XML 26 R14.htm IDEA: XBRL DOCUMENT v3.24.2
Goodwill and Related Intangible Assets
 6 Months Ended
Jun. 30, 2024
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, 2024 are as follows (in thousands):
ResidentialRenewablesAgtechInfrastructureTotal
Balance at December 31, 2023$213,576 $184,230 $83,899 $31,678 $513,383 
Adjustments to prior year acquisitions(1,110)— — — (1,110)
Foreign currency translation— — (683)— (683)
Balance at June 30, 2024$212,466 $184,230 $83,216 $31,678 $511,590 
Goodwill is recognized net of accumulated impairment losses of $133.2 million as of June 30, 2024 and December 31, 2023, 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, 2024 which would require an interim impairment test to be performed.
Acquired Intangible Assets
Acquired intangible assets consisted of the following (in thousands):
 June 30, 2024December 31, 2023
 Gross
Carrying
Amount		Accumulated
Amortization		Gross
Carrying
Amount		Accumulated
Amortization
Indefinite-lived intangible assets:
Trademarks$52,300 $— $52,300 $— 
Finite-lived intangible assets:
Trademarks2,550 1,665 5,773 4,714 
Unpatented technology31,781 23,143 34,133 24,295 
Customer relationships100,993 41,397 110,649 48,088 
Non-compete agreements719 571 2,376 2,154 
136,043 66,776 152,931 79,251 
Total acquired intangible assets$188,343 $66,776 $205,231 $79,251 
The following table summarizes the acquired intangible asset amortization expense (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Amortization expense$2,639 $2,760 $5,357 $5,526 
Amortization expense related to acquired intangible assets for the remainder of fiscal 2024 and the next five years thereafter is estimated as follows (in thousands):
202420252026202720282029
Amortization expense$5,281 $10,487 $9,454 $8,071 $7,276 $7,227