Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill and Other Identifiable Intangible Assets

The changes in the carrying amount of goodwill during the years ended December 31, 2023 and 2022 by reportable segment, as well as other identifiable intangible assets, are summarized as follows:

	Goodwill
(in thousands)	Automotive		Industrial		Total		Other Intangible Assets, Net
Balance as of January 1, 2022	$	1,507,462	$	407,845	$	1,915,307	$	1,406,401
Additions	149,896		609,892		759,788		663,077
Amortization	—		—		—		(157,437)
Impairments	—		—		—		(17,461)
Foreign currency translation	(77,824)		(9,158)		(86,982)		(82,070)
Balance as of December 31, 2022	1,579,534		1,008,579		2,588,113		1,812,510
Additions	111,831		8,046		119,877		98,652
Amortization	—		—		—		(147,178)
Foreign currency translation	26,068		623		26,691		28,929
Balance as of December 31, 2023	$	1,717,433	$	1,017,248	$	2,734,681	$	1,792,913

Schedule of Gross Carrying Amounts and Accumulated Amortization Relating to Other Intangible Assets

The gross carrying amounts and accumulated amortization relating to other intangible assets at December 31, 2023 and 2022 are as follows:

	2023						2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	2,252,553	$	(695,934)	$	1,556,619	$	2,121,171	$	(566,111)	$	1,555,060
Trademarks	349,022		(113,123)		235,899		342,136		(85,188)		256,948
Non-competition agreements	5,619		(5,224)		395		5,575		(5,073)		502
	$	2,607,194	$	(814,281)	$	1,792,913	$	2,468,882	$	(656,372)	$	1,812,510

Schedule of Estimated Other Intangible Assets Amortization Expense

Estimated other intangible assets amortization expense for the succeeding five years is as follows (in thousands):

2024	$	131,365
2025	129,822
2026	128,357
2027	122,591
2028	119,995
	$	632,130