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Goodwill And Intangible Assets
 3 Months Ended
Mar. 29, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill And Intangible Assets Goodwill and Intangibles, net

The following table shows goodwill by segment as of December 31, 2019 and March 29, 2020 (in thousands): 
 
Aerospace & Defense
 
Industrial
 

Total
Goodwill as of December 31, 2019
$
57,385

 
$
214,508

 
$
271,893

Impairment
—

 
(116,182
)
 
(116,182
)
Currency translation adjustments
(43
)
 
(4,740
)
 
(4,783
)
Goodwill as of March 29, 2020
$
57,342

 
$
93,586

 
$
150,928



We perform an impairment assessment for goodwill at the reporting unit level on an annual basis as of the end of our October month end or more frequently if circumstances warrant. At March 29, 2020, the Company reorganized its reporting units (see Note 8, Segment Information) and had its stock price drop below book value, which the Company determined were triggering events requiring an assessment of its goodwill and indefinite-lived trade names. Our asset groups did not experience a triggering event, and our long-lived assets did not suffer a decline in utility requiring a reassessment of their useful lives. Through its assessment, management determined that its long-lived assets other than goodwill were not impaired.

For the assessment of goodwill as of March 29, 2020, we estimated the fair value of our two reporting units, Industrial and Aerospace & Defense, using an income approach based on the present value of future cash flows. We also utilized the implied market value method under the market approach to validate the fair value amount we obtained using a discounted cash flow model income approach which indicated a control premium. Management believes this approach was the best approximation of fair value of its reporting units in the current economic environment considering the uncertainty caused by the COVID-19 pandemic. The key assumptions utilized in our discounted cash flow model include our estimates of the rate of revenue growth, including the rate of growth used in terminal year value, the assumption of a control premium, and the discount rate based on a weighted average cost of capital. The relevant inputs, estimates and assumptions used in the implied market value method include our market capitalization as of March 29, 2020, and selection of a control premium.

Based on our impairment assessment as of March 29, 2020, we have concluded that our goodwill in the Industrial reporting unit has been impaired and, accordingly, have recorded a goodwill impairment charge of $116.2 million.

The table below presents gross intangible assets and the related accumulated amortization as of March 29, 2020 (in thousands):
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net Carrying Value
Patents
$
5,368

 
$
(5,368
)
 
$
—

Customer relationships
293,607

 
(87,017
)
 
206,590

Backlog
22,181

 
(20,497
)
 
1,684

Acquired technology
132,786

 
(46,717
)
 
86,069

Other
336

 
(336
)
 
—

Total Amortized Assets
$
454,278

 
$
(159,935
)
 
$
294,343

 
 
 
 
 
 
Non-amortized intangibles (primarily trademarks and trade names)
$
74,176

 


 
$
74,176

Total Non-Amortized Intangibles
$
74,176

 


 
$
74,176

Net carrying value of intangible assets


 
 
 
$
368,519



The table below presents estimated remaining amortization expense for intangible assets recorded as of March 29, 2020 (in thousands):
 
2020
 
2021
 
2022
 
2023
 
2024
 
After 2024
Estimated amortization expense
$
32,170

 
$
40,672

 
$
35,737

 
$
31,335

 
$
27,538

 
$
126,891