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Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for the six months ended June 30, 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
(610
)
 
637

 
(833
)
 
(806
)
Acquisition adjustments
—

 
183

 
—

 
183

Balance at June 30, 2019
$
580,431

 
$
746,177

 
$
370,724

 
$
1,697,332



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 six 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 June 30, 2019 and December 31, 2018:
 
At June 30, 2019
 
 
 
At December 31, 2018
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
 
Weighted
Average
Life
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Amortized intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Patents
$
6,555

 
$
(4,986
)
 
$
1,569

 
12
 
$
6,468

 
$
(4,693
)
 
$
1,775

Trade names
115,890

 
(60,962
)
 
54,928

 
16
 
115,899

 
(57,227
)
 
58,672

Customer relationships
253,470

 
(92,394
)
 
161,076

 
14
 
256,202

 
(85,652
)
 
170,550

Unpatented technology
97,494

 
(40,384
)
 
57,110

 
12
 
96,922

 
(35,685
)
 
61,237

Other
700

 
(542
)
 
158

 
10
 
700

 
(507
)
 
193

Total amortized intangible assets
474,109

 
(199,268
)
 
274,841

 
 
 
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
$
565,009

 
$
(199,268
)
 
$
365,741

 
 
 
$
567,091

 
$
(183,764
)
 
$
383,327



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 six 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 $18.0 million for the three and six months ended June 30, 2019, respectively. Amortization of intangible assets was $9.8 million and $20.7 million for the three and six months ended June 30, 2018, respectively. Based on the intangible asset balances as of June 30, 2019, amortization expense is expected to approximate $18.0 million for the remaining six months of 2019, $35.3 million in 2020, $34.1 million in 2021, $32.3 million in 2022 and $29.2 million in 2023.