Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

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, 2024:

	Aerospace		Industrial		Total Company
December 31, 2023 (A)	$	352,352	$	831,272	$	1,183,624
Reclassified to assets held for sale (see Note 3)	—		(58,900)		(58,900)
Foreign currency translation	(784)		(21,587)		(22,371)
March 31, 2024	$	351,568	$	750,785	$	1,102,353

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

The Company completed the Sale of the Businesses in April 2024. See Note 3. Pursuant to the required accounting guidance, the Company allocated $58,900 of goodwill within the Motion Control Solutions reporting unit to the Businesses based on the estimated relative fair values of the businesses.

Other Intangible Assets:

Other intangible assets consisted of:

		March 31, 2024				December 31, 2023
	Range of Life -Years	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Amortized intangible assets:
Revenue Sharing Programs (RSPs)	Up to 30	$	299,500	$	(179,695)	$	299,500	$	(176,143)
Component Repair Programs (CRPs)	Up to 30	111,839		(51,430)		111,839		(49,577)
Customer relationships	10-16	579,050		(181,220)		586,189		(180,679)
Patents and technology	4-18	174,280		(97,764)		178,433		(100,662)
Trademarks/trade names	10-30	7,153		(6,399)		10,949		(10,910)
Other	Up to 10	26,334		(15,783)		26,334		(14,857)
		1,198,156		(532,291)		1,213,244		(532,828)
Unamortized intangible assets:
Trade names		55,670		—		55,670		—
Foreign currency translation		(37,143)		—		(29,615)		—
Other intangible assets		$	1,216,683	$	(532,291)	$	1,239,299	$	(532,828)

Gross amounts of $7,139, $4,153 and $3,821 that were included within customer relationships, patents and technology, and trademarks, respectively, at December 31, 2023, were related to the Businesses, and are therefore classified within Assets Held for Sale as of March 31, 2024. The gross amounts were fully amortized at March 31, 2024.

Amortization of intangible assets for the three months period ended March 31, 2024 and March 31, 2023 was $17,562 and $11,620, respectively. Estimated amortization of intangible assets for future periods is as follows: 2024 (remainder) - $53,000; 2025 - $71,000; 2026 - $68,000; 2027 - $66,000; 2028 - $63,000 and 2029 - $62,000.