Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for the six months ended June 30, 2021, by reportable business segment, were as follows:


	FMT		HST		FSDP		IDEX
Goodwill	$	670,442	$	1,012,448	$	413,315	$	2,096,205
Accumulated goodwill impairment losses	(20,721)		(149,820)		(30,090)		(200,631)
Balance at December 31, 2020	649,721		862,628		383,225		1,895,574
Foreign currency translation	(3,392)		(7,754)		(4,106)		(15,252)
Acquisitions	59,481		271,301		—		330,782
Disposition of businesses	—		(129)		—		(129)
Acquisition adjustments	(405)		—		—		(405)
Balance at June 30, 2021	$	705,405	$	1,126,046	$	379,119	$	2,210,570

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 2021, 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 the Company’s annual impairment test at October 31, 2020, 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, 2021 and December 31, 2020:


	At June 30, 2021							At December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Patents	$	3,121	$	(1,888)	$	1,233	10	$	3,030	$	(1,740)	$	1,290
Trade names	149,217		(74,505)		74,712		15	130,793		(72,685)		58,108
Customer relationships	493,348		(125,620)		367,728		13	318,350		(120,294)		198,056

Unpatented technology	147,747		(55,751)		91,996		13	122,287		(55,131)		67,156
Other	700		(683)		17		10	700		(647)		53
Total amortized intangible assets	794,133		(258,447)		535,686			575,160		(250,497)		324,663
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	$	885,033	$	(258,447)	$	626,586		$	666,060	$	(250,497)	$	415,563

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. Based on the results of the Company’s annual impairment test at October 31, 2020, these indefinite-lived intangible assets had fair values in excess of their carrying values. In the first six months of 2021, 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.

Amortization of intangible assets was $13.5 million and $24.5 million for the three and six months ended June 30, 2021, respectively. Amortization of intangible assets was $10.5 million and $20.0 million for the three and six months ended June 30, 2020, respectively. Based on the intangible asset balances as of June 30, 2021, amortization expense is expected to approximate $31.6 million for the remaining six months of 2021, $61.2 million in 2022, $58.0 million in 2023, $53.5 million in 2024 and $51.7 million in 2025.