Acquisitions, Goodwill And Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Acquisitions, Goodwill And Other Intangible Assets [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The acquisition of this business was preliminarily recorded as of the acquisition date, and subsequently adjusted and finalized, as follows (in thousands):

	Preliminary at December 31, 2022		Measurement Period Adjustments		As Adjusted at December 31, 2023
Cash consideration	$	52,761	$	—	$	52,761
Net working capital receivable	—		(13,446)		(13,446)
Fixed deferred consideration	2,000		(2,000)		—
Total fair value of consideration given	$	54,761	$	(15,446)	$	39,315
Identifiable intangible assets	$	13,000	$	2,200	$	15,200
Other assets acquired and liabilities assumed, net	36,783		(21,851)		14,932
Total fair value of net assets acquired	$	49,783	$	(19,651)	$	30,132
Goodwill (tax deductible)	$	4,978	$	4,205	$	9,183

Schedule of Goodwill

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

(In thousands)	OEM Segment		Aftermarket Segment		Total
Net balance – December 31, 2021	$	379,463	$	163,717	$	543,180
Acquisitions	16,302		2,202		18,504
Measurement period adjustments	10,917		2,370		13,287
Foreign currency translation	(6,946)		(962)		(7,908)
Net balance – December 31, 2022	399,736		167,327		567,063
Acquisitions and divestitures	14,025		—		14,025
Measurement period adjustments	5,708		160		5,868
Foreign currency translation	2,232		362		2,594
Net balance – December 31, 2023	$	421,701	$	167,849	$	589,550

Schedule of Finite-Lived Intangible Assets

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

(In thousands)	2023		2022
OEM Segment	$	276,622	$	314,828
Aftermarket Segment	172,137		188,492
Other intangible assets	$	448,759	$	503,320

Other intangible assets consisted of the following at December 31, 2023:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	509,505	$	189,967	$	319,538	6	to	20
Patents	114,864		67,602		47,262		3	to	20
Trade names (finite life)	99,366		26,978		72,388		3	to	20
Trade names (indefinite life)	7,600		—		7,600		Indefinite
Non-compete agreements	10,104		8,453		1,651		3	to	6
Other	609		289		320		2	to	12
Other intangible assets	$	742,048	$	293,289	$	448,759

Schedule of Finite-Lived Intangible Assets

Other intangible assets consisted of the following at December 31, 2022:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	520,273	$	163,562	$	356,711	6	to	20
Patents	121,167		62,841		58,326		3	to	20
Trade names (finite life)	97,810		21,380		76,430		3	to	20
Trade names (indefinite life)	7,600		—		7,600		Indefinite
Non-compete agreements	11,584		7,698		3,886		3	to	6
Other	609		242		367		2	to	12
Other intangible assets	$	759,043	$	255,723	$	503,320

Schedule of Indefinite-Lived Intangible Assets

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

(In thousands)	2023		2022
OEM Segment	$	276,622	$	314,828
Aftermarket Segment	172,137		188,492
Other intangible assets	$	448,759	$	503,320

Other intangible assets consisted of the following at December 31, 2023:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	509,505	$	189,967	$	319,538	6	to	20
Patents	114,864		67,602		47,262		3	to	20
Trade names (finite life)	99,366		26,978		72,388		3	to	20
Trade names (indefinite life)	7,600		—		7,600		Indefinite
Non-compete agreements	10,104		8,453		1,651		3	to	6
Other	609		289		320		2	to	12
Other intangible assets	$	742,048	$	293,289	$	448,759

Schedule of Indefinite-lived Intangible Assets

Other intangible assets consisted of the following at December 31, 2022:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	520,273	$	163,562	$	356,711	6	to	20
Patents	121,167		62,841		58,326		3	to	20
Trade names (finite life)	97,810		21,380		76,430		3	to	20
Trade names (indefinite life)	7,600		—		7,600		Indefinite
Non-compete agreements	11,584		7,698		3,886		3	to	6
Other	609		242		367		2	to	12
Other intangible assets	$	759,043	$	255,723	$	503,320

Schedule of Estimated Amortization Expense

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

(In thousands)	2023		2022		2021
Cost of sales	$	9,910	$	10,155	$	5,783
Selling, general and administrative expense	47,165		46,218		41,782
Amortization expense	$	57,075	$	56,373	$	47,565

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

(In thousands)	2024		2025		2026		2027		2028
Cost of sales	$	8,872	$	7,908	$	6,679	$	5,945	$	5,901
Selling, general and administrative expense	45,371		42,050		40,145		39,085		35,929
Amortization expense	$	54,243	$	49,958	$	46,824	$	45,030	$	41,830