BUSINESS COMBINATIONS Effective January 31, 2019, the Company acquired Ozark National and NIS following the receipt of regulatory approvals. NWLGI and National Western paid cash in an aggregate amount of approximately $205.4 million in exchange for all of the outstanding stock of Ozark National (wholly owned by National Western) and NIS (wholly owned by NWLGI). In addition to the cash price paid, National Western has a contingent liability for an "earn-out payment" based upon the subsequent persistency of Ozark National's acquired in force business achieving thresholds as specified in the Stock Purchase Agreement ("Agreement"). The earn-out payment to the seller per the Agreement has a maximum limit of $5.0 million . Using a probabilistic method for valuing contingent consideration, the Company at January 31, 2019 recorded a liability of $3.7 million representing the estimated fair value of the additional consideration estimated to be paid as part of the acquisition. The contingent consideration is revalued during the earn-out term using the same probabilistic method and had a fair value of $4.2 million and $4.1 million as of March 31, 2020 and December 31, 2019, respectively, with the changes in fair value during the three months ended March 31, 2020 recorded through Other operating expenses. In addition to the purchase price, the Company incurred $3.3 million of acquisition-related costs in the quarter ended March 31, 2019. In accordance with GAAP, these costs are included in Other operating expenses in the Condensed Consolidated Statements of Earnings (Loss) and are not considered a part of the purchase price. The acquisition has been accounted for in accordance with Accounting Standards Codification (ASC) Topic 805, Business Combinations . Purchase accounting, as defined by ASC 805, requires that the assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The fair values shown below were determined based on managements best estimates, employing fair valuation methodologies commonly utilized in preparing financial statements in accordance with GAAP, and are subject to revision for one year following the acquisition date. The excess of the purchase price paid above net tangible assets acquired has been assigned to identifiable intangible assets and goodwill. The following table presents the fair values of the net assets acquired as of January 31, 2019. January 31, 2019 Assets Fair value (In thousands) Debt securities held to maturity $ 261,059 Debt securities available for sale 400,719 Policy loans 28,128 Real estate 4,600 Cash and cash equivalents 16,275 Accrued investment income 6,116 Value of business acquired 145,768 Reinsurance recoverables 21,895 Other intangible assets 9,600 Other assets acquired 12,075 Total assets acquired 906,235 Liabilities Traditional life reserves 691,297 Other policyholder liabilities 13,867 Other liabilities acquired 5,840 711,004 Net identifiable assets acquired 195,231 Goodwill 13,864 Net assets acquired $ 209,095 Identifiable Intangible Assets The following table presents the fair value of identifiable intangible assets acquired at January 31, 2019: Fair Value Weighted-Average Amortization Period (In thousands) Trademarks / trade names $ 2,800 15 Internally developed software 3,800 7 Insurance licenses 3,000 NA $ 9,600 The gross carrying amounts and accumulated amortization for each specifically identifiable intangible asset were as follows. March 31, 2020 December 31, 2019 Weighted-Average Amortization Period Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Trademarks/trade names 15 $ 2,800 (218 ) $ 2,800 (171 ) Internally developed software 7 3,800 (633 ) 3,800 (498 ) Insurance licenses (1) N/A 3,000  3,000  $ 9,600 (851 ) 9,600 (669 ) The value of trademarks was estimated using the relief from royalty method, based on the assumption that in lieu of ownership, an organization would be willing to pay a royalty in order to receive the related benefits of using the brand. The value of insurance licenses was estimated using the market approach to value, based on values paid for licenses in recent shell company transactions. The value of internally developed software was estimated using the replacement cost method. Trademarks, trade names and internally developed software are amortized using a straight-line method over the estimated useful lives. These intangible assets will be evaluated for impairment if indicators of impairment arise. Insurance licenses were determined to have an indefinite useful life. The Company evaluates the useful life insurance licenses at each reporting period to determine whether the useful life remains indefinite. Value of Business Acquired ("VOBA") VOBA is a purchase accounting convention for life insurance companies in business combinations based upon an actuarial determination of the difference between the fair value of policyholder liabilities acquired and the same policyholder liabilities measured in accordance with the acquiring company's accounting policies. The difference, referred to as VOBA, is an intangible asset subject to periodic amortization. As of the January 31, 2019 acquisition date, the VOBA balance recorded was $145.8 million . Changes in VOBA were as follows for the periods shown: March 31, December 31, 2020 2019 (In thousands) Balance, beginning of year $ 138,071  Business acquired  145,768 Amortization: Amortization, excluding unlocking (2,192 ) (7,697 ) Balance as of end of period $ 135,879 138,071 Estimated future amortization of VOBA, net of interest (in thousands), as of March 31, 2020 , is as follows: Expected Amortization (In thousands) Remainder of 2020 $ 6,578 2021 $ 8,324 2022 $ 7,901 2023 $ 7,533 2024 $ 7,205 Goodwill The changes in the carrying amount of goodwill (in thousands) were as follows: March 31, December 31, 2020 2019 (In thousands) Gross goodwill as of beginning of year $ 13,864  Goodwill resulting from business acquisition  13,864 Gross goodwill, before impairments 13,864 13,864 Accumulated impairment as of beginning of year   Current year impairments   Net goodwill as of end of period $ 13,864 13,864 Due to the severe change in economic climate which began in the first quarter of 2020 as a result of the COVID-19 pandemic, the Company evaluated the goodwill balance for potential impairment as of March 31, 2020 and determined that there was evidence to support not impairing the balance. Financial Information Subsequent to the acquisition date of January 31, 2019, Ozark National and NIS total revenues of $19.6 million and net earnings of $3.3 million were included in Condensed Consolidated Statements of Earnings (Loss) for the quarter ended March 31, 2019. These results for segment reporting purposes have been combined in the Acquired Businesses segment. The following unaudited comparative pro forma total revenues and net earnings represent Condensed Consolidated Results of Operations for the Company which assume amounts estimated had the acquisition of Ozark National and NIS by the Company been effective January 1, 2018. Three Months Ended March 31, 2020 2019 (In thousands) Total revenues $ 52,488 227,708 Net earnings (loss) $ (2,062 ) 41,830 The pro forma amounts shown above include the estimated total revenues and net earnings of the acquired businesses for each period incorporating amortization of identifiable intangible assets acquired and fair value adjustments to acquired invested assets and traditional life insurance reserves.