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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill for the nine months ended September 30, 2021 are summarized as follows (dollars in thousands):
| Packaging |  | Aerospace |  | Specialty Products |  | Total
Balance, December 31, 2020 | $ | 234,560 |  |  | $ | 62,850 |  |  | $ | 6,560 |  |  | $ | 303,970 |
Foreign currency translation and other | (4,930) |  |  | — |  |  | — |  |  | (4,930) |
Balance, September 30, 2021 | $ | 229,630 |  |  | $ | 62,850 |  |  | $ | 6,560 |  |  | $ | 299,040 |
The Company assesses goodwill and other indefinite-lived intangible assets for impairment on an annual basis as of October 1, and more frequently if there are changes in the business climate or as a result of a triggering event taking place. During the third quarter of 2020, as a result of a decline in its aerospace-related business' financial results, a significant reduction in its financial projections for the remainder of 2020 compared with prior projections, and uncertainty around the duration and magnitude of the impact of the COVID-19 pandemic on future financial results given their dependence on future levels of air travel and new aircraft builds, the Company determined there was a triggering event requiring an interim quantitative goodwill impairment assessment of each of its two aerospace-related reporting units: Aerospace Fasteners and Aerospace Engineered Products. Upon completion of the quantitative goodwill impairment tests, the Company determined that the carrying values of the Aerospace Fasteners and Aerospace Engineered Products reporting units exceeded their fair values, resulting in goodwill impairment charges of approximately $70.8 million in its Aerospace Fasteners reporting unit and approximately $56.0 million in its Aerospace Engineered Products reporting unit during the three and nine month periods ended September 30, 2020. Other Intangible Assets The Company amortizes its other intangible assets over periods ranging from one to 30 years. The gross carrying amounts and accumulated amortization of the Company's other intangibles are summarized below (dollars in thousands):
|  | As of September 30, 2021 |  | As of December 31, 2020
Intangible Category by Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Finite-lived intangible assets: |  |  |  |  |  |  |  |
Customer relationships, 5 – 12 years |  | $ | 121,340 |  |  | $ | (68,280) |  |  | $ | 122,970 |  |  | $ | (59,470) |
Customer relationships, 15 – 25 years |  | 122,280 |  |  | (66,720) |  |  | 122,280 |  |  | (62,450) |
Total customer relationships |  | 243,620 |  |  | (135,000) |  |  | 245,250 |  |  | (121,920) |
Technology and other, 1 – 15 years |  | 57,110 |  |  | (35,290) |  |  | 57,180 |  |  | (32,800) |
Technology and other, 17 – 30 years |  | 43,300 |  |  | (39,800) |  |  | 43,300 |  |  | (39,450) |
Total technology and other |  | 100,410 |  |  | (75,090) |  |  | 100,480 |  |  | (72,250) |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |
Trademark/Trade names |  | 53,830 |  |  | — |  |  | 54,640 |  |  | — |
Total other intangible assets |  | $ | 397,860 |  |  | $ | (210,090) |  |  | $ | 400,370 |  |  | $ | (194,170) |
Amortization expense related to intangible assets as included in the accompanying consolidated statement of operations is summarized as follows (dollars in thousands):
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Technology and other, included in cost of sales |  | $ | 950 |  |  | $ | 1,240 |  |  | $ | 2,850 |  |  | $ | 3,710 |
Customer relationships, included in selling, general and administrative expenses |  | 4,420 |  |  | 4,070 |  |  | 13,300 |  |  | 11,750 |
Total amortization expense |  | $ | 5,370 |  |  | $ | 5,310 |  |  | $ | 16,150 |  |  | $ | 15,460 |

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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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