Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill:

The following table sets forth the change in the carrying amount of goodwill for each reportable segment and for the Company as of and for the period ended March 31, 2023:

	Industrial		Aerospace		Total Company
December 31, 2022 (A)	$	804,686	$	30,786	$	835,472
Foreign currency translation	12,349		—		12,349
March 31, 2023	$	817,035	$	30,786	$	847,821

(A) Industrial amounts are net of accumulated goodwill impairment losses of $68,194.

Other Intangible Assets:

Other intangible assets consisted of:

		March 31, 2023				December 31, 2022
	Range of Life -Years	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Amortized intangible assets:
Revenue Sharing Programs (RSPs)	Up to 30	$	299,500	$	(167,175)	$	299,500	$	(164,162)
Component Repair Programs (CRPs)	Up to 30	111,839		(43,682)		111,839		(41,880)
Customer relationships	10-16	337,189		(161,194)		337,189		(156,442)
Patents and technology	4-11	123,433		(94,602)		123,433		(92,875)
Trademarks/trade names	10-30	10,949		(10,807)		10,949		(10,772)
Other	Up to 10	9,938		(3,257)		9,413		(2,966)
		892,848		(480,717)		892,323		(469,097)
Unamortized intangible assets:
Trade names		55,670		—		55,670		—
Foreign currency translation		(32,312)		—		(36,404)		—
Other intangible assets		$	916,206	$	(480,717)	$	911,589	$	(469,097)

Amortization of intangible assets for the three month period ended March 31, 2023 and March 31, 2022 was $11,620 and $10,578, respectively. Estimated amortization of intangible assets for future periods is as follows: 2023 (remainder) - $35,000; 2024 - $45,000; 2025 - $44,000; 2026 - $43,000; 2027 - $41,000 and 2028 - $35,000.