Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

NOTE 8 — Goodwill and Other Intangible Assets

Other Intangible Assets

The following is a summary of the Company’s other intangible assets as of December 31:

	As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Amount		Weighted Average Remaining Amortization Period (in years)
Other intangible assets:
Customer lists / relationships	$	97,355	$	(44,002)	$	53,353		9.8
Technology and other intangibles		47,301		(21,533)		25,768		7.8
In process research and development		2,200		(2,200)		—		—
Other intangible assets, net	$	146,856	$	(67,735)	$	79,121		9.2
Amortization expense for the year ended    December 31, 2020			$	9,055

In the third quarter of 2020, due to the restructuring actions further outlined in Note 9, we performed an interim impairment assessment. This resulted in the recognition of $2,200 of impairment charges related to in process research and development, and a revaluation of associated contingent liabilities totaling $1,900. The net impact of $300 was recorded as restructuring expense in the Consolidated Statements of Earnings.

	As of December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Amount
Other intangible assets:
Customer lists / relationships	$	92,194	$	(38,682)	$	53,512
Technology and other intangibles		47,925		(18,422)		29,503
In process research and development		2,200		—		2,200
Other intangible assets, net	$	142,319	$	(57,104)	$	85,215
Amortization expense for the year ended December 31, 2019			$	7,770
Amortization expense for the year ended December 31, 2018			$	6,817

The estimated amortization expense for the next five years and thereafter is as follows:

	Amortization expense
2021	$	9,409
2022		9,173
2023		7,167
2024		7,005
2025		6,783
Thereafter		39,584
Total future amortization expense	$	79,121

Goodwill

Changes in the net carrying value amount of goodwill were as follows:

	Total
Goodwill as of December 31, 2018	$	71,057
Increase from acquisition		34,999
Goodwill as of December 31, 2019	$	106,056
Increase from acquisition		3,441
Goodwill as of December 31, 2020	$	109,497

See Note 3 for further information on the increase due to acquisition.

We performed our impairment test as of October 1, 2020, our measurement date, and concluded there was no impairment in any of our reporting units. The fair value estimates used in the goodwill impairment analysis required significant judgment. The Company's fair value estimates for the purposes of determining the goodwill impairment charge are considered Level 3 fair value measurements. The fair value estimates were based on assumptions management believes to be reasonable, but that are inherently uncertain, including estimates of future revenues and operating margins and assumptions about the overall economic climate and the competitive environment for the business.