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Goodwill and Other Intangibles
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles

Note 6 – Goodwill and Other Intangibles

 

Goodwill

Changes in the carrying amount of goodwill, by reportable segment, for the nine months ended September 30, 2022 was as follows:

 

 

Automotive

 

 

Medical

 

 

Total

 

Balance as of December 31, 2021

 

$

37,329

 

 

$

28,704

 

 

$

66,033

 

Exchange rate impact

 

 

(4,825

)

 

 

(2,608

)

 

 

(7,433

)

Acquisition of Alfmeier

 

 

43,678

 

 

 

—

 

 

 

43,678

 

Acquisition of Dacheng

 

 

—

 

 

 

22,995

 

 

 

22,995

 

Balance as of September 30, 2022

 

$

76,182

 

 

$

49,091

 

 

$

125,273

 

 

Other Intangible Assets

Other intangible assets and accumulated amortization balances as of September 30, 2022 and December 31, 2021 were as follows:

 

 

September 30, 2022

 

 

December 31, 2021

 

 

 

Gross
Carrying Value

 

 

Accumulated
Amortization

 

 

Net Carrying
Value

 

 

Gross
Carrying Value

 

 

Accumulated
Amortization

 

 

Net Carrying
Value

 

Definite-lived:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

99,318

 

 

$

(57,718

)

 

$

41,600

 

 

$

90,448

 

 

$

(64,105

)

 

$

26,343

 

Technology

 

 

36,640

 

 

 

(22,502

)

 

 

14,138

 

 

 

29,464

 

 

 

(24,487

)

 

 

4,977

 

Product development costs

 

 

21,250

 

 

 

(16,390

)

 

 

4,860

 

 

 

20,329

 

 

 

(19,772

)

 

 

557

 

Software development

 

 

1,007

 

 

 

—

 

 

 

1,007

 

 

 

1,007

 

 

 

—

 

 

 

1,007

 

Indefinite-lived:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tradenames

 

 

7,034

 

 

 

—

 

 

 

7,034

 

 

 

4,670

 

 

 

—

 

 

 

4,670

 

Total

 

$

165,249

 

 

$

(96,610

)

 

$

68,639

 

 

$

145,918

 

 

$

(108,364

)

 

$

37,554

 

 

In addition to annual impairment testing, which is performed in the fourth quarter of each fiscal year, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions used in determining fair value and therefore require interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. We are not presently aware of any events or circumstances that would require us to revise the carrying value of our assets or liabilities as of September 30, 2022.