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Goodwill And Intangibles | 9 Months Ended
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Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangibles | GOODWILL AND INTANGIBLES The following table sets forth the changes in the carrying amount of goodwill:
| Nine Months Ended September 30,
| 2020 |  | 2019
Balance at January 1 | $ | 82,092 |  |  | $ | 100,722 |
Goodwill arising from business combinations | — |  |  | 9,426 |
Adjustment to goodwill during measurement period | — |  |  | 448 |
Foreign exchange adjustment | 228 |  |  | (642) |
Impairment losses | (44,589) |  |  | — |
Balance at September 30 | $ | 37,731 |  |  | $ | 109,954 |
During the fourth quarter of 2018, the Company acquired 100% of the membership units of Genesis Systems Group, LLC ("Genesis"). During the first quarter of 2019, the working capital adjustment to the purchase price was finalized resulting in an increase in the purchase price of $448. The additional purchase price was allocated entirely to goodwill. At the time the acquisition was completed, the Company concluded that Genesis was a separate reporting unit. During the third quarter of 2020, the Company concluded that declines in revenue and order flow for the Genesis custom systems business caused by pandemic-related decreases in capital spending in the aerospace and transportation industries were a triggering event requiring a goodwill impairment evaluation. The Company performed a quantitative assessment using the discounted cash flow method under the income approach as well as the guideline public company analysis and guideline transaction analysis under the market approach to estimate the fair value of the custom systems business. As a result, the Company recognized a non-cash impairment loss of $44,589, which was equal to the carrying amount of goodwill prior to its impairment. The analysis considered internal forecasts of sales, profitability and capital expenditures, as well as valuation multiples of comparable public companies and valuation multiples of transactions of comparable companies. Intangible assets, subject to amortization, consisted of the following:
| September 30, 2020 |  | December 31, 2019
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Weighted- Average Lives |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Weighted- Average Lives
Customer relationships | $ | 57,897 |  |  | $ | (16,184) |  |  | $ | 41,713 |  |  | 11 years |  | $ | 57,866 |  |  | $ | (11,993) |  |  | $ | 45,873 |  |  | 11 years
Technology, trademark and trade name | 40,414 |  |  | (19,527) |  |  | 20,887 |  |  | 7 years |  | 41,297 |  |  | (16,128) |  |  | 25,169 |  |  | 7 years
Production know-how | 9,250 |  |  | (7,983) |  |  | 1,267 |  |  | 7 years |  | 9,180 |  |  | (7,415) |  |  | 1,765 |  |  | 7 years
Patents | 8,036 |  |  | (6,904) |  |  | 1,132 |  |  | 8 years |  | 8,036 |  |  | (6,572) |  |  | 1,464 |  |  | 8 years
Total | $ | 115,597 |  |  | $ | (50,598) |  |  | $ | 64,999 |  |  |  |  | $ | 116,379 |  |  | $ | (42,108) |  |  | $ | 74,271 |  |  |
Amortization expense for the three months ended September 30, 2020 and 2019 was $2,947 and $3,617, respectively. Amortization expense for the nine months ended September 30, 2020 and 2019 was $9,029 and $10,581, respectively. The estimated future amortization expense for intangibles for the remainder of 2020 and subsequent years is as follows:
2020 (a) |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter |  | Total
$ | 2,939 |  |  | $ | 11,574 |  |  | 10,746 |  |  | $ | 9,858 |  |  | $ | 7,510 |  |  | $ | 22,372 |  |  | $ | 64,999 |
(a) For the three-month period beginning October 1, 2020.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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