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Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for the three months ended March 31, 2020, by reportable business segment, were as follows:
 
FMT
 
HST
 
FSDP
 
IDEX
Goodwill
$
599,646

 
$
981,592

 
$
399,138

 
$
1,980,376

   Accumulated goodwill impairment losses
(20,721
)
 
(149,820
)
 
(30,090
)
 
(200,631
)
Balance at December 31, 2019
578,925

 
831,772

 
369,048

 
1,779,745

Foreign currency translation
(1,643
)
 
(8,856
)
 
(2,278
)
 
(12,777
)
Acquisitions
63,374

 
—

 
—

 
63,374

Acquisition adjustments
—

 
1,631

 
—

 
1,631

Balance at March 31, 2020
$
640,656

 
$
824,547

 
$
366,770

 
$
1,831,973



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 2020, 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, 2019, 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, 2020 and December 31, 2019:
 
At March 31, 2020
 
 
 
At December 31, 2019
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
 
Weighted
Average
Life
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Amortized intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Patents
$
6,735

 
$
(5,428
)
 
$
1,307

 
11
 
$
6,678

 
$
(5,276
)
 
$
1,402

Trade names
127,840

 
(66,305
)
 
61,535

 
16
 
123,062

 
(64,938
)
 
58,124

Customer relationships
302,284

 
(101,098
)
 
201,186

 
13
 
275,575

 
(96,252
)
 
179,323

Unpatented technology
116,387

 
(45,215
)
 
71,172

 
13
 
101,721

 
(43,561
)
 
58,160

Other
700

 
(595
)
 
105

 
10
 
700

 
(578
)
 
122

Total amortized intangible assets
553,946

 
(218,641
)
 
335,305

 
 
 
507,736

 
(210,605
)
 
297,131

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
$
644,846

 
$
(218,641
)
 
$
426,205

 
 
 
$
598,636

 
$
(210,605
)
 
$
388,031



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 2020, 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 first three months of 2020, the outbreak of the novel coronavirus (“COVID-19”) resulted in government lockdown mandates globally as well as deteriorating business conditions that have forced us to both reduce hours and temporarily close some facilities. These events required that an interim impairment test be performed on the definite-lived intangible assets at one of the Company’s businesses. The impairment test did not result in an impairment charge.

Amortization of intangible assets was $9.5 million and $9.0 million for the three months ended March 31, 2020 and 2019, respectively. Based on the intangible asset balances as of March 31, 2020, amortization expense is expected to approximate $31.5 million for the remaining nine months of 2020, $40.8 million in 2021, $38.9 million in 2022, $36.1 million in 2023 and $34.4 million in 2024.