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GOODWILL AND INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
We have three operating segments which are also our reporting units: Electronic Test, Environmental Technologies and Process Technologies. Goodwill and intangible assets on our balance sheets are the result of our acquisitions.
Goodwill
Changes in the amount of the carrying value of goodwill for the three months ended March 31, 2025, are as follows:
(in thousands)
Balance - January 1, 2025$30,744 
Impact of foreign currency translation adjustments492 
Balance – March 31, 2025$31,236 
Goodwill was comprised of the following at March 31, 2025, and December 31, 2024:
(in thousands)March 31, 2025December 31,
2024
Electronic Test$12,982 $12,567 
Environmental Technologies1,817 1,817 
Process Technologies16,437 16,360 
Total goodwill$31,236 $30,744 
Intangible Assets
Changes in the amount of the carrying value of our intangible assets for the three months ended March 31, 2025 were as follows:
(in thousands)Finite-LivedIndefinite-Lived
Balance - January 1, 2025$16,201 $10,175 
Impact of foreign currency translation adjustments479 96 
Amortization(813)— 
Balance – March 31, 2025$15,867 $10,271 
The following tables provide further detail about our intangible assets as of March 31, 2025, and December 31, 2024:
March 31, 2025
(in thousands)Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Finite-lived intangible assets:
Customer relationships$24,285 $12,061 $12,224 
Technology5,923 2,280 3,643 
Patents590 590 — 
Backlog487 487 — 
Software270 270 — 
Trade name140 140 — 
Total finite-lived intangible assets31,695 15,828 15,867 
Indefinite-lived intangible assets:
Trademarks10,271 — 10,271 
Total intangible assets$41,966 $15,828 $26,138 
December 31, 2024
(in thousands)Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Finite-lived intangible assets:
Customer relationships$23,912 $11,496 $12,416 
Technology5,786 2,001 3,785 
Patents590 590 — 
Backlog481 481 — 
Software270 270 — 
Trade name140 140 — 
Total finite-lived intangible assets31,179 14,978 16,201 
Indefinite-lived intangible assets:
Trademarks10,175 — 10,175 
Total intangible assets$41,354 $14,978 $26,376 
We generally amortize our finite-lived intangible assets over their estimated useful lives based on the pattern in which the economic benefits of the intangible assets are expected to be consumed, or on a straight-line basis, if an alternate amortization method cannot be reliably determined. Any such alternate amortization method would be based on the
pattern in which the economic benefits of the intangible asset are expected to be consumed. None of our intangible assets have any residual value.
The following table sets forth the estimated annual amortization expense for each of the next five years:
(in thousands)
Remaining 2025$2,431 
20262,455 
20271,914 
20281,580 
20291,268 
Thereafter6,219 
Total estimated amortization of finite-lived intangible assets$15,867