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Goodwill and Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
The change in goodwill

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

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