The Company conducts an annual impairment review of goodwill and indefinite-lived intangible assets in October of each year, unless events occur which trigger the need for an interim impairment review. The 2019 annual goodwill impairment review indicated that the JVS reporting unit’s fair value exceeded its carrying value by less than 10%. All other reporting units had fair values that exceeded their carrying value by 10% or more.

The Company considered the recent economic impact of the COVID-19 pandemic to be a triggering event for the JVS business unit and, as a result, the Company performed an interim impairment review. As a result of both the COVID-19 related economic downturn and its impact on JVS’s anticipated financial results, the Company concluded that it is more likely than not that the JVS reporting unit’s carrying value exceeds its fair value and performed an interim impairment review for both JVS’s goodwill and tradename intangible asset. As a result of the interim impairment testing performed, the Company recorded non-cash impairment charges of $8.4 million and $139.1 million for indefinite-lived intangible assets and goodwill, respectively.

The Company estimated the fair value of the JVS reporting unit using both the discounted cash flow model and the market approach. The Company estimated the value of JVS’s indefinite-lived tradename intangible asset using a discounted cash flow model. The determination of the fair value using the discounted cash flow model requires management to make significant estimates and assumptions related to forecasts of future revenues, profit margins, and discount rates. The determination of the fair value using the market approach requires management to make significant assumptions related to earnings before interest, taxes, depreciation, and amortization (“EBITDA”) multiples. The Company estimates future cash flows based upon historical results and current market projections, discounted at a market comparable rate.

Key assumptions developed by management and used in the interim quantitative analysis included the following:

Depending on its duration and the severity of its economic impact, the COVID-19 pandemic may trigger additional interim impairment reviews in future periods.

Changes in goodwill from January 1, 2020 through March 31, 2020 were as follows:

	Power Transmission Technologies			Automation & Specialty			Total
Net goodwill balance January 1, 2020	$	410.1		$	1,284.8		$	1,694.9
Goodwill impairment charge		—			(139.1	)		(139.1	)
Impact of changes in foreign currency		(3.4	)		(24.1	)		(27.5	)
Net goodwill balance March 31, 2020	$	406.7		$	1,121.6		$	1,528.3

Other intangible assets as of March 31, 2020 and December 31, 2019 consisted of the following:

	March 31, 2020						December 31, 2019
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Other intangible assets
Intangible assets not subject to amortization:
Tradenames and trademarks (1)	$	247.7	$	—	$	247.7	$	260.0	$	—	$	260.0
In-process research and development		16.0		—		16.0		16.0		—		16.0
Intangible assets subject to amortization:
Customer relationships		1,171.0		147.9		1,023.1		1,187.7		137.8		1,049.9
Product technology and patents		209.6		38.7		170.9		210.0		33.5		176.5
Total intangible assets	$	1,644.3	$	186.6	$	1,457.7	$	1,673.7	$	171.3	$	1,502.4

The Company recorded $17.5 million and $17.8 million of amortization expense in the quarters ended March 31, 2020 and 2019, respectively.

The estimated amortization expense for intangible assets is approximately $52.6 million for the remainder of 2020, $70.7 million in each of the next four years and then $858.6 million thereafter.