GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for the year ended December 31, 2023 are as follows by reporting segment:


	Aptar Pharma		Aptar Beauty		Aptar Closures		Total
Balance as of December 31, 2021	$	520,197	$	325,719	$	128,241	$	974,157
Acquisition	3,029		—		—		3,029

Foreign currency exchange effects	(24,484)		(6,708)		(362)		(31,554)
Balance as of December 31, 2022	$	498,742	$	319,011	$	127,879	$	945,632
Reclassification due to segment change	—		(39,472)		39,472		—
Acquisitions	—		4,603		114		4,717
Foreign currency exchange effects	9,705		2,955		409		13,069
Balance as of December 31, 2023	$	508,447	$	287,097	$	167,874	$	963,418

Effective January 1, 2023, we realigned two of our segment, allowing us to better serve our customers and position us for long-term profitable growth; see Note 18 - Segment Information for additional information. As a result of this segment realignment, we reassigned a total of $39.5 million of goodwill from the Beauty reporting unit to the Closures reporting unit using the relative fair value approach.

We have completed the annual impairment analysis of our reporting units as of October 1, 2023. Due to the realignment of the Beauty and Closures segments mentioned above, management determined it appropriate to calculate the fair value of both reporting units and compare with their associated carrying amounts as of January 1, 2023. Further, as we performed our annual goodwill impairment assessment, due to events or circumstances that were unfavorable for injectables and active material science solutions, management determined it appropriate to calculate the fair value of both reporting units and compare with their associated carrying amounts as of October 1, 2023.

We estimated the fair values of the affected businesses based upon the present value of their estimated future cash flows. Our determination of fair value involved judgment and the use of significant estimates and assumptions, including assumptions regarding the projected revenue growth rates, projected EBITDA margins, the terminal growth factor, as well as the discount rate to calculate estimated future cash flows. We believe that our assumptions used in discounting future cash flows are appropriate.

Based on our review of macroeconomic, industry, and market events and circumstances as well as the overall financial performance of the reporting units, we determined that it was more likely than not that the fair value of these reporting units was greater than their carrying amounts. No impairment was recognized during the years ended December 31, 2023, 2022 or 2021.

The table below shows a summary of intangible assets for the years ended December 31, 2023 and 2022.


		2023						2022
	Weighted Average Amortization Period (Years)	Gross Carrying Amount		Accumulated Amortization		Net Value		Gross Carrying Amount		Accumulated Amortization		Net Value
Amortized intangible assets:
Patents	9.9	$	7,362	$	(1,754)	$	5,608	$	8,044	$	(1,968)	$	6,076
Acquired technology	11.2	142,837		(70,520)		72,317		135,191		(56,628)		78,563
Customer relationships	13.5	308,889		(124,648)		184,241		305,994		(99,130)		206,864
Trademarks and trade names	7.6	43,932		(33,368)		10,564		43,998		(28,190)		15,808
License agreements and other	31.8	17,213		(6,732)		10,481		15,425		(6,992)		8,433
Total intangible assets	13.3	$	520,233	$	(237,022)	$	283,211	$	508,652	$	(192,908)	$	315,744

Aggregate amortization expense for the intangible assets above for the years ended December 31, 2023, 2022 and 2021 was $44,720, $43,574 and $41,072, respectively.

Future estimated amortization expense for the years ending December 31 is as follows:


2024	$	40,021
2025	40,952
2026	38,596
2027	29,249
2028	22,710
2029 and thereafter	111,683

Future amortization expense may fluctuate depending on changes in foreign currency rates. The estimates for amortization expense noted above are based upon foreign exchange rates as of December 31, 2023.