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Goodwill
 3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill
Goodwill
In the first quarter of 2020, the Company completed a business reorganization as part of its “Project Be Ready” restructuring plan which resulted in identification of two reportable segments (Industrial Technologies and Defense Technologies). The Company commenced operating and reporting under the new organization structure effective January 1, 2020. See Note 20, “Restructuring” for further information on Project Be Ready and Note 18, "Operating Segments and Related Information" for additional information on the two new reportable operating segments.
Goodwill was allocated to identified reporting units using a relative fair value approach. The following table presents changes in the carrying value of goodwill and the activity by reportable segment for the three months ended March 31, 2020 (in thousands):
 
 
Industrial Technologies
 
Defense Technologies
 
Consolidated
Balance, December 31, 2019
 
$
635,899

 
$
728,697

 
$
1,364,596

Goodwill from acquisitions
 
—

 
(12,617
)
 
(12,617
)
Currency translation adjustments
 
(7,244
)
 
(15,907
)
 
(23,151
)
Balance, March 31, 2020
 
$
628,655

 
$
700,173

 
$
1,328,828


In conjunction with the change in reportable segments, the Company evaluated goodwill for impairment, both before and after the segment change and determined that goodwill was not impaired.
The Company reviews its goodwill for impairment annually during the third quarter, or more frequently if events or circumstances indicate that the carrying value of a reporting unit exceeds its fair value. As a result of a deterioration in macroeconomic conditions driven by COVID-19 as well as Company specific events, which combined resulted in declines to our stock price and market capitalization during the first quarter of 2020, the Company determined it was more likely than not that these factors had a significant adverse impact on its reporting units. An interim quantitative goodwill impairment analysis was performed as of March 31, 2020 and the Company determined that the fair values of its reporting units were greater than their carrying values. As such, no impairment was necessary for any of its reporting units.
See Note 19, "Business Acquisitions and Divestitures" for additional information on goodwill from acquisitions.