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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
 
Goodwill: The following table sets forth the change in the carrying amount of goodwill for each reportable segment and the Company:
 
Industrial
 
Aerospace
 
Total
Company
January 1, 2018
$
659,437

 
$
30,786

 
$
690,223

Acquisition-related
285,355

 
—

 
285,355

Foreign currency translation
(20,054
)
 
—

 
(20,054
)
December 31, 2018
924,738

 
30,786

 
955,524

Acquisition-related
5,841

 
—


5,841

Reclassified to assets held for sale (see Note 3)
(15,000
)
 
—


(15,000
)
Foreign currency translation
(13,343
)
 
—

 
(13,343
)
December 31, 2019
$
902,236

 
$
30,786

 
$
933,022


 
Of the $933,022 of goodwill at December 31, 2019, $43,860 represents the original tax deductible basis.

The acquisition-related changes recorded at Industrial in 2018 include $285,355 of goodwill resulting from the acquisitions of Gimatic and IGS in October and July 2018, respectively, both of which are included in the Industrial segment. See Note 2. The amounts allocated to goodwill reflect the benefits that the Company expects to realize from future enhancements to technology, an increase in global market access and Gimatic's and IGS's assembled workforce. None of the recognized goodwill recognized at IGS is expected to be deductible for income tax purposes. The Company is permitted to make an election with Italian tax authorities that allows for an income tax deduction on a portion of Gimatic goodwill. The Company plans to complete its analysis that determines this deduction by the second quarter of 2020. The acquisition-related changes recorded at Industrial during 2019 include final purchase accounting adjustments of $5,841 related to the acquisition of Gimatic. 

The Company entered into the SPA to sell Seeger in December 2019. Pursuant to the required accounting guidance, the Company allocated $15,000 of goodwill within the Engineered Components reporting unit to Seeger based on the estimated relative fair values of the business to be disposed of and the portion of the reporting unit that will be retained ("Seeger goodwill"). Seeger goodwill was reclassified to assets held for sale on the Consolidated Balance Sheet as of December 31, 2019 and subsequently evaluated for impairment. See Note 3.



















Other Intangible Assets: Other intangible assets at December 31 consisted of:
 
 
 
 
 
2019
 
2018
 
 
Range of
Life-Years
 
Gross
Amount
 
Accumulated
Amortization
 
Gross
Amount
 
Accumulated
Amortization
Amortized intangible assets:
 
 
 
 
 
 
 
 
 
 
Revenue Sharing Programs
 
Up to 30
 
$
299,500

 
$
(135,466
)
 
$
299,500

 
$
(121,957
)
Component Repair Programs
 
Up to 30
 
111,839

 
(27,270
)
 
111,839

 
(21,895
)
Customer relationships
 
10-16
 
338,366

 
(98,953
)
 
338,366

 
(79,439
)
Patents and technology
 
4-11
 
123,433

 
(68,188
)
 
125,852

 
(59,205
)
Trademarks/trade names
 
10-30
 
10,949

 
(10,145
)
 
11,950

 
(10,731
)
Other
 
Up to 15
 
10,746

 
(4,014
)
 
7,296

 
(3,551
)
 
 
 
 
894,833

 
(344,036
)
 
894,803

 
(296,778
)
Unamortized intangible asset:
 
 
 
 
 
 
 
 
 
 
Trade names
 
 
 
55,670

 
—

 
55,670

 
—

 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation
 
 
 
(25,351
)
 
—

 
(17,157
)
 
—

Other intangible assets
 
 
 
$
925,152

 
$
(344,036
)
 
$
933,316

 
$
(296,778
)



The Company has entered into a number of aftermarket RSP and CRP agreements each of which is with our customer, General Electric ("GE"). See Note 1 for a further discussion of these Revenue Sharing and Component Repair Programs. As of December 31, 2019, the Company has made all required payments under the aftermarket RSP and CRP agreements. In the second quarter of 2018, management executed an aftermarket agreement with GE.  This agreement involved a participation fee related to extending the scope of the existing Revenue Sharing Programs (“RSPs”) between the Company and GE and entitling the Company to manufacture and supply existing RSP parts on a sole source basis that have a dual end-use, meaning usage in engines that have both a civil and military end use. The Company paid $5,800 as consideration for such rights and recorded a long-lived intangible asset, which will be amortized as a reduction to sales over the life of the programs, consistent with the treatment of similar arrangements that were executed in the past.
In connection with the acquisition of Gimatic in October 2018, the Company recorded intangible assets of $158,800, which includes $107,900 of customer relationships, $38,800 of patents and technology and $12,100 of an indefinite-life trade name. The weighted-average useful lives of the customer relationships and the patents and technology were 16 and 11 years, respectively.

In connection with the acquisition of IGS in July 2018, the Company recorded intangible assets of $15,300, which includes $14,500 of customer relationships and $800 of an indefinite-life trade name. The weighted-average useful life of the customer relationship is 16 years.
 
Amortization of intangible assets for the years ended December 31, 2019, 2018 and 2017 was $51,502, $45,220 and $41,216, respectively. Estimated amortization of intangible assets for future periods is as follows: 2020 - $50,000; 2021- $50,000; 2022 - $49,000; 2023 - $48,000 and 2024 - $46,000.