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Goodwill and Intangible Assets
 9 Months Ended
Sep. 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 nine months ended September 30, 2019, by reportable business segment, were as follows:
 
FMT
 
HST
 
FSDP
 
IDEX
Goodwill
$
601,762

 
$
895,177

 
$
401,647

 
$
1,898,586

   Accumulated goodwill impairment losses
(20,721
)
 
(149,820
)
 
(30,090
)
 
(200,631
)
Balance at December 31, 2018
581,041

 
745,357

 
371,557

 
1,697,955

Foreign currency translation
(4,797
)
 
(10,083
)
 
(6,220
)
 
(21,100
)
Acquisitions
—

 
97,352

 
—

 
97,352

Acquisition adjustments
—

 
183

 
—

 
183

Balance at September 30, 2019
$
576,244

 
$
832,809

 
$
365,337

 
$
1,774,390



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 nine 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 September 30, 2019 and December 31, 2018:
 
At September 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
$
6,583

 
$
(5,135
)
 
$
1,448

 
12
 
$
6,468

 
$
(4,693
)
 
$
1,775

Trade names
120,744

 
(62,299
)
 
58,445

 
16
 
115,899

 
(57,227
)
 
58,672

Customer relationships
273,413

 
(92,692
)
 
180,721

 
14
 
256,202

 
(85,652
)
 
170,550

Unpatented technology
99,967

 
(40,713
)
 
59,254

 
12
 
96,922

 
(35,685
)
 
61,237

Other
700

 
(560
)
 
140

 
10
 
700

 
(507
)
 
193

Total amortized intangible assets
501,407

 
(201,399
)
 
300,008

 
 
 
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
$
592,307

 
$
(201,399
)
 
$
390,908

 
 
 
$
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 nine months of 2019, there were no events or circumstances that would have required an interim impairment test on these indefinite-lived intangible assets. 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.

In the second quarter of 2019, the Company began to evaluate strategic alternatives for one of its businesses in the HST segment. Prior to making a final decision on the options that were presented for this business, the business was informed in the third quarter of 2019 of the loss of its largest customer. As a result, the Company accelerated its restructuring activities for this business and a decision was made to wind down the business over time. This event required an interim impairment test be performed on certain of its definite-lived intangible assets, which resulted in an impairment charge of $7.1 million, consisting of $6.1 million related to customer relationships and $1.0 million related to unpatented technology. This charge was recorded as Restructuring expense in the Condensed Consolidated Statements of Operations. See Note 14 for further discussion.

Amortization of intangible assets was $9.7 million and $27.7 million for the three and nine months ended September 30, 2019, respectively. Amortization of intangible assets was $8.8 million and $29.5 million for the three and nine months ended September 30, 2018, respectively. Based on the intangible asset balances as of September 30, 2019, amortization expense is expected to approximate $9.5 million for the remaining three months of 2019, $37.6 million in 2020, $36.3 million in 2021, $34.7 million in 2022 and $31.8 million in 2023.