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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
9. Goodwill and Other Intangible Assets

Goodwill
The changes in the carrying value of goodwill by reportable operating segments were as follows:
 Engineered ProductsClean Energy & FuelingImaging & IdentificationPumps & Process SolutionsClimate & Sustainability TechnologiesTotal
Goodwill$733,874 $1,427,691 $1,106,202 $852,809 $508,807 $4,629,383 
Accumulated impairment loss (1)
(10,591)— — (59,970)— (70,561)
Balance at January 1, 2022723,283 1,427,691 1,106,202 792,839 508,807 4,558,822 
Acquisitions— — — 200,513 — 200,513 
Measurement period adjustments(286)2,432 (1,544)968 — 1,570 
Foreign currency translation(10,455)(38,705)(26,399)(14,785)(1,067)(91,411)
Balance at December 31, 2022712,542 1,391,418 1,078,259 979,535 507,740 4,669,494 
Acquisitions— — — 224,771 2,990 227,761 
Measurement period adjustments— — — (5,103)— (5,103)
Held for sale(58,897)— — — — (58,897)
Foreign currency translation5,736 17,884 14,701 9,368 743 48,432 
Balance at December 31, 2023
$659,381 $1,409,302 $1,092,960 $1,208,571 $511,473 $4,881,687 
(1) Accumulated impairment loss as of December 31, 2023 is not subject to foreign currency translation.

During 2023 and 2022, the Company recognized additions of $227,761 and $200,513, respectively, to goodwill as a result of acquisitions as discussed in Note 3 — Acquisitions. During the year ended December 31, 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 separately as current assets and current liabilities held for sale within the consolidated balance sheets as of December 31, 2023. As a result, the Engineered Products segment goodwill balance was reduced by $58,897. There were no dispositions of goodwill during 2023 or 2022.

Annual impairment testing

The Company tests goodwill for impairment annually in the fourth quarter of each year, whenever events or circumstances indicate an impairment may have occurred, or when a change in the composition of reporting units occurs for other reasons, such as a change in segments.

The Company performed its annual goodwill impairment test during the fourth quarter of 2023 using a discounted cash flow analysis as discussed in Note 1 — Description of Business and Summary of Significant Accounting Policies. The Company performed a quantitative goodwill impairment test for each of its reporting units, concluding that the fair values of all of its reporting units were in excess of their carrying values. No impairment of goodwill was required. The discounted cash flow analysis includes management's current assumptions as to future cash flows and long-term growth rates. The discount rates utilized are based on a capital asset pricing model and published relevant industry rates, which take into consideration the risks and uncertainties inherent to the reporting units and in the internally developed forecasts. The discount rate used in the 2023 reporting unit valuations was 10.6%. Further, the Company assessed the current market capitalization, forecasts and the amount of headroom in the 2023 impairment test.

While the Company believes the assumptions used in the 2023 impairment analysis are reasonable and representative of expected results, actual results may differ from expectations.
Intangible Assets
The Company's definite-lived and indefinite-lived intangible assets by major asset class were as follows:
 December 31, 2023December 31, 2022
 
Gross
Amount
Accumulated
Amortization
Net Carrying Amount
Gross
Amount
Accumulated
Amortization
Net Carrying Amount
Amortized intangible assets:    
Customer intangibles$2,138,788 $1,094,053 $1,044,735 $1,881,402 $996,947 $884,455 
Trademarks274,711 147,212 127,499 265,466 132,791 132,675 
Patents206,871 142,719 64,152 219,199 146,337 72,862 
Unpatented technologies277,198 159,148 118,050 257,428 137,750 119,678 
Distributor relationships82,031 63,343 18,688 79,622 57,299 22,323 
Other24,211 10,053 14,158 46,880 41,682 5,198 
Total3,003,810 1,616,528 1,387,282 2,749,997 1,512,806 1,237,191 
Unamortized intangible assets:    
Trademarks96,631 — 96,631 96,544 — 96,544 
Total intangible assets, net$3,100,441 $1,616,528 $1,483,913 $2,846,541 $1,512,806 $1,333,735 

The Company recorded $283,170 of acquired intangible assets in 2023. See Note 3 — Acquisitions for further information. In addition, during the year ended December 31, 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.

For the years ended December 31, 2023, 2022 and 2021, amortization expense was $160,116, $158,628 and $142,814 respectively. Amortization expense is primarily comprised of acquisition-related intangible amortization.

Estimated future amortization expense related to intangible assets held at December 31, 2023 for the next five years is as follows:
Estimated Amortization
2024$173,935 
2025170,536 
2026161,908 
2027158,340 
2028126,227