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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill
The Company performed a qualitative assessment as part of its 2020, 2019 and 2018 annual impairment tests (October 1 annual test date) for all reporting units, which included a review of the Company’s market capitalization. Based on results of the qualitative assessments for the 2020, 2019 and 2018 annual impairment tests, the Company determined there were no indications that the fair value of a reporting unit was less than its carrying amount; therefore, the Company determined that quantitative goodwill impairment tests were not required.
During the third quarter of 2020, as a result of a decline in its aerospace-related business' financial results, a significant reduction in its financial projections for the remainder of 2020 compared with prior projections, and uncertainty around the duration and magnitude of the impact of the COVID-19 pandemic on future financial results given their dependence on future levels of air travel and new aircraft builds, the Company determined there was a triggering event requiring an interim quantitative goodwill impairment assessment of each of its two aerospace-related reporting units: Aerospace Fasteners and Aerospace Engineered Products.
In preparing the quantitative analysis, the Company utilized both income and market-based approaches. The income-based approach was conducted using the discounted cash flow method, for which management updated its internal five-year forecast, and reflected its current best estimates of when, and at what level, a recovery of air travel, new aircraft builds, and resulting customer orders would occur and the related impact on each reporting unit's future sales, earnings and cash flows. Assumptions in estimating the future cash flows were based on Level 3 inputs under the fair value hierarchy. The Company also selected appropriate terminal growth rates as well as discount rates, which considered various factors including the level of inherent risk in achieving the forecast based on prior history and current market conditions. The market-based approach considered potentially comparable publicly traded companies and transactions within the aerospace industry and applied their trading multiples to management's forecast estimates.
Upon completion of the quantitative goodwill impairment tests, the Company determined that the carrying values of the Aerospace Fasteners and Aerospace Engineered Products reporting units exceeded their fair values, resulting in goodwill impairment charges of approximately $70.8 million in its Aerospace Fasteners reporting unit and approximately $56.0 million in its Aerospace Engineered Products reporting unit. Following the impairment charges, the Aerospace Fasteners reporting unit has $62.9 million of remaining goodwill, while the Aerospace Engineered Products reporting unit has no remaining goodwill. The Company notes that a 1% change in the discount rate would have impacted the total goodwill impairment charge by approximately $20 million, while a 0.5% change in the terminal growth rate would have impacted the total goodwill impairment charge by approximately $5 million. If the future financial results of the aerospace-related businesses significantly differ from the assumptions inherent in this analysis, the Company may be subject to further impairment charges.
In the first quarter of 2020, the Company began reporting its machined components operations within the Aerospace segment. These operations were previously reported in the Company's Specialty Products segment. As a result of the reporting structure change, goodwill of approximately $12.7 million was reassigned from the Specialty Products segment to the Aerospace segment.
Changes in the carrying amount of goodwill for the years ended December 31, 2020 and 2019 are as follows (dollars in thousands):
Specialty
PackagingAerospaceProductsTotal
Balance, December 31, 2018$163,660 $146,430 $6,560 $316,650 
Goodwill from acquisitions18,400 — — 18,400 
Goodwill reassigned in segment realignment— (12,740)12,740 — 
Foreign currency translation and other(410)— — (410)
Balance, December 31, 2019$181,650 $133,690 $19,300 $334,640 
Goodwill from acquisitions49,130 43,260 — 92,390 
Impairment charge— (126,840)— (126,840)
Goodwill reassigned in segment realignment— 12,740 (12,740)— 
Foreign currency translation and other3,780 — — 3,780 
Balance, December 31, 2020$234,560 $62,850 $6,560 $303,970 
Other Intangible Assets
For the purposes of the Company's 2020, 2019 and 2018 annual indefinite-lived intangible asset impairment tests (as of October 1), the Company performed a qualitative assessment to determine whether it was more likely than not that the fair values of the indefinite-lived intangible assets were less than the carrying values. Based on the qualitative assessment performed, the Company did not believe that it is more likely than not that the fair values of each of its indefinite-lived intangible assets were less than the carrying values; therefore, a fair value calculation of the indefinite-lived intangible assets was not required for the 2020, 2019 and 2018 annual indefinite-lived intangible asset impairment tests.
During the third quarter of 2020, as a result of the significant forecast reduction in the Company's aerospace-related businesses, the Company also performed an interim quantitative assessment for the indefinite-lived intangible assets within the Aerospace segment, using the relief-from-royalty method. Significant management assumptions used under the relief-from-royalty method reflected the Company's current assessment of the risks and uncertainties associated with the aerospace industry. Upon completion of the quantitative impairment test, the Company determined that certain of the Company's aerospace-related trade names had carrying values that exceeded their fair values, and therefore recorded impairment charges of approximately $7.8 million.
The gross carrying amounts and accumulated amortization of the Company's other intangibles as of December 31, 2020 and 2019 are summarized below (dollars in thousands):
 As of December 31, 2020As of December 31, 2019
Intangible Category by Useful LifeGross Carrying
Amount		Accumulated
Amortization		Gross Carrying
Amount		Accumulated
Amortization
Finite-lived intangible assets:    
Customer relationships, 5 - 12 years$122,970 $(59,470)$73,860 $(49,910)
Customer relationships, 15 - 25 years122,280 (62,450)122,280 (56,010)
Total customer relationships245,250 (121,920)196,140 (105,920)
Technology and other, 1 - 15 years57,180 (32,800)52,430 (29,790)
Technology and other, 17 - 30 years43,300 (39,450)43,300 (37,620)
Total technology and other100,480 (72,250)95,730 (67,410)
Indefinite-lived intangible assets:
Trademark/Trade names54,640 — 42,850 — 
Total other intangible assets$400,370 $(194,170)$334,720 $(173,330)
Amortization expense related to intangible assets as included in the accompanying consolidated statement of operations is summarized as follows (dollars in thousands):
Year ended December 31,
202020192018
Technology and other, included in cost of sales$4,930 $4,780 $4,890 
Customer relationships, included in selling, general and administrative expenses15,820 13,850 13,370 
Total amortization expense$20,750 $18,630 $18,260 
Estimated amortization expense for the next five fiscal years beginning after December 31, 2020 is as follows (dollars in thousands):
Year ended December 31,Estimated Amortization Expense
2021$21,790 
2022$18,230 
2023$16,330 
2024$14,830 
2025$14,480