Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

8. Goodwill and Other Intangible Assets

The changes in the carrying value of goodwill by reportable operating segments were as follows:


	Engineered Products		Clean Energy & Fueling		Imaging & Identification		Pumps & Process Solutions		Climate & Sustainability Technologies		Total
Balance at January 1, 2023	$	712,542	$	1,391,418	$	1,078,259	$	979,535	$	507,740	$	4,669,494
Acquisitions	—		—		—		—		529		529
Measurement period adjustments	—		—		—		(5,103)		—		(5,103)
Held for sale	(58,337)		—		—		—		—		(58,337)
Foreign currency translation	299		1,607		(1,253)		(88)		(25)		540
Balance at September 30, 2023	$	654,504	$	1,393,025	$	1,077,006	$	974,344	$	508,244	$	4,607,123

During the nine months ended September 30, 2023, the Company recognized additions of $529 to goodwill as a result of the acquisition discussed in Note 3 — Acquisitions. During the nine months ended September 30, 2023, the Company recorded measurement period adjustments that decreased goodwill by $5,103, principally related to working capital adjustments for 2022 acquisitions within the Pumps & Process Solutions segment. As noted in Note 4 — Dispositions, the Company classified De-Sta-Co's assets and liabilities as held for sale as of September 30, 2023. As a result, the Engineered Products segment goodwill balance was reduced by $58,337.

The Company’s definite-lived and indefinite-lived intangible assets by major asset class were as follows:


	September 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	1,861,661	$	1,050,837	$	810,824	$	1,881,402	$	996,947	$	884,455
Trademarks	261,265		141,236		120,029		265,466		132,791		132,675
Patents	204,897		139,345		65,552		219,199		146,337		72,862
Unpatented technologies	262,966		151,930		111,036		257,428		137,750		119,678
Distributor relationships	79,894		60,807		19,087		79,622		57,299		22,323

Other	22,103		9,542		12,561		46,880		41,682		5,198
Total	2,692,786		1,553,697		1,139,089		2,749,997		1,512,806		1,237,191
Unamortized intangible assets:
Trademarks	96,554		—		96,554		96,544		—		96,544
Total intangible assets, net	$	2,789,340	$	1,553,697	$	1,235,643	$	2,846,541	$	1,512,806	$	1,333,735

For the three months ended September 30, 2023 and 2022, amortization expense was $39,564 and $39,625, respectively. For the nine months ended September 30, 2023 and 2022, amortization expense was $118,881 and $119,534, respectively. Amortization expense is primarily comprised of acquisition-related intangible amortization. During the nine months ended September 30, 2023, the Company acquired certain intellectual property assets through an immaterial asset acquisition. These assets were classified as unpatented technologies and included in the Imaging & Identification segment.