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 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, 2019	$	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
Foreign currency translation	78,558		—		78,558
December 31, 2020	$	980,794	$	30,786	$	1,011,580

Of the $1,011,580 of goodwill at December 31, 2020, $43,860 represents the original tax deductible basis.

The acquisition-related changes recorded at Industrial during 2019 include final purchase accounting adjustments of $5,841 of goodwill resulting from the acquisition of Gimatic. See Note 2. 

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:

		2020				2019
	Range of Life-Years	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Amortized intangible assets:
Revenue Sharing Programs	Up to 30	$	299,500	$	(143,209)	$	299,500	$	(135,466)
Component Repair Programs	Up to 30	111,839		(30,869)		111,839		(27,270)
Customer relationships	10-16	338,366		(118,752)		338,366		(98,953)
Patents and technology	4-11	123,433		(77,311)		123,433		(68,188)
Trademarks/trade names	10-30	10,949		(10,377)		10,949		(10,145)
Other	Up to 15	10,746		(4,580)		10,746		(4,014)
		894,833		(385,098)		894,833		(344,036)
Unamortized intangible asset:
Trade names		55,670		—		55,670		—
Foreign currency translation		(1,273)		—		(25,351)		—
Other intangible assets		$	949,230	$	(385,098)	$	925,152	$	(344,036)

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 programs. As of December 31, 2020, the Company has made all required payments under the RSP and CRP agreements.

Amortization of intangible assets for the years ended December 31, 2020, 2019 and 2018 was $41,066, $51,502 and $45,220, respectively. Estimated amortization of intangible assets for future periods is as follows: 2021 - $42,000; 2022- $42,000; 2023 - $43,000; 2024 - $43,000 and 2025 - $44,000.