Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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 June 30, 2023:


	Industrial		Aerospace		Total Company
December 31, 2022 (A)	$	804,686	$	30,786	$	835,472




Foreign currency translation	6,680		—		6,680
June 30, 2023	$	811,366	$	30,786	$	842,152

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

In the second quarter of 2023, management performed its annual impairment testing of goodwill and determined that there was no goodwill impairment.

Other Intangible Assets:

Other intangible assets consisted of:


		June 30, 2023				December 31, 2022
	Range of Life -Years	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Amortized intangible assets:
Revenue Sharing Programs (RSPs)	Up to 30	$	299,500	$	(170,233)	$	299,500	$	(164,162)
Component Repair Programs (CRPs)	Up to 30	111,839		(45,539)		111,839		(41,880)
Customer relationships	10-16	337,189		(165,887)		337,189		(156,442)
Patents and technology	4-11	123,433		(96,288)		123,433		(92,875)
Trademarks/trade names	10-30	10,949		(10,841)		10,949		(10,772)
Other	Up to 10	10,135		(3,534)		9,413		(2,966)
		893,045		(492,322)		892,323		(469,097)
Unamortized intangible assets:
Trade names		55,670		—		55,670		—
Foreign currency translation		(33,471)		—		(36,404)		—
Other intangible assets		$	915,244	$	(492,322)	$	911,589	$	(469,097)

Amortization of intangible assets for the three and six month periods ended June 30, 2023 was $11,604 and $23,224, respectively. Amortization of intangible assets for the three and six month periods ended June 30, 2022 was $11,593 and $22,171, respectively. Estimated amortization of intangible assets for future periods is as follows: 2023 (remainder) - $28,000; 2024 - $45,000; 2025 - $44,000; 2026 - $43,000; 2027 - $41,000 and 2028 - $35,000.