Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 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 the Company:


	Aerospace		Industrial		Total Company
January 1, 2022	$	30,786	$	924,584	$	955,370
Impairment charge (see below)	—		(68,194)		(68,194)
Foreign currency translation	—		(51,704)		(51,704)
December 31, 2022	30,786		804,686		835,472
Acquisition-related	320,883		—		320,883



Foreign currency translation	683		26,586		27,269
December 31, 2023 (A)	$	352,352	$	831,272	$	1,183,624

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

The changes recorded at Aerospace include $320,883 of goodwill in 2023 resulting from the acquisition of MB Aerospace in August 2023. See Note 2. The amounts allocated to goodwill reflect the benefits that the Company expects to realize from an increase in global market access and MB Aerospace's assembled workforce. None of the recognized goodwill from the acquisition of MB Aerospace is expected to be deductible for income tax purposes.

During the year ended December 31, 2022, the Company recorded a non-cash goodwill impairment charge of $68,194 related to the Automation reporting unit as the estimated fair value of the reporting unit declined below its carrying value. The Company has continued to evaluate macro-economic conditions through December 31, 2023. Based on our subsequent assessments, there was no additional impairment of goodwill as of December 31, 2023.

Other Intangible Assets: Other intangible assets at December 31 consisted of:


		2023				2022
	Range of Life-Years	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Amortized intangible assets:
Revenue Sharing Programs	Up to 30	$	299,500	$	(176,143)	$	299,500	$	(164,162)
Component Repair Programs	Up to 30	111,839		(49,577)		111,839		(41,880)
Customer relationships	10-16	586,189		(180,679)		337,189		(156,442)
Patents and technology	4-18	178,433		(100,662)		123,433		(92,875)
Trademarks/trade names	10-30	10,949		(10,910)		10,949		(10,772)
Other	Up to 10	26,334		(14,857)		9,413		(2,966)
		1,213,244		(532,828)		892,323		(469,097)
Unamortized intangible assets:
Trade names		55,670		—		55,670		—

Foreign currency translation		(29,615)		—		(36,404)		—
Other intangible assets		$	1,239,299	$	(532,828)	$	911,589	$	(469,097)

In connection with the acquisition of MB Aerospace in August 2023, the Company recorded intangible assets of $320,000 which includes $249,000 of customer relationships, $55,000 of developed technology, and $16,000 of customer backlog included within Other above. The estimated weighted-average useful lives of the acquired assets were 15 years, 18 years and 1 year, respectively.

The Company has entered into a number of Aftermarket RSP and CRP agreements each of which is with our customer, General Electric ("GE"). See Note 1 for a further discussion of these programs. As of December 31, 2023, the Company has made all required payments under the RSP and CRP agreements.

Amortization of intangible assets for the years ended December 31, 2023, 2022 and 2021 was $63,732, $44,987 and $43,485, respectively. Estimated amortization of intangible assets for future periods is as follows: 2024 - $70,000; 2025 - $69,000; 2026 - $66,000; 2027 - $64,000 and 2028 - $60,000.