A summary of changes in goodwill by segment for the years ended January 2, 2021 and December 28, 2019 is as follows:

	Hydraulics			Electronics		Total
Balance at December 29, 2018	$	276,758		$	106,373	$	383,131
Faster acquisition measurement period adjustment		(343	)		—		(343	)
Custom Fluidpower acquisition measurement period adjustment		1,205			—		1,205
Currency translation		(6,424	)		—		(6,424	)
Balance at December 28, 2019	$	271,196		$	106,373	$	377,569
Acquisition of Balboa		—			76,031		76,031
Impairment charge		(31,871	)		—		(31,871	)
Currency translation		21,804			—		21,804
Balance at January 2, 2021	$	261,129		$	182,404	$	443,533

During the first quarter of 2020, the global economy was significantly impacted by the COVID-19 pandemic. Given the economic impact, primarily in Europe, government-mandated facility closures and an unfavorable outlook for certain end markets, the Company concluded that this change in circumstances triggered the need to conduct an interim impairment review of its Faster reporting unit. The interim review was performed as of March 28, 2020. A recoverability test for the long-lived assets within the Faster reporting unit was performed first and resulted in the conclusion that the carrying value of the long-lived assets was fully recoverable. An interim quantitative impairment test for goodwill was then performed.

The fair value of the Faster reporting unit was determined based on a combination of income and market approach methodologies. The income approach utilized a discounted cash flow analysis, which estimates the present value of the projected free cash flows to be generated by the reporting unit. Principal assumptions used in the analysis include the Company’s estimates of future revenue and terminal growth rates, margin assumptions and discount rates. While assumptions utilized are subject to a high degree of judgment and complexity, the Company made every effort to estimate future cash flows as accurately as possible, given the high degree of economic uncertainty that existed. The market approaches estimate fair value by comparing to guideline public companies and guideline transactions. Various valuation multiples of companies that are economically and operationally similar were used as data points for selecting multiples. The Company concluded that the estimated fair value of the Faster reporting unit was less than its carrying value, and as a result, recorded a non-cash, non-tax-deductible goodwill impairment charge of $31,871. If the economic impact from the COVID-19 pandemic is more severe than anticipated, or if the economic recovery takes longer to materialize or does not materialize as strongly as anticipated, it could result in further goodwill impairment charges.

At January 2, 2021 and December 28, 2019, intangible assets consisted of the following:

		January 2, 2021							December 28, 2019
	Useful life (years)	Gross carrying amount		Accumulated amortization			Net carrying amount		Gross carrying amount		Accumulated amortization			Net carrying amount
Definite-lived intangibles:
Trade names and brands	10-20	$	80,402	$	(11,188	)	$	69,214	$	56,032	$	(7,658	)	$	48,374
Non-compete agreements	5		950		(776	)		174		950		(586	)		364
Technology	7 - 13		45,955		(12,368	)		33,587		31,704		(8,661	)		23,043
Supply agreement	10		21,000		(8,575	)		12,425		21,000		(6,475	)		14,525
Customer relationships	15 - 26		330,406		(31,431	)		298,975		227,844		(19,499	)		208,345
Sales order backlog	0.5		8,000		(3,000	)		5,000		—		—			—
		$	486,713	$	(67,338	)	$	419,375	$	337,530	$	(42,879	)	$	294,651

During 2019, the Company terminated its technology licensing agreement with Sturman Industries, Inc. A phase out of all digital logic valve (“DLV”) related products was completed and no further sales of any related products or technologies will occur. The termination of the agreement resulted in the recognition of a loss on disposal of the related intangibles asset totaling $2,713.

Amortization expense for the 2020, 2019 and 2018 fiscal years was approximately $22,114, $18,065 and $23,262, respectively. Future estimated amortization expense is presented below.