Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The following table sets forth the gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of June 30, 2025 and December 31, 2024:


	June 30, 2025
(in thousands)	Amortization life in years	Gross carrying amount		Accumulated amortization and other		Net carrying amount

Finite-lived assets:
AEC Trademarks and trade names	6-15	$	208	$	(203)	$	5
AEC Technology	10-15	6,531		(3,810)		2,721
AEC Intellectual property	15	1,250		(464)		786
AEC Customer relationships	8-15	69,561		(49,195)		20,366
Heimbach Developed technology	9	9,282		(2,217)		7,065
Total Finite-lived intangible assets		$	86,832	$	(55,889)	$	30,943

Indefinite-lived intangible assets:
Heimbach Trade name		$	6,458	$	—	$	6,458
MC Goodwill		69,901		—		69,901
AEC Goodwill		114,432		—		114,432
Total Indefinite-lived intangible assets:		$	190,791	$	—	$	190,791


	December 31, 2024
(in thousands)	Amortization life in years	Gross carrying amount		Accumulated amortization and other		Net carrying amount

Finite-lived assets:
AEC Trademarks and trade names	6-15	$	208	$	(197)	$	11
AEC Technology	10-15	5,820		(3,140)		2,680
AEC Intellectual property	15	1,250		(422)		828
AEC Customer relationships	8-15	69,175		(47,283)		21,892
Heimbach Developed technology	9	8,547		(1,543)		7,004
Total Finite-lived assets		$	85,000	$	(52,585)	$	32,415

Indefinite-lived intangible assets:
Heimbach Trade name		$	5,712	$	—	$	5,712
MC Goodwill		63,988		—		63,988
AEC Goodwill		112,273		—		112,273
Total Indefinite-lived intangible assets:		$	181,973	$	—	$	181,973

The changes in intangible assets, net and goodwill from December 31, 2024 to June 30, 2025, were as follows:


(in thousands)	December 31, 2024		Other Changes		Amortization		Currency Translation		June 30, 2025
Finite-lived intangible assets:
AEC Trademarks and trade names	$	11	$	—	$	(6)	$	—	$	5
AEC Technology	2,680		—		(308)		349		2,721
AEC Intellectual property	828		—		(42)		—		786
AEC Customer relationships	21,892		—		(1,751)		225		20,366
Heimbach Developed technology	7,004		(315)		(497)		873		7,065
Total Finite-lived intangible assets	$	32,415	$	(315)	$	(2,604)	$	1,447	$	30,943

Indefinite-lived intangible assets:
Heimbach Trade name	$	5,712	$	—	$	—	$	746	$	6,458
MC Goodwill	63,988		—		—		5,913		69,901
AEC Goodwill	112,273		—		—		2,159		114,432
Total Indefinite-lived assets:	$	181,973	$	—	$	—	$	8,818	$	190,791

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually.

In the second quarter of 2025, management applied the qualitative assessment approach in performing its annual evaluation of goodwill for the Company's Machine Clothing reporting unit and AEC reporting unit and concluded that each reporting unit’s fair value continued to exceed its carrying value. Accordingly, no impairment charges were recorded.