Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

We performed impairment tests of our goodwill and intangible assets during 2019 and determined that none of our goodwill or intangible assets with indefinite lives were impaired, but we recognized an impairment loss of $34 million on our intangible customer relationships associated with our 2016 Stork acquisition.

During the fourth quarter of 2019, we recognized goodwill impairment of approximately $2 million in connection with the liquidation of a business. Goodwill further declined in 2019 due to foreign currency translation losses.

The following table provides a summary of each major intangible asset class:

	December 31, 2019							December 31, 2018							Weighted Average Life
(in thousands)	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
Customer relationships (finite-lived)	$	31,894	$	(451	)	$	31,443	$	134,432	$	(54,385	)	$	80,047	8
Trade names (finite-lived)	8,388		(3,460		)	4,928		8,580		(2,483		)	6,097		13
Trade names (indefinite-lived)	49,789		—			49,789		50,032		—			50,032		—
In-process research and development (indefinite-lived)	16,900		—			16,900		16,900		—			16,900		—
Other (finite-lived)	7,278		(4,654		)	2,624		10,442		(5,481		)	4,961		10
Total intangible assets(1)	$	114,249	$	(8,565	)	$	105,684	$	220,386	$	(62,349	)	$	158,037

(1)

The net book value of intangible assets classified as "Current assets held for sale" was $0.9 million and $1 million as of December 31, 2019 and 2018, respectively. These amounts were excluded from the table above. The gross carrying amount of intangible assets decreased in 2019 primarily due to the impairment loss discussed above as well as foreign currency translation losses. The aggregate amortization expense for intangible assets with finite lives is expected to be $10 million during 2020, $9 million during 2021, 2022 and 2023, and $2 million during 2024.