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Goodwill
 6 Months Ended
Jun. 30, 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 19, “Restructuring” for further information on Project Be Ready and Note 17, "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. 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.

Note 11.
Goodwill - (Continued)
The following table presents changes in the carrying value of goodwill and the activity by reportable segment for the six months ended June 30, 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
 
(2,478
)
 
(8,512
)
 
(10,990
)
Balance, June 30, 2020
 
$
633,421

 
$
707,568

 
$
1,340,989


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.
See Note 18, "Business Acquisitions" for additional information on goodwill from acquisitions.