Goodwill

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

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 nine months ended September 30, 2020 (in thousands):



	Industrial Technologies		Defense Technologies			Consolidated
Balance, December 31, 2019	$	635,899	$	728,697		$	1,364,596
Adjustments to goodwill	—		(12,617		)	(12,617		)
Currency translation adjustments	4,266		(5,598		)	(1,332		)
Balance, September 30, 2020	$	640,165	$	710,482		$	1,350,647

During the third quarter of 2020, the Company performed its annual goodwill impairment analysis. The Company performed a qualitative analysis for all reporting units and determined that it was more likely than not that the fair values of the reporting units were in excess of the individual reporting units carrying values, and as a result, a quantitative step one analysis was not necessary. There were no goodwill impairments during the nine months ended September 30, 2020 and 2019, respectively.

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