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Goodwill and Other Intangibles (Tables)
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Changes in the Carrying Amount of Goodwill, By Reportable Segment

Changes in the carrying amount of goodwill, by reportable segment, for the years ended December 31, 2022 and 2021 were as follows:

 

 

Automotive

 

 

Medical

 

 

Total

 

Balance as of December 31, 2020

 

$

39,495

 

 

$

28,529

 

 

$

68,024

 

Acquisition of B&E

 

 

 

 

 

976

 

 

 

976

 

Exchange rate impact

 

 

(2,166

)

 

 

(801

)

 

 

(2,967

)

Balance as of December 31, 2021

 

$

37,329

 

 

$

28,704

 

 

$

66,033

 

Acquisition of Dacheng

 

 

 

 

 

19,016

 

 

 

19,016

 

Acquisition of Alfmeier

 

 

34,494

 

 

 

 

 

 

34,494

 

Exchange rate impact

 

 

1,246

 

 

 

(1,015

)

 

 

231

 

Balance as of December 31, 2022

 

$

73,069

 

 

$

46,705

 

 

$

119,774

 

Summary of Other Intangible Assets and Accumulated Amortization Balances

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

 

 

Gross
Carrying Value

 

 

Accumulated
Amortization

 

 

Net Carrying
Value

 

Definite-lived:

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

112,286

 

 

$

(65,748

)

 

$

46,538

 

Technology

 

 

44,745

 

 

 

(25,709

)

 

 

19,036

 

Product development costs

 

 

18,774

 

 

 

(18,456

)

 

 

318

 

Software development

 

 

1,007

 

 

 

 

 

 

1,007

 

Indefinite-lived:

 

 

 

 

 

 

 

 

 

Tradenames

 

 

7,034

 

 

 

 

 

 

7,034

 

Balance as of December 31, 2022

 

$

183,846

 

 

$

(109,913

)

 

$

73,933

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross
Carrying Value

 

 

Accumulated
Amortization

 

 

Net Carrying
Value

 

Definite-lived:

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

90,448

 

 

$

(64,105

)

 

$

26,343

 

Technology

 

 

29,464

 

 

 

(24,487

)

 

 

4,977

 

Product development costs

 

 

20,329

 

 

 

(19,772

)

 

 

557

 

Software development

 

 

1,007

 

 

 

 

 

 

1,007

 

Indefinite-lived:

 

 

 

 

 

 

 

 

 

Tradenames

 

 

4,670

 

 

 

 

 

 

4,670

 

Balance as of December 31, 2021

 

$

145,918

 

 

$

(108,364

)

 

$

37,554

 

Summary of Estimate of Other Intangible Asset Amortization

An estimate of other intangible asset amortization by year, is as follows:

2023

 

$

8,294

 

2024

 

$

7,297

 

2025

 

$

7,284

 

2026

 

$

7,284

 

2027

 

$

7,284