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Goodwill and Other Intangibles | 12 Months Ended
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Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangibles | Note J - Goodwill and Other Intangibles The Company’s finite and indefinite-lived intangible assets consist of the following:
|  | December 31, 2020 |  |  | December 31, 2019 |
|  | Gross Carrying |  |  | Accumulated |  |  | Gross Carrying |  |  | Accumulated |
|  | Amount |  |  | Amortization |  |  | Amount |  |  | Amortization |
Finite-lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Patents |  | $ | 4,806 |  |  | $ | (4,806 | ) |  | $ | 4,806 |  |  | $ | (4,806 | )
Land use rights |  |  | 1,286 |  |  |  | (396 | ) |  |  | 1,128 |  |  |  | (331 | )
Trademark |  |  | 1,756 |  |  |  | (1,474 | ) |  |  | 1,718 |  |  |  | (1,358 | )
Technology |  |  | 7,673 |  |  |  | (2,402 | ) |  |  | 7,185 |  |  |  | (1,708 | )
Customer relationships |  |  | 16,441 |  |  |  | (8,441 | ) |  |  | 15,811 |  |  |  | (7,329 | )
|  | $ | 31,962 |  |  | $ | (17,519 | ) |  | $ | 30,648 |  |  | $ | (15,532 | )
Indefinite-lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 29,508 |  |  |  |  |  |  | $ | 27,840 |  |  |  |  |
The Company performs its annual impairment test for goodwill utilizing a combination of the income approach, which uses a discounted cash flow methodology, and the market approach, which uses comparable market multiples, and an overall market capitalization reasonableness test in computing fair value by reporting unit. The Company then compares the fair value of the reporting unit with its carrying value to assess if goodwill has been impaired. The fair value estimates are subjective and sensitive to significant assumptions, such as revenue growth rates, operating margins, the weighted-average cost of capital (WACC), and estimated market multiples, of which are affected by expectations of future market or economic conditions. The Company believes that the methodologies, significant assumptions, and weightings used are reasonable and result in appropriate fair values of the reporting units. The Company performed its annual impairment test for goodwill as of October 1, 2020 and October 1, 2019 and determined that no adjustment to the carrying value was required.
|  | USA |  |  | The Americas |  |  | EMEA |  |  | Asia-Pacific |  |  | Total |
Balance at January 1, 2019 |  | $ | 3,078 |  |  | $ | 3,997 |  |  | $ | 1,355 |  |  | $ | 7,191 |  |  | $ | 15,621 |
Currency translation |  |  | 0 |  |  |  | 161 |  |  |  | (45 | ) |  |  | (29 | ) |  |  | 87 |
Goodwill acquired during the year |  |  | 0 |  |  |  | 0 |  |  |  | 18,619 |  |  |  | 0 |  |  |  | 18,619 |
Purchase price allocation adjustments |  |  | 0 |  |  |  | 0 |  |  |  | (6,487 | ) |  |  | 0 |  |  |  | (6,487 | )
Balance at December 31, 2019 |  |  | 3,078 |  |  |  | 4,158 |  |  |  | 13,442 |  |  |  | 7,162 |  |  |  | 27,840 |
Currency translation |  |  | 0 |  |  |  | 93 |  |  |  | 1,007 |  |  |  | 568 |  |  |  | 1,668 |
Balance at December 31, 2020 |  | $ | 3,078 |  |  | $ | 4,251 |  |  | $ | 14,449 |  |  | $ | 7,730 |  |  | $ | 29,508 |
The Company’s only intangible asset with an indefinite life is goodwill. The Company’s goodwill is not deductible for tax purposes. Of the $6.5 million in purchase price allocation adjustments at December 31, 2019, $6.3 million represented an allocation to definite lived intangible assets and $.2 million represented an inventory step-up allocation. Refer to Note O “Business Combinations” for additional details regarding the Company’s purchase price allocations during fiscal 2019. The aggregate amortization expense for other intangibles with finite lives, ranging from 4 to 82 years, for the year ended December 31, 2020 was $1.8 million and was $1.5 million for both years ended December 31, 2019 and 2018. Amortization expense is estimated to be $1.7 million for 2021, $1.6 million for 2022, 2023 and 2024 and $1.4 million for 2025. The weighted-average remaining amortization period is approximately 12.4 years. The weighted-average remaining amortization period by intangible asset class; patents, 5.0 years; land use rights, 55.6 years; trademark, 8.6 years; technology, 10.1 years and customer relationships, 9.5 years.

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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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