INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The Company had goodwill in the amount of $522,929 and $523,998 as of June 30, 2020 and December 31, 2019, respectively, subject to the provisions of ASC 350, “Intangibles-Goodwill and Other.” The decrease in goodwill is primarily due to an impairment of $1,228 related to business formerly included in the Industrial Products segment, partially offset by foreign exchange translation adjustments and an insignificant adjustment related to the Zumbro acquisition.

Identifiable intangible assets with finite lives at June 30, 2020 and December 31, 2019 are summarized as follows:


	Amortization Period (in years)	Gross Carrying Amount at 6/30/2020		Accumulated Amortization at 6/30/2020		Gross Carrying Amount at 12/31/2019		Accumulated Amortization at 12/31/2019
Customer relationships & lists	10-20	$	239,626	$	148,770	$	239,578	$	139,863
Trademarks & trade names	2-17	43,104		22,684		43,102		20,477
Developed technology	5-12	21,093		12,336		20,206		11,008
Other	3-18	20,975		10,142		20,962		8,576
		$	324,798	$	193,932	$	323,848	$	179,924

Amortization of identifiable intangible assets was approximately $6,985 and $13,964 for the three and six months ended June 30, 2020, respectively, and $6,128 and $11,970 for the three and six months ended June 30, 2019, respectively. Assuming no change in the gross carrying value of identifiable intangible assets, estimated amortization expense is $13,730 for the remainder of 2020, $24,033 for 2021, $22,101 for 2022, $19,192 for 2023, $10,508 for 2024 and $6,271 for 2025. At June 30, 2020 and 2019, there were no identifiable intangible assets with indefinite useful lives as defined by ASC 350. Identifiable intangible assets are reflected in “Intangible assets with finite lives, net” in the Company’s condensed consolidated balance sheets. There were no changes to the useful lives of intangible assets subject to amortization during the six months ended June 30, 2020 and 2019.