Goodwill and Intangible Assets
 3 Months Ended
Apr. 03, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
GOODWILL AND INTANGIBLE ASSETS
As of both April 3, 2020 and December 31, 2019 the carrying amount of goodwill was $262.0 million. There was no new goodwill activity during the first quarter of 2020.
The Company tests goodwill for impairment as of October 1 each year, or more frequently should circumstances change or events occur that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Due to the global outbreak of the coronavirus disease 2019 (COVID-19) pandemic and the negative effect to the U.S. and global economy, the Company completed a qualitative assessment to evaluate whether or not it is more likely than not that the fair value of goodwill is less than its carrying amount. Based on our assessment of the totality of events and circumstances as of April 3, 2020, including the estimated impact of the COVID-19 pandemic on our business forecast and the Company's market capitalization, we determined that it is not more likely than not that the fair value of our reporting unit is below its carrying amount. The annual tests performed in the three years ended December 31, 2019 also resulted in no impairment of goodwill.
Identifiable intangible assets consist of the following:
 
 
April 3, 2020
 
December 31, 2019
(In thousands)
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Contract backlogs and recompetes
 
$
11,600

 
$
(4,886
)
 
$
6,714

 
$
11,600

 
$
(4,300
)
 
$
7,300

Customer contracts
 
7,200

 
(1,064
)
 
6,136

 
7,200

 
(692
)
 
6,508

Trade names and other
 
1,236

 
(175
)
 
1,061

 
1,236

 
(118
)
 
1,118

Balance
 
$
20,036

 
$
(6,125
)
 
$
13,911

 
$
20,036

 
$
(5,110
)
 
$
14,926


Identifiable intangible asset amortization expense relating to the Company's acquisitions in 2018 and 2019 was $1.0 million and $0.6 million during the three months ended April 3, 2020, and March 29, 2019, respectively. As of April 3, 2020, the remaining average intangible asset amortization period was 4.0 years.
The estimated amortization expense for the next five years is as follows (in thousands):
Period



Amortization
2020 (excluding the three months ended April 3, 2020)

$
3,014

2021

$
4,029

2022

$
2,501

2023

$
2,404

2024

$
1,297

After 2024

$
530