Goodwill And Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

We are required to review goodwill and indefinite-lived intangible assets annually for impairment. Goodwill impairment is tested at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. For the years ended December 31, 2020 and 2019, an assessment for potential impairment was performed and an impairment adjustment was not required. There has been no change in the carrying value of goodwill for the years 2019 and 2020.

The following table summarizes acquired intangible assets with determinable useful lives by major category which are included in Other Assets on our Consolidated Balance Sheets:


	As of December 31, 2020						As of December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(Dollars in thousands)
Trade name	$	22,500	$	(11,932)	$	10,568	$	22,500	$	(9,861)	$	12,639
Technology and know-how	55,300		(34,091)		21,209		55,300		(29,112)		26,188
Customer related intangible	64,500		(23,848)		40,652		64,500		(19,473)		45,027
Total finite-lived intangible assets	$	142,300	$	(69,871)	$	72,429	$	142,300	$	(58,446)	$	83,854

Amortization expense of intangible assets was $11.4 million, $12.2 million and $12.9 million in 2020, 2019 and 2018, respectively. Estimated annual amortization expense for the next five years will approximate $10.7 million in 2021, $10.1 million in 2022, $9.2 million in 2023, $8.0 million in 2024 and $7.3 million in 2025.