Goodwill and Related Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND RELATED INTANGIBLE ASSETS

GOODWILL AND RELATED INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill for the nine months ended September 30, 2022 are as follows (in thousands):

	Renewables		Residential		Agtech		Infrastructure		Total
Balance at December 31, 2021	$	188,680	$	205,452	$	85,132	$	31,678	$	510,942
Acquired goodwill	—		3,476		—		—		3,476
Adjustments to prior year acquisitions	904		—		—		—		904
Foreign currency translation	(2,545)		—		(1,911)		—		(4,456)
Balance at September 30, 2022	$	187,039	$	208,928	$	83,221	$	31,678	$	510,866

The Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. The Company determined that no triggering event had occurred as of September 30, 2022 which would require an interim impairment test to be performed.

Acquired Intangible Assets

Acquired intangible assets consist of the following (in thousands):

	September 30, 2022				December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Indefinite-lived intangible assets:
Trademarks	$	57,700	$	—	$	52,700	$	—
Finite-lived intangible assets:
Trademarks	5,432		4,337		5,521		4,011
Unpatented technology	34,117		21,456		38,474		20,656
Customer relationships	117,429		43,914		108,591		39,832
Non-compete agreements	2,368		1,965		2,686		1,969
Backlog	6,852		6,852		7,200		7,200
	166,198		78,524		162,472		73,668
Total acquired intangible assets	$	223,898	$	78,524	$	215,172	$	73,668

The following table summarizes the acquired intangible asset amortization expense for the three and nine months ended September 30 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Amortization expense	$	2,801	$	4,646	$	8,718	$	14,125

Amortization expense related to acquired intangible assets for the remainder of fiscal 2022 and the next five years thereafter is estimated as follows (in thousands):

	2022		2023		2024		2025		2026		2027
Amortization expense	$	2,905	$	11,140	$	10,960	$	10,820	$	9,397	$	7,747