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Goodwill and Related Intangible Assets | 6 Months Ended
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Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND RELATED INTANGIBLE ASSETS | GOODWILL AND RELATED INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill for the six months ended June 30, 2020 are as follows (in thousands):
| Renewable Energy & Conservation |  | Residential Products |  | Industrial and Infrastructure Products |  | Total
Balance at December 31, 2019 | $ | 77,602 |  |  | $ | 198,075 |  |  | $ | 54,028 |  |  | $ | 329,705 |
Acquired goodwill | 49,001 |  |  | — |  |  | — |  |  | 49,001 |
Adjustments to prior year acquisitions | 579 |  |  | — |  |  | — |  |  | 579 |
Foreign currency translation | (281) |  |  | — |  |  | (264) |  |  | (545) |
Balance at June 30, 2020 | $ | 126,901 |  |  | $ | 198,075 |  |  | $ | 53,764 |  |  | $ | 378,740 |
The Company conducts its annual goodwill impairment test as of October 31 each year. All of the Company’s ten reporting units had fair values exceeding their carrying values as of October 31, 2019. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. The Company considered the current and future macroeconomic and market conditions, along with its current market capitalization, projected cash flows and internal and external forecasts, and projections relating to the impact of the COVID-19 pandemic on each of its reporting units. The Company determined that a triggering event has not occurred which would require an interim impairment test to be performed. Acquired Intangible Assets Acquired intangible assets consist of the following (in thousands):
| June 30, 2020 |  |  |  | December 31, 2019 |  |  |  |
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization |  |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |
Trademarks | $ | 51,295 |  |  | $ | — |  |  | $ | 45,770 |  |  | $ | — |  |  |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |
Trademarks | 6,753 |  |  | 4,328 |  |  | 6,139 |  |  | 4,105 |  |  |
Unpatented technology | 35,383 |  |  | 17,031 |  |  | 29,544 |  |  | 15,807 |  |  |
Customer relationships | 80,976 |  |  | 42,876 |  |  | 71,195 |  |  | 40,294 |  |  |
Non-compete agreements | 1,949 |  |  | 1,640 |  |  | 1,649 |  |  | 1,499 |  |  |
Backlog | 300 |  |  | 300 |  |  | — |  |  | — |  |  |
| 125,361 |  |  | 66,175 |  |  | 108,527 |  |  | 61,705 |  |  |
Total acquired intangible assets | $ | 176,656 |  |  | $ | 66,175 |  |  | $ | 154,297 |  |  | $ | 61,705 |  |  |
The following table summarizes the acquired intangible asset amortization expense for the three and six months ended June 30 (in thousands):
|  |  |  |  | Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
|  |  |  |  | 2020 |  | 2019 |  | 2020 |  | 2019
Amortization expense |  |  |  |  | $ | 2,412 |  |  | $ | 1,797 |  |  | $ | 4,490 |  |  | $ | 3,594 |
Amortization expense related to acquired intangible assets for the remainder of fiscal 2020 and the next five years thereafter is estimated as follows (in thousands):
| 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025
Amortization expense | $ | 3,860 |  |  | $ | 7,633 |  |  | $ | 7,154 |  |  | $ | 6,617 |  |  | $ | 6,363 |  |  | $ | 6,203 |

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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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