NOTE 5—GOODWILL AND INTANGIBLE ASSETS Activity of goodwill is presented below: | | | | | | | | | | (In millions) | | U.S.
Markets | | International
Markets | | Total | Balance as of December 31, 2017 | | $ | 3,072.6 | | $ | 1,859.1 | | $ | 4,931.7 | Adjustments to the acquisition of Nordic | | | — | | | (6.4) | | | (6.4) | Currency translation adjustment | | | — | | | (136.6) | | | (136.6) | Balance as of December 31, 2018 | | $ | 3,072.6 | | $ | 1,716.1 | | $ | 4,788.7 | Currency translation adjustment | | | — | | | 0.4 | | | 0.4 | Balance as of December 31, 2019 | | $ | 3,072.6 | | $ | 1,716.5 | | $ | 4,789.1 |
Detail of other intangible assets is presented below: | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | December 31, 2018 | | | | | | Gross | | | | | Gross | | | | | | | Remaining | | Carrying | | Accumulated | | Carrying | | Accumulated | | (In millions) | | Useful Life | | Amount | | Amortization | | Amount | | Amortization | | Amortizable Intangible Assets: | | | | | | | | | | | | | | | | Favorable leases (1) | | | | $ | — | | $ | — | | $ | 206.0 | | $ | (55.4) | | Management contracts and franchise rights | | 1 to 7 years | | | 11.8 | | | (7.9) | | | 11.8 | | | (6.2) | | Non-compete agreement | | 2 years | | | 2.6 | | | (2.1) | | | 2.6 | | | (1.5) | | Starplex trade name | | 7 years | | | 7.9 | | | (2.6) | | | 7.9 | | | (1.8) | | Carmike trade name | | 4 years | | | 9.3 | | | (4.0) | | | 9.3 | | | (2.7) | | NCM tax receivable agreement | | 17 years | | | 20.9 | | | (6.2) | | | 20.9 | | | (5.3) | | Total, amortizable | | | | $ | 52.5 | | $ | (22.8) | | $ | 258.5 | | $ | (72.9) | | Unamortized Intangible Assets: | | | | | | | | | | | | | | | | AMC trademark | | | | $ | 104.4 | | | | | $ | 104.4 | | | | | Odeon trade names | | | | | 50.7 | | | | | | 51.4 | | | | | Nordic trade names | | | | | 10.5 | | | | | | 10.7 | | | | | Total, unamortizable | | | | $ | 165.6 | | | | | $ | 166.5 | | | | |
| (1) | See Note 1—The Company and Significant Accounting Policies for information regarding the reclassification of favorable leases as an addition to the opening lease ROU asset balances, as required by ASC 842. |
Amortization expense associated with the intangible assets noted above is as follows: | | | | | | | | | | | | | Year Ended | | (In millions) | | December 31, 2019 | | December 31, 2018 | | December 31, 2017 | | Recorded amortization | | $ | 5.1 | | $ | 19.2 | | $ | 20.0 | |
Estimated annual amortization for the next five calendar years for intangible assets is projected below: | | | | | | | | | | | | | | | | | (In millions) | | 2020 | | 2021 | | 2022 | | 2023 | | 2024 | | Projected annual amortization | | $ | 5.0 | | $ | 4.5 | | $ | 3.5 | | $ | 3.1 | | $ | 1.7 | |
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