Goodwill and Intangibles

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

Changes in the carrying amount of goodwill by reporting unit for the six months ended June 30, 2020 were as follows:

	North America		Industrial Specialty Group		Total
Balance as of December 31, 2019	$	142,187	$	—	$	142,187
Reorganization	(14,036)		14,036		—
Foreign exchange translation	(187)		—		(187)
Balance as of June 30, 2020	$	127,964	$	14,036	$	142,000

The Company’s organizational structure changed on January 1, 2020. See Note 22. “Segment Reporting” for further detail on this reorganization of the Company’s business. Prior to this reorganization, the Company’s North America operating segment was the only reporting unit in which goodwill was recorded. As a result of the reorganization, a portion of the goodwill that was previously attributable to the North America reporting unit was reallocated to the Industrial Specialty Group reporting unit based on the relative fair value approach. The Industrial Specialty Group reporting unit is a component of the Advanced Technology Group operating segment, which is reflected in “Corporate, eliminations and other”.

The reorganization of the business represented a triggering event to test goodwill for impairment as of January 1, 2020. No impairment was identified as a result of completing the goodwill impairment test.

Goodwill is tested for impairment by reporting unit annually or more frequently if events or circumstances indicate that an impairment may exist. Other than the reorganization event noted above, there were no other indicators of potential impairment during the six months ended June 30, 2020. The Company continues to monitor the significant global economic uncertainty as a result of COVID-19 to assess the outlook for demand for products and the impact on the Company’s business and overall financial performance. A lack of recovery or further deterioration in market conditions and production volumes, among other factors, as a result of the COVID-19 pandemic could result in an impairment charge in future periods.

Intangible Assets

Intangible assets and accumulated amortization balances as of June 30, 2020 and December 31, 2019 were as follows:

	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	154,431	$	(118,957)	$	35,474
Other	43,634		(8,236)		35,398
Balance as of June 30, 2020	$	198,065	$	(127,193)	$	70,872
Customer relationships	$	156,557	$	(113,871)	$	42,686
Other	49,556		(7,873)		41,683
Balance as of December 31, 2019	$	206,113	$	(121,744)	$	84,369