(Table only in thousands)	Energy Solutions segment			Industrial Solutions segment		Fluid Handling segment			Totals
Balance of goodwill at December 31, 2016	$	101,610		$	22,419	$	46,124		$	170,153
Impairment charge		(4,443	)		—		—			(4,443	)
Foreign currency translation		1,241			—		—			1,241
Balance of goodwill at December 31, 2017		98,408			22,419		46,124			166,951
Divestitures		—			—		(14,317	)		(14,317	)
Foreign currency translation		(478	)		—		—			(478	)
Balance of goodwill at December 31, 2018	$	97,930		$	22,419	$	31,807		$	152,156

As of December 31, 2018 and 2017, the Company has an aggregate amount of goodwill acquired of $212.8 million and $242.3 million, respectively, and an aggregate amount of impairment losses of $60.7 million and $75.3 million, respectively.

The Company’s indefinite lived intangible assets as of December 31, 2018 and 2017 consisted of the following:

	Tradenames
(Table only in thousands)	2018			2017
Balance beginning of year	$	19,691		$	22,042
Impairment charge		—			(2,725	)
Divestitures		(1,340	)		—
Foreign currency adjustments		(93	)		374
Balance end of year	$	18,258		$	19,691

The Company completes an annual (or more often if circumstances require) impairment assessment of its goodwill and indefinite life intangible assets on October 1 at the reporting unit level.

The Company bases its measurement of the fair value of a reporting unit using a 50/50 weighting of the income method and the market method. The income method is based on a discounted future cash flow approach that uses the significant assumptions of projected revenue, projected operational profit, terminal growth rates, and the cost of capital. Projected revenue and operational profit, and terminal growth rates were determined to be significant assumptions because they are three primary drivers of the projected cash flows in the discounted future cash flow approach. Cost of capital was also determined to be a significant assumption as it is the discount rate used to calculate the current fair value of those projected cash flows. The market method is based on financial multiples of comparable companies and applies a control premium. Significant estimates in the market approach include identifying similar companies with comparable business factors such as size, growth, profitability, risk and return on investment and assessing comparable revenue and operating income multiples in estimating the fair value of a reporting unit.

In 2018, because of changes in management and the subsequent changes to the Company’s reporting and operating structure, the number of our reporting units was aggregated to three reporting units from 11 prior to the change. Prior to the adoption of the new reporting structure we tested our goodwill impairment under the old reporting unit structure. Based on this analysis, the estimated fair value of all of our reporting units exceeded their carrying value as of October 1, 2018.

There was no goodwill impairment in 2018. There was goodwill impairment of $4.4 million and $53.8 in 2017 and 2016, respectively.

The Company also performed an impairment analysis for all reporting units with indefinite life intangible assets as of October 1, 2018. The Company based its measurement of the fair value of the indefinite life intangible assets utilizing the relief from royalty method. The significant assumptions used under the relief from royalty method are projected revenue, royalty rates, terminal growth rates, and the cost of capital. Projected revenue, royalty rates and terminal growth rates were determined to be significant assumptions because they are three primary drivers of the projected royalty cash flows in the relief from royalty method. Cost of capital was also determined to be a significant assumption as it is the discount rate used to calculate the current fair value of those projected royalty cash flows. Changes in any of the significant assumptions used can materially affect the expected cash flows, and such impacts can result in material non-cash impairment charges. Under this approach, the estimated fair value of the indefinite life intangible assets exceeded their carrying value for all reporting units as of the testing date.

During the annual impairment test of indefinite life intangible assets in 2017 and 2016, the carrying values of four reporting units’ indefinite life intangible assets exceeded their fair values. The Company recorded a $2.7 million and $4.2 million impairment charge in 2017 and 2016, respectively.

As described above, the fair value measurement methods used in the Company’s goodwill and indefinite life intangible assets impairment analyses utilizes a number of significant unobservable inputs or Level 3 assumptions. These assumptions include, among others, projections of our future operating results, the implied fair value of these assets using an income approach by preparing a discounted cash flow analysis and other subjective assumptions.

The Company’s finite lived intangible assets as of December 31, 2018 and 2017 consisted of the following:

	2018						2017
(Table only in thousands) Intangible assets – finite life	Cost			Accum. Amort.			Cost			Accum. Amort.
Technology	$	14,457		$	9,414		$	15,867		$	8,609
Customer lists		68,943			37,873			77,497			35,024
Noncompetition agreements		910			762			1,118			698
Tradename		1,390			579			1,390			440
Foreign currency adjustments		(1,520	)		(407	)		(1,214	)		(69	)
Total finite life intangible assets	$	84,180		$	48,221		$	94,658		$	44,702

Amortization expense of finite life intangible assets was $9.6 million, $11.5 million and $13.9 million for 2018, 2017 and 2016, respectively. Amortization over the next five years for finite life intangibles is $8.1 million in 2019, $6.5 million in 2020, $5.3 million in 2021, $4.5 million in 2022, and $3.6 million in 2023.