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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
Goodwill

ASC 350, Intangibles - Goodwill and Other Intangibles, provides guidance on an entity's subsequent measurement and recognition of goodwill and other intangibles, including subsequent changes to carrying amounts, including impairment and fair value adjustments. In 2019, in connection with the change in segment structure, the Company changed its reporting units which resulted in a reallocation of $40,394 of goodwill from the Engineered Products segment to the Imaging & Identification segment using the relative fair value approach. See Note 20 — Segment Information for further information.

The changes in the carrying value of goodwill by reportable operating segments were as follows:
 Engineered ProductsFueling SolutionsImaging & IdentificationPumps & Process SolutionsRefrigeration & Food EquipmentTotal
Goodwill$689,784 $770,619 $944,468 $796,952 $546,066 $3,747,889 
Accumulated impairment loss(10,591)— — (59,970)— (70,561)
Balance at January 1, 2019679,193 770,619 944,468 736,982 546,066 3,677,328 
Acquisitions— 97,898 — 21,614 — 119,512 
Reallocation due to reporting unit changes(40,394)— 40,394 — — — 
Disposition of business— — — (4,739)— (4,739)
Foreign currency translation(2,228)4,864 (7,793)(3,230)(367)(8,754)
Balance at December 31, 2019636,571 873,381 977,069 750,627 545,699 3,783,347 
Acquisitions33,183 47,339 103,723 21,560 — 205,805 
Disposition of business— — — — (2,597)(2,597)
Foreign currency translation13,231 20,253 36,797 14,093 1,613 85,987 
Balance at December 31, 2020$682,985 $940,973 $1,117,589 $786,280 $544,715 $4,072,542 

During 2020 and 2019, the Company recognized additions of $205,805 and $119,512, respectively, to goodwill as a result of acquisitions as discussed in Note 4 — Acquisitions. During 2020 and 2019, the Company disposed of $2,597 and $4,739, respectively, of goodwill as a result of dispositions of businesses as discussed in Note 5 — Discontinued and Disposed Operations. The Company reallocated goodwill upon disposal based upon the fair value of the disposed business relative to the remaining entities in its reporting unit.

Annual impairment testing

The Company tests goodwill for impairment annually in the fourth quarter of each year, whenever events or circumstances indicate an impairment may have occurred, or when a change in the composition of reporting units occurs for other reasons, such as a change in segments.

The Company performed its annual goodwill impairment test during the fourth quarter of 2020 using a discounted cash flow analysis as discussed in Note 1 — Description of Business and Summary of Significant Accounting Policies. The Company
performed a quantitative goodwill impairment test for each of its fifteen reporting units, concluding that the fair values of all of its reporting units were substantially in excess of their carrying values. No impairment of goodwill was required. As previously noted, the fair values of each of the Company’s reporting units was determined using a discounted cash flow analysis which includes management’s current assumptions as to future cash flows and long-term growth rates. The discount rates used in these analyses varied by reporting unit and were based on a capital asset pricing model and published relevant industry rates. The Company used discount rates commensurate with the risks and uncertainties inherent to each reporting unit and in our internally developed forecasts. Discount rates used in the 2020 reporting unit valuations ranged from 8.0% to 9.0%. In these analyses, the Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and its impact on each of the reporting units. Further, the Company assessed the current market capitalization, forecasts and the amount of headroom in the 2020 impairment test. Refer to "Segment Results of Operations" within Item 7 for further details on the COVID-19 impact to the Company's operations.

While the Company believes the assumptions used in the 2020 impairment analysis are reasonable and representative of expected result, actual results may differ from expectations.
Intangible Assets
The Company's definite-lived and indefinite-lived intangible assets by major asset class were as follows:
 December 31, 2020December 31, 2019
 
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying Amount
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying Amount
Amortized intangible assets:    
Customer intangibles$1,559,771 $834,798 $724,973 $1,410,636 $714,566 $696,070 
Trademarks233,205 103,907 129,298 218,064 85,791 132,273 
Patents163,299 141,182 22,117 159,376 133,677 25,699 
Unpatented technologies180,947 113,404 67,543 154,505 99,276 55,229 
Distributor relationships87,028 51,611 35,417 82,779 44,202 38,577 
Drawings & manuals29,198 26,193 3,005 27,500 22,403 5,097 
Other23,901 19,324 4,577 22,355 16,939 5,416 
Total2,277,349 1,290,419 986,930 2,075,215 1,116,854 958,361 
Unamortized intangible assets:    
Trademarks96,842 — 96,842 96,653 — 96,653 
Total intangible assets, net$2,374,191 $1,290,419 $1,083,772 $2,171,868 $1,116,854 $1,055,014 

The Company recorded $134,049 of acquired intangible assets in 2020. See Note 4 — Acquisitions.

Amortization expense was $139,043, $138,947 and $143,868, including acquisition-related intangible amortization of $137,071, $136,963 and $142,170, for the years ended December 31, 2020, 2019 and 2018, respectively.

Estimated future amortization expense related to intangible assets held at December 31, 2020 is as follows:
Estimated Amortization
2021$139,794 
2022125,272 
2023115,224 
2024110,524 
2025105,761