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Acquisitions, Goodwill And Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands):


Cash consideration	$	56,760
Holdback payment	12,219
Total value of consideration given	$	68,979

Customer relationship	$	30,000
Other identifiable intangible assets	7,250
Net tangible assets	8,864
Total fair value of net assets acquired	$	46,114

Goodwill (not tax deductible)	$	22,865

The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands):


Cash consideration	$	30,461
Holdback payment	4,500
Total value of consideration given	$	34,961

Customer relationship and other identifiable intangible assets	$	12,900
Net tangible assets	8,983
Total fair value of net assets acquired	$	21,883

Goodwill (tax deductible)	$	13,078

The acquisition of this business was recorded as of the acquisition date as follows (in thousands):


Cash consideration, net of cash acquired	$	95,766
Contingent consideration	2,796
Total fair value of consideration given	$	98,562

Customer relationship	$	37,012
Other identifiable intangible assets	26,614
Net tangible assets, excluding pension obligation	14,247
Unfunded pension benefit obligation	$	(28,665)
Total fair value of net assets acquired	$	49,208

Goodwill (not tax deductible)	$	49,354

The acquisition of this business was recorded, as updated, on the acquisition date as follows (in thousands):


	Preliminary at December 31, 2019		Measurement Period Adjustments		As Adjusted at December 31, 2020
Cash consideration, net of cash acquired	$	337,640	$	(1,053)	$	336,587

Assets Acquired
Accounts receivable	$	28,611	$	—	$	28,611
Inventories	88,765		(6,648)		82,117
Fixed assets	24,036		—		24,036
Customer relationship	112,000		(7,800)		104,200
Tradename and other identifiable intangible assets	37,705		(300)		37,405
Operating lease right-of-use assets	27,925		—		27,925
Other tangible assets	4,060		(1,550)		2,510
Liabilities Assumed
Accounts payable	(18,577)		—		(18,577)
Current portion of operating lease obligations	(5,360)		—		(5,360)
Accrued expenses and other current liabilities	(10,002)		—		(10,002)
Operating lease obligations	(22,565)		—		(22,565)
Deferred taxes	(31,877)		1,752		(30,125)
Total fair value of net assets acquired	$	234,721	$	(14,546)	$	220,175

Goodwill (not tax deductible)	$	102,919	$	13,493	$	116,412

Changes in the carrying amount of goodwill by reportable segment were as follows:


(In thousands)	OEM Segment		Aftermarket Segment		Total
Net balance – December 31, 2018	$	160,257	$	19,911	$	180,168
Acquisitions – 2019	57,245		115,178		172,423
Other	(1,882)		405		(1,477)
Net balance – December 31, 2019	215,620		135,494		351,114
Acquisitions – 2020	84,774		523		85,297
Measurement period adjustments	(2,251)		12,613		10,362
Foreign currency translation	7,810		145		7,955
Net balance – December 31, 2020	$	305,953	$	148,775	$	454,728

Other intangible assets, by segment, at December 31 were as follows:

Other intangible assets consisted of the following at December 31, 2020:


(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	398,613	$	95,443	$	303,170	6	to	17
Patents	92,128		47,090		45,038		3	to	20
Trade names (finite life)	69,686		11,272		58,414		3	to	20
Trade names (indefinite life)	7,600		—		7,600		Indefinite
Non-compete agreements	6,478		4,617		1,861		3	to	6
Other	309		194		115		2	to	12
Purchased research and development	4,687		—		4,687		Indefinite
Other intangible assets	$	579,501	$	158,616	$	420,885

Other intangible assets consisted of the following at December 31, 2019:


(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	319,934	$	69,008	$	250,926	6	to	17
Patents	76,206		44,611		31,595		3	to	19
Trade names (finite life)	50,917		7,086		43,831		3	to	20
Trade names (indefinite life)	7,600		—		7,600		Indefinite
Non-compete agreements	7,598		4,947		2,651		3	to	6
Other	309		173		136		2	to	12
Purchased research and development	4,687		—		4,687		Indefinite
Other intangible assets	$	467,251	$	125,825	$	341,426

Other intangible assets, by segment, at December 31 were as follows:

Other intangible assets consisted of the following at December 31, 2020:


(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	398,613	$	95,443	$	303,170	6	to	17
Patents	92,128		47,090		45,038		3	to	20
Trade names (finite life)	69,686		11,272		58,414		3	to	20
Trade names (indefinite life)	7,600		—		7,600		Indefinite
Non-compete agreements	6,478		4,617		1,861		3	to	6
Other	309		194		115		2	to	12
Purchased research and development	4,687		—		4,687		Indefinite
Other intangible assets	$	579,501	$	158,616	$	420,885

Other intangible assets consisted of the following at December 31, 2019:


(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	319,934	$	69,008	$	250,926	6	to	17
Patents	76,206		44,611		31,595		3	to	19
Trade names (finite life)	50,917		7,086		43,831		3	to	20
Trade names (indefinite life)	7,600		—		7,600		Indefinite
Non-compete agreements	7,598		4,947		2,651		3	to	6
Other	309		173		136		2	to	12
Purchased research and development	4,687		—		4,687		Indefinite
Other intangible assets	$	467,251	$	125,825	$	341,426

Amortization expense related to other intangible assets was as follows for the years ended December 31:


(In thousands)	2020		2019		2018
Cost of sales	$	5,101	$	5,200	$	5,350
Selling, general and administrative expense	32,772		18,558		15,912
Amortization expense	$	37,873	$	23,758	$	21,262

Estimated amortization expense for other intangible assets for the next five years is as follows:


(In thousands)	2021		2022		2023		2024		2025
Cost of sales	$	5,554	$	5,208	$	4,782	$	4,329	$	3,465
Selling, general and administrative expense	35,945		35,453		34,801		33,781		31,444
Amortization expense	$	41,499	$	40,661	$	39,583	$	38,110	$	34,909