Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021 are as follows:

	FPD		FCD		Total
	(Amounts in thousands)
Balance as of December 31, 2020	$	805,055	$	419,831	$	1,224,886
Currency translation and other	(17,842)		(10,565)		(28,407)
Balance as of December 31, 2021	$	787,213	$	409,266	$	1,196,479
Currency translation and other	(14,940)		(13,415)		(28,355)
Balance as of December 31, 2022	$	772,273	$	395,851	$	1,168,124

Schedule of Changes in Intangible Assets

The following table provides information about our intangible assets for the years ended December 31, 2022 and 2021:

		December 31, 2022				December 31, 2021
	Useful Life (Years)	Ending Gross Amount		Accumulated Amortization		Ending Gross Amount		Accumulated Amortization
	(Amounts in thousands, except years)
Finite-lived intangible assets:
Engineering drawings(1)	10-22	$	88,830	$	(88,256)	$	89,699	$	(86,275)
Existing customer relationships(2)	5-10	79,472		(70,015)		82,420		(67,279)
Patents	9-16	25,639		(25,639)		26,339		(26,339)
Other	4-40	92,798		(49,481)		93,849		(46,436)
		$	286,739	$	(233,391)	$	292,307	$	(226,329)
Indefinite-lived intangible assets(3)		$	82,640	$	(1,485)	$	88,069	$	(1,585)

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(1)Engineering drawings represent the estimated fair value associated with specific acquired product and component schematics.

(2)Existing customer relationships acquired prior to 2011 had a useful life of five years.

(3)Accumulated amortization for indefinite-lived intangible assets relates to amounts recorded prior to the implementation date of guidance issued in ASC 350.

Schedule of Actual and Estimated Future Amortization of Finite-Lived Intangible Assets

The following schedule outlines actual amortization expense recognized during 2022 and an estimate of future amortization based upon the finite-lived intangible assets owned at December 31, 2022:

	Amortization Expense
	(Amounts in thousands)
Actual for year ended December 31, 2022	$	11,436
Estimated for year ended December 31, 2023	9,715
Estimated for year ended December 31, 2024	5,616
Estimated for year ended December 31, 2025	2,174
Estimated for year ended December 31, 2026	2,038
Estimated for year ended December 31, 2027	2,038
Thereafter	31,767