Goodwill and Intangible Assets

Goodwill represents the excess of acquisition purchase price over the fair value of net assets acquired. We review goodwill for impairment annually, initially utilizing a qualitative assessment in the second fiscal quarter and whenever events or changes in circumstances indicate it is more likely than not that the carrying value may not be recoverable. Goodwill of $4.8 million was attributable to the Global Seating Segment and $22.3 million to the Electrical Systems Segment.

As disclosed in Note 20, the Company acquired substantially all of the assets and certain liabilities of First Source Electronics, LLC (“FSE”) on September 17, 2019. In the first quarter of 2020 we reduced the value of the goodwill associated with the purchase of FSE by $0.5 million as a result of the finalization of the purchase price for FSE.

As a result of the Company's market capitalization maintaining a value less than the carrying value of its equity, the Company determined it had an impairment indicator. Accordingly, we calculated the estimated fair value of the goodwill reporting units within the Electrical Systems and Global Seating Segments by discounting the estimated operating cash flows of each reporting unit. We then compared these estimated fair values to the net carrying values at March 31, 2020 and, as a result, recognized $27.1 million impairment of goodwill. The impairment charge is presented in impairment expense in the Condensed Consolidated Statements of Operations.

The changes in the carrying amounts of goodwill are as follows:



	March 31, 2020			December 31, 2019
Beginning of the period	$	27,816		$	7,576
Finalization of FSE Purchase Accounting	(537		)	20,365
Goodwill impairment	(27,074		)	—
Currency translation adjustment	(205		)	(125		)
Balance - Ending	$	—		$	27,816

Our definite-lived intangible assets were comprised of the following:



		March 31, 2020							December 31, 2019
	Weighted- Average Amortization Period	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Trademarks/Tradenames	23 years	$	11,433	$	(4,326	)	$	7,107	$	11,553	$	(4,276	)	$	7,277
Customer relationships	15 years	14,706		(6,676		)	8,030		15,025		(6,574		)	8,451
Technical know-how	5 years	9,790		(1,061		)	8,729		9,790		(571		)	9,219
Covenant not to compete	5 years	330		(36		)	294		330		(19		)	311
		$	36,259	$	(12,099	)	$	24,160	$	36,698	$	(11,440	)	$	25,258

The aggregate intangible asset amortization expense was approximately $0.9 million for the three months ended March 31, 2020 and $0.3 million for the three months ended March 31, 2019. The estimated intangible asset amortization expense for the fiscal year ending December 31, 2020 and for each of the three succeeding years is expected to be $3.4 million and $2.8 million in 2024.