Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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 September 30, 2023:


	Industrial		Aerospace		Total Company
December 31, 2022 (A)	$	804,686	$	30,786	$	835,472
Acquisition related	—		$	318,307	$	318,307



Foreign currency translation	(1,438)		(267)		(1,705)
September 30, 2023	$	803,248	$	348,826	$	1,152,074

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

The changes recorded at Aerospace include $318,307 of goodwill in 2023 resulting from the acquisition of MB Aerospace in August 2023. See Note 3. The amounts allocated to goodwill reflect the benefits that the Company expects to realize from an increase in global market access and MB Aerospace's assembled workforce. None of the recognized goodwill from the

acquisition of MB Aerospace is expected to be deductible for income tax purposes. The purchase price for the MB Aerospace acquisition is subject to post-closing adjustments and finalization of purchase price allocation, therefore goodwill may require adjustment accordingly.

In the second quarter of 2023, management performed its annual impairment testing of goodwill and determined that there was no goodwill impairment.

Other Intangible Assets:

Other intangible assets consisted of:


		September 30, 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	$	(173,404)	$	299,500	$	(164,162)
Component Repair Programs (CRPs)	Up to 30	111,839		(47,664)		111,839		(41,880)
Customer relationships	10-16	587,189		(172,627)		337,189		(156,442)
Patents and technology	4-18	178,433		(98,538)		123,433		(92,875)
Trademarks/trade names	10-30	10,949		(10,875)		10,949		(10,772)
Other	Up to 10	26,334		(8,074)		9,413		(2,966)
		1,214,244		(511,182)		892,323		(469,097)
Unamortized intangible assets:
Trade names		55,670		—		55,670		—
Foreign currency translation		(37,122)		—		(36,404)		—
Other intangible assets		$	1,232,792	$	(511,182)	$	911,589	$	(469,097)

In connection with the acquisition of MB Aerospace in August 2023, the Company recorded intangible assets of $321,000 which includes $250,000 of customer relationships, $55,000 of developed technology, and $16,000 of customer backlog included within Other above. The estimated weighted-average useful lives of the acquired assets were 15 years, 18 years and 1 year, respectively.

Amortization of intangible assets for the three and nine month periods ended September 30, 2023 was $18,860 and $42,084, respectively. Amortization of intangible assets for the three and nine month periods ended September 30, 2022 was $11,747 and $33,918, respectively. Estimated amortization of intangible assets for future periods is as follows: 2023 (remainder) - $25,000; 2024 - $71,000; 2025 - $70,000; 2026 - $67,000; 2027 - $66,000 and 2028 - $62,000.