XML 28 R15.htm IDEA: XBRL DOCUMENT v3.23.2
Goodwill and Related Intangible Assets
 6 Months Ended
Jun. 30, 2023
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 six months ended June 30, 2023 are as follows (in thousands):
RenewablesResidentialAgtechInfrastructureTotal
Balance at December 31, 2022$188,030 $209,056 $83,599 $31,678 $512,363 
Adjustments to prior year acquisitions— 387 — — 387 
Foreign currency translation(990)— 201 — (789)
Balance at June 30, 2023$187,040 $209,443 $83,800 $31,678 $511,961 
Goodwill is recognized net of accumulated impairment losses of $133.2 million as of June 30, 2023 and December 31, 2022, respectively.
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 June 30, 2023 which would require an interim impairment test to be performed.
Acquired Intangible Assets
Acquired intangible assets consisted of the following (in thousands):
 June 30, 2023December 31, 2022
 Gross
Carrying
Amount		Accumulated
Amortization		Gross
Carrying
Amount		Accumulated
Amortization
Indefinite-lived intangible assets:
Trademarks$55,500 $— $55,500 $— 
Finite-lived intangible assets:
Trademarks5,472 4,572 5,448 4,481 
Unpatented technology34,232 23,205 34,163 22,037 
Customer relationships114,507 50,303 115,125 46,557 
Non-compete agreements2,374 2,080 2,371 2,006 
156,585 80,160 157,107 75,081 
Total acquired intangible assets$212,085 $80,160 $212,607 $75,081 
The following table summarizes the acquired intangible asset amortization expense for the three and six months ended June 30, (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Amortization expense$2,760 $2,819 $5,526 $5,917 
Amortization expense related to acquired intangible assets for the remainder of fiscal 2023 and the next five years thereafter is estimated as follows (in thousands):
202320242025202620272028
Amortization expense$5,526 $10,872 $10,735 $9,335 $7,702 $6,834