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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
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$479,010 $1,391,418 $1,078,259 $1,039,505 $507,740 $4,495,932 
Accumulated impairment loss (1)
(10,591)— — (59,970)— (70,561)
Balance at January 1, 2023468,419 1,391,418 1,078,259 979,535 507,740 4,425,371 
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, 2023415,258 1,409,302 1,092,960 1,208,571 511,473 4,637,564 
Acquisitions7,252 315,811 — 14,188 — 337,251 
Measurement period adjustments— — — 227 371 598 
Foreign currency translation(7,246)(29,716)(20,929)(10,944)(876)(69,711)
Balance at December 31, 2024
$415,264 $1,695,397 $1,072,031 $1,212,042 $510,968 $4,905,702 
(1) Accumulated impairment loss as of December 31, 2024 is not subject to foreign currency translation.

During 2024 and 2023, the Company recognized additions of $337,251 and $227,761, respectively, to goodwill as a result of acquisitions as discussed in Note 3 — Acquisitions.

During the year ended December 31, 2024, the Company disposed of goodwill related to the disposition of De-Sta-Co that was previously classified as held for sale as of December 31, 2023. See Note 4 — Discontinued and Disposed Operations for further information.

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 2024 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 2024 reporting unit valuations was 10.1%. Further, the Company assessed the current market capitalization, forecasts and the amount of headroom in the 2024 impairment test.

While the Company believes the assumptions used in the 2024 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, 2024December 31, 2023
 
Gross
Amount
Accumulated
Amortization
Net Carrying Amount
Gross
Amount
Accumulated
Amortization
Net Carrying Amount
Amortized intangible assets:    
Customer intangibles$2,343,823 $1,174,195 $1,169,628 $2,097,985 $1,064,609 $1,033,376 
Trademarks283,216 156,745 126,471 268,605 142,505 126,100 
Patents201,828 146,271 55,557 204,591 140,438 64,153 
Unpatented technologies277,945 169,310 108,635 244,042 151,944 92,098 
Distributor relationships79,855 66,469 13,386 82,031 63,343 18,688 
Other22,100 11,400 10,700 24,211 10,053 14,158 
Total3,208,767 1,724,390 1,484,377 2,921,465 1,572,892 1,348,573 
Unamortized intangible assets:    
Trademarks96,477 — 96,477 96,631 — 96,631 
Total intangible assets, net$3,305,244 $1,724,390 $1,580,854 $3,018,096 $1,572,892 $1,445,204 

The Company recorded $340,238 of acquired intangible assets in 2024. See Note 3 — Acquisitions for further information.

For the years ended December 31, 2024, 2023 and 2022, amortization expense was $183,393, $153,775 and $151,938 respectively. Amortization expense is primarily comprised of acquisition-related intangible amortization.

Estimated future amortization expense related to intangible assets held at December 31, 2024 for the next five years is as follows:
Estimated Amortization
2025$188,976 
2026180,521 
2027177,158 
2028146,012 
2029136,646