Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for the three months ended March 31, 2019, by reportable business segment, were as follows:



	FMT			HST			FSDP			IDEX
Balance at December 31, 2018	$	581,041		$	745,357		$	371,557		$	1,697,955
Foreign currency translation	(1,796		)	(49		)	(1,890		)	(3,735		)
Acquisition adjustments	—			188			—			188
Balance at March 31, 2019	$	579,245		$	745,496		$	369,667		$	1,694,408

ASC 350, Goodwill and Other Intangible Assets, requires that goodwill be tested for impairment 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 the reporting unit below its carrying value. In the first three months of 2019, there were no events or circumstances that would have required an interim impairment test. Annually, on October 31, goodwill and other acquired intangible assets with indefinite lives are tested for impairment. Based on the results of our annual impairment test at October 31, 2018, all reporting units had fair values in excess of their carrying values.

The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at March 31, 2019 and December 31, 2018:



	At March 31, 2019								At December 31, 2018
	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Amortized intangible assets:
Patents	$	6,528	$	(4,839	)	$	1,689	12	$	6,468	$	(4,693	)	$	1,775
Trade names	115,788		(59,109		)	56,679		16	115,899		(57,227		)	58,672
Customer relationships	254,923		(90,430		)	164,493		14	256,202		(85,652		)	170,550
Unpatented technology	96,976		(38,172		)	58,804		12	96,922		(35,685		)	61,237
Other	700		(525		)	175		10	700		(507		)	193
Total amortized intangible assets	474,915		(193,075		)	281,840			476,191		(183,764		)	292,427
Indefinite-lived intangible assets:
Banjo trade name	62,100		—			62,100			62,100		—			62,100
Akron Brass trade name	28,800		—			28,800			28,800		—			28,800
Total intangible assets	$	565,815	$	(193,075	)	$	372,740		$	567,091	$	(183,764	)	$	383,327

On June 22, 2018, the Company acquired the intellectual property assets of Phantom Controls (“Phantom”) for cash consideration of $4.0 million. The operational capabilities and innovative pump operation of Phantom’s technology complements our existing water-flow expertise of Hale, Akron Brass and Class 1 to improve fire ground safety and reduce operational complexity during mission critical response.

The Banjo trade name and the Akron Brass trade name are indefinite-lived intangible assets which are tested for impairment on an annual basis in accordance with ASC 350 or more frequently if events or changes in circumstances indicate that the assets might be impaired. In the first three months of 2019, there were no events or circumstances that would have required an interim impairment test. The Company uses the relief-from-royalty method, a form of the income approach, to determine the fair value of these trade names. The relief-from-royalty method is dependent on a number of significant management assumptions, including estimates of revenues, royalty rates and discount rates.

Amortization of intangible assets was $9.0 million and $10.9 million for the three months ended March 31, 2019 and 2018, respectively. Based on the intangible asset balances as of March 31, 2019, amortization expense is expected to approximate $26.9 million for the remaining nine months of 2019, $35.1 million in 2020, $33.9 million in 2021, $32.1 million in 2022 and $29.0 million in 2023.