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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the three months ended March 31, 2020, by reportable business segment, were as follows:
| FMT |  | HST |  | FSDP |  | IDEX
Goodwill | $ | 599,646 |  |  | $ | 981,592 |  |  | $ | 399,138 |  |  | $ | 1,980,376 |
Accumulated goodwill impairment losses | (20,721 | ) |  | (149,820 | ) |  | (30,090 | ) |  | (200,631 | )
Balance at December 31, 2019 | 578,925 |  |  | 831,772 |  |  | 369,048 |  |  | 1,779,745 |
Foreign currency translation | (1,643 | ) |  | (8,856 | ) |  | (2,278 | ) |  | (12,777 | )
Acquisitions | 63,374 |  |  | — |  |  | — |  |  | 63,374 |
Acquisition adjustments | — |  |  | 1,631 |  |  | — |  |  | 1,631 |
Balance at March 31, 2020 | $ | 640,656 |  |  | $ | 824,547 |  |  | $ | 366,770 |  |  | $ | 1,831,973 |
ASC 350, Goodwill and Other Intangible Assets, requires that goodwill be tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. In the first three months of 2020, there were no events or circumstances that would have required an interim impairment test. Annually, on October 31, goodwill and other acquired intangible assets with indefinite lives are tested for impairment. Based on the results of our annual impairment test at October 31, 2019, all reporting units had fair values in excess of their carrying values. The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at March 31, 2020 and December 31, 2019:
| At March 31, 2020 |  |  |  | At December 31, 2019
| Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Weighted Average Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Patents | $ | 6,735 |  |  | $ | (5,428 | ) |  | $ | 1,307 |  |  | 11 |  | $ | 6,678 |  |  | $ | (5,276 | ) |  | $ | 1,402 |
Trade names | 127,840 |  |  | (66,305 | ) |  | 61,535 |  |  | 16 |  | 123,062 |  |  | (64,938 | ) |  | 58,124 |
Customer relationships | 302,284 |  |  | (101,098 | ) |  | 201,186 |  |  | 13 |  | 275,575 |  |  | (96,252 | ) |  | 179,323 |
Unpatented technology | 116,387 |  |  | (45,215 | ) |  | 71,172 |  |  | 13 |  | 101,721 |  |  | (43,561 | ) |  | 58,160 |
Other | 700 |  |  | (595 | ) |  | 105 |  |  | 10 |  | 700 |  |  | (578 | ) |  | 122 |
Total amortized intangible assets | 553,946 |  |  | (218,641 | ) |  | 335,305 |  |  |  |  | 507,736 |  |  | (210,605 | ) |  | 297,131 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Banjo trade name | 62,100 |  |  | — |  |  | 62,100 |  |  |  |  | 62,100 |  |  | — |  |  | 62,100 |
Akron Brass trade name | 28,800 |  |  | — |  |  | 28,800 |  |  |  |  | 28,800 |  |  | — |  |  | 28,800 |
Total intangible assets | $ | 644,846 |  |  | $ | (218,641 | ) |  | $ | 426,205 |  |  |  |  | $ | 598,636 |  |  | $ | (210,605 | ) |  | $ | 388,031 |
The Banjo trade name and the Akron Brass trade name are indefinite-lived intangible assets which are tested for impairment on an annual basis in accordance with ASC 350 or more frequently if events or changes in circumstances indicate that the assets might be impaired. In the first three months of 2020, there were no events or circumstances that would have required an interim impairment test on these indefinite-lived intangible assets. The Company uses the relief-from-royalty method, a form of the income approach, to determine the fair value of these trade names. The relief-from-royalty method is dependent on a number of significant management assumptions, including estimates of revenues, royalty rates and discount rates. In the first three months of 2020, the outbreak of the novel coronavirus (“COVID-19”) resulted in government lockdown mandates globally as well as deteriorating business conditions that have forced us to both reduce hours and temporarily close some facilities. These events required that an interim impairment test be performed on the definite-lived intangible assets at one of the Company’s businesses. The impairment test did not result in an impairment charge. Amortization of intangible assets was $9.5 million and $9.0 million for the three months ended March 31, 2020 and 2019, respectively. Based on the intangible asset balances as of March 31, 2020, amortization expense is expected to approximate $31.5 million for the remaining nine months of 2020, $40.8 million in 2021, $38.9 million in 2022, $36.1 million in 2023 and $34.4 million in 2024.

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