GOODWILL

12 Months Ended

Dec. 31, 2023

GOODWILL.

GOODWILL

5.GOODWILL

The Company’s acquisition of Southern Hydraulic Cylinder, Inc., resulted in the recognition of approximately $8.4 million of goodwill. For additional information on the Company’s acquisition of Southern Hydraulic Cylinder, Inc., see Note 2 – Business Combinations.

The following table summarizes the changes in the carrying amount of goodwill:

(in thousands)		Total
Balance at December 31, 2022	$	11,619
SHC, Inc.		8,403
Balance at December 31, 2023	$	20,022