gross carrying amount	$	28,592	$	7,254	$	1,951	$	37,797
Less: accumulated amortization		(24,145)		(5,207)		(1,076)		(30,428)
Net intangible assets other than goodwill	$	4,447	$	2,047	$	875	$	7,369

Beneficial leases obtained from business combinations relating to our arrangements as lessee were amortized over the life of the lease up to 30 years until January 1, 2019. Under ASC 842 they are now incorporated into the relevant right-of-use asset. The remaining balance of beneficial leases relates to our operations as lessor. Trade names are amortized using an accelerated amortization method over an estimated useful life of 30 years, and other intangible assets over their estimated useful life of up to 30 years (except for transferrable liquor licenses, which are indefinite-lived assets, with a balance of $496,000 and $496,000 as of December 31, 2019 and 2018). For the years ended December 31, 2019, 2018, and 2017, our amortization expense was $0.7 million, $1.9 million, and $1.7 million, respectively.

As of December 31, 2019, the estimated amortization expense for our amortizable intangibles, in the five succeeding years and thereafter is as follows:



(Dollars in thousands)	Estimated Future Amortization Expense
2020	$	788
2021		788
2022		749
2023		367
2024		284
Thereafter		848
Total future amortization expense	$	3,824