| GOODWILL AND INTANGIBLE ASSETS |
NOTE 5—GOODWILL AND INTANGIBLE ASSETS The following table summarizes the changes in goodwill by reporting unit: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S.
Markets | | International
Markets | | Consolidated Goodwill | (In millions) | | Gross Carrying Amount | | Accumulated Impairment Losses | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Impairment Losses | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Impairment Losses | | Net Carrying Amount | Balance December 31, 2020 | | $ | 3,072.6 | | $ | (1,276.1) | | $ | 1,796.5 | | $ | 1,850.1 | | $ | (1,099.3) | | $ | 750.8 | | $ | 4,922.7 | | $ | (2,375.4) | | $ | 2,547.3 | Currency translation adjustment | | | — | | | — | | | — | | | (86.2) | | | 10.0 | | | (76.2) | | | (86.2) | | | 10.0 | | | (76.2) | Baltics disposition-Estonia (1) | | | — | | | — | | | — | | | (3.7) | | | — | | | (3.7) | | | (3.7) | | | — | | | (3.7) | Baltics disposition-Lithuania (1) | | | — | | | — | | | — | | | (37.6) | | | — | | | (37.6) | | | (37.6) | | | — | | | (37.6) | Balance December 31, 2021 | | | 3,072.6 | | | (1,276.1) | | | 1,796.5 | | | 1,722.6 | | | (1,089.3) | | | 633.3 | | | 4,795.2 | | | (2,365.4) | | | 2,429.8 | Currency translation adjustment | | | — | | | — | | | — | | | (200.8) | | | 113.0 | | | (87.8) | | | (200.8) | | | 113.0 | | | (87.8) | Balance December 31, 2022 | | $ | 3,072.6 | | $ | (1,276.1) | | $ | 1,796.5 | | $ | 1,521.8 | | $ | (976.3) | | $ | 545.5 | | $ | 4,594.4 | | $ | (2,252.4) | | $ | 2,342.0 |
| (1) | See Note 1—The Company and Significant Accounting Policies for further information regarding the Baltic theatre sale. |
Detail of other intangible assets is presented below: | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | December 31, 2021 | | | | | | Gross | | | | | Gross | | | | | | | Remaining | | Carrying | | Accumulated | | Carrying | | Accumulated | | (In millions) | | Useful Life | | Amount | | Amortization | | Amount | | Amortization | | Amortizable Intangible Assets: | | | | | | | | | | | | | | | | Management contracts and franchise rights | | 1 to 4 years | | $ | 9.3 | | $ | (9.2) | | $ | 10.4 | | $ | (9.8) | | Starplex trade name | | 4 years | | | 7.9 | | | (5.0) | | | 7.9 | | | (4.1) | | Carmike trade name | | 1 year | | | 9.3 | | | (8.0) | | | 9.3 | | | (6.7) | | Total, amortizable | | | | $ | 26.5 | | $ | (22.2) | | $ | 27.6 | | $ | (20.6) | | Non-amortizing Intangible Assets: | | | | | | | | | | | | | | | | AMC trademark | | | | $ | 104.4 | | | | | $ | 104.4 | | | | | Odeon trade names | | | | | 35.8 | | | | | | 38.9 | | | | | Nordic trade names | | | | | 2.8 | | | | | | 3.1 | | | | | Total, unamortizable | | | | $ | 143.0 | | | | | $ | 146.4 | | | | |
See the impairment table in Note 1—The Company and Significant Accounting Policies for information regarding indefinite and definite-lived intangible assets impairment amounts. Amortization expense associated with the intangible assets noted above is as follows: | | | | | | | | | | | | | Year Ended | | (In millions) | | December 31, 2022 | | December 31, 2021 | | December 31, 2020 | | Recorded amortization | | $ | 2.6 | | $ | 3.5 | | $ | 4.5 | |
Estimated annual amortization for the next five calendar years for intangible assets is projected below: | | | | | | | | | | | | | (In millions) | | 2023 | | 2024 | | 2025 | | 2026 | Projected annual amortization | | $ | 2.1 | | $ | 0.8 | | $ | 0.8 | | $ | 0.6 |
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