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INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets
The Company's intangible assets are as follows:
(in thousands)June 30, 2023December 31, 2022
Definite-lived intangible assets(1)
Customer relationships$68,191 $68,164 
Unpatented technology18,260 18,208 
Patented technology3,622 3,635 
Trade name13,516 13,441 
Acquired backlog3,100 3,100 
All other9,977 9,653 
Gross value of definite-lived intangible assets116,666 116,201 
Customer relationships amortization(28,788)(26,198)
Unpatented technology amortization(10,912)(10,013)
Patented technology amortization(2,963)(2,891)
Tradename amortization(6,531)(6,154)
Acquired backlog(3,100)(3,100)
All other amortization(9,099)(9,082)
Accumulated amortization(61,393)(57,438)
Net definite-lived intangible assets $55,273 $58,763 
Indefinite-lived intangible assets
Trademarks and trade names$1,530 $1,530 
Total intangible assets, net$56,803 $60,293 
(1) The Company finalized the purchase price allocation for the B&W Solar and B&W Renewable Service A/S acquisition on September 30, 2022 and November 30, 2022, respectively. The purchase price allocations for FPS and Optimus were finalized on of February 1, 2023 and February 28, 2023, respectively. These allocations resulted in several measurement period adjustments.
Schedule of Finite-Lived Intangible Assets
The following summarizes the changes in the carrying amount of intangible assets, net:
Six Months Ended June 30,
(in thousands)20232022
Balance at beginning of period $60,293 $43,795 
Business acquisitions and adjustments(1) (2)
— 27,412 
Amortization expense(3,955)(5,076)
Currency translation adjustments465 (2,570)
Balance at end of the period$56,803 $63,561 
(1) During the six months ended June 30, 2022 the Company was still in the process of completing the purchase price allocation associated with the B&W Solar, B&W Renewable Service A/S, Fossil Power and Optimus Industries acquisitions and as a result, the provisional measurements of goodwill associated with these acquisitions were subject to change.
(2) The purchase price allocations for FPS and Optimus were finalized as of February 1, 2023 and February 28, 2023, respectively. These allocations resulted in several measurement period adjustments during the year ended December 31, 2022.
Schedule of Indefinite-Lived Intangible Assets
The following summarizes the changes in the carrying amount of intangible assets, net:
Six Months Ended June 30,
(in thousands)20232022
Balance at beginning of period $60,293 $43,795 
Business acquisitions and adjustments(1) (2)
— 27,412 
Amortization expense(3,955)(5,076)
Currency translation adjustments465 (2,570)
Balance at end of the period$56,803 $63,561 
(1) During the six months ended June 30, 2022 the Company was still in the process of completing the purchase price allocation associated with the B&W Solar, B&W Renewable Service A/S, Fossil Power and Optimus Industries acquisitions and as a result, the provisional measurements of goodwill associated with these acquisitions were subject to change.
(2) The purchase price allocations for FPS and Optimus were finalized as of February 1, 2023 and February 28, 2023, respectively. These allocations resulted in several measurement period adjustments during the year ended December 31, 2022.
Schedule of Estimated Future Intangible Asset Amortization Expense
Estimated future intangible asset amortization expense as of June 30, 2023 is as follows (in thousands):
Amortization Expense
Year ending December 31, 20234,013 
Year ending December 31, 20247,955 
Year ending December 31, 20257,158 
Year ending December 31, 20266,010 
Year ending December 31, 20275,352 
Year ending December 31, 20285,352 
Thereafter19,431