The Company tests goodwill and indefinite-lived intangible assets for impairment annually and between annual tests if impairment indicators are present. Such indicators may include, but are not limited to, significant changes in economic and competitive conditions,

the impact of the economic environment on the Company’s customer base or its businesses, or a material negative change in its relationships with significant customers.

The Company’s annual goodwill impairment assessment as of October 1 for all of its reporting units found no impairment in 2023, 2022 or 2021. During 2023, management performed a qualitative assessment for five of its six reporting units, with the exception of the Rotational Molding reporting unit for which a quantitative assessment was performed. Based on the five qualitative analyses, we determined that it was more-likely-than-not that the fair values of the reporting units were greater than their carrying amounts and no impairment was indicated. Based on the quantitative analysis of the Rotational Molding reporting unit, the estimated fair value of the reporting unit was in excess of its carrying value and no impairment was identified.

The fair value of the Company's Rotational Molding reporting unit in accordance with the goodwill impairment test was determined using the income and/or market approaches. The income approach employs the discounted cash flow method reflecting projected cash flows expected to be generated by market participants and then adjusted for time value of money factors and requires management to make significant estimates and assumptions related to forecasts of future revenues, earnings before interest, taxes, depreciation, and amortization (EBITDA), and discount rates. The market approach utilizes an analysis of comparable publicly traded companies and requires management to make significant estimates and assumptions related to the forecasts of future revenues, EBITDA, and multiples that are applied to management’s forecasted revenues and EBITDA estimates.

The techniques used in the Company's impairment test have incorporated a number of assumptions that the Company believes to be reasonable and to reflect known market conditions at the measurement date. The variables and assumptions used, all of which are Level 3 fair value inputs, include the projections of future revenues and expenses, working capital, terminal values, discount rates and long term growth rates. The estimate of the fair values of these reporting units, and the related goodwill, could change over time based on a variety of factors, including the aggregate market value of the Company’s common stock, actual operating performance of the underlying businesses or the impact of future events on the cost of capital and the related discount rates used.

The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 were as follows:


	Distribution			Material Handling			Total
January 1, 2022	$	7,648		$	81,130		$	88,778
Acquisition		7,485			—			7,485
Purchase accounting adjustment		(403	)		—			(403	)
Foreign currency translation		—			(703	)		(703	)
December 31, 2022	$	14,730		$	80,427		$	95,157
Foreign currency translation		—			235			235
December 31, 2023	$	14,730		$	80,662		$	95,392

Intangible assets were established in connection with acquisitions. These intangible assets, other than goodwill and certain indefinite lived trade names, are amortized over their estimated useful lives. The Company performed a quantitative annual impairment assessment for the indefinite lived trade names as of October 1, 2023, 2022 and 2021. In performing these assessments, the Company determined the estimated fair value of the trade name exceeded the carrying value and accordingly, no impairment was indicated. An impairment charge would be recorded if the carrying value of the trade name exceeds the estimated fair value at the date of assessment. Refer to Note 3 for the intangible assets acquired through the Mohawk acquisition during 2022.

Intangible assets at December 31, 2023 and 2022 consisted of the following:


			2023							2022
	Weighted Average Remaining Useful Life (years)		Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Trade names - indefinite lived			$	9,782	$	—		$	9,782	$	9,782	$	—		$	9,782
Trade names		6.0		10,267		(3,417	)		6,850		10,267		(2,142	)		8,125
Customer relationships		12.0		75,505		(48,790	)		26,715		75,110		(45,621	)		29,489
Technology		0.6		24,980		(23,713	)		1,267		24,980		(21,441	)		3,539
Non-competition agreements		1.7		1,510		(995	)		515		1,510		(693	)		817
Patents		—		11,730		(11,730	)		—		11,730		(11,730	)		—
			$	133,774	$	(88,645	)	$	45,129	$	133,379	$	(81,627	)	$	51,752

Intangible amortization expense was $6.6 million, $6.2 million and $5.2 million in 2023, 2022 and 2021, respectively. Estimated annual amortization expense for intangible assets with finite lives for the next five years is: $5.4 million in 2024; $3.9 million in 2025; $3.2 million in 2026; $2.9 million in 2027 and $2.7 million in 2028.