Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

8. Goodwill and Other Intangible Assets

The changes in the carrying value of goodwill by reportable operating segments were as follows:


	Engineered Products		Fueling Solutions		Imaging & Identification		Pumps & Process Solutions		Refrigeration & Food Equipment		Total
Balance at December 31, 2020	$	682,985	$	940,973	$	1,117,589	$	786,280	$	544,715	$	4,072,542
Acquisitions	50,145		26,679		19,378		15,167		—		111,369
Purchase price adjustments	—		1,314		(1,926)		—		—		(612)

Foreign currency translation	(5,037)		(2,945)		(16,561)		(4,230)		(680)		(29,453)
Balance at September 30, 2021	$	728,093	$	966,021	$	1,118,480	$	797,217	$	544,035	$	4,153,846

During the nine months ended September 30, 2021, the Company recognized additions of $111,369 to goodwill as a result of acquisitions as discussed in Note 3 — Acquisitions. During the nine months ended September 30, 2021, the Company recorded purchase price adjustments that reduced goodwill by $612, principally related to working capital adjustments for 2020 acquisitions within the Fueling Solutions and Imaging & Identification segments.

The Company’s definite-lived and indefinite-lived intangible assets by major asset class were as follows:


	September 30, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	1,577,058	$	900,659	$	676,399	$	1,559,771	$	834,798	$	724,973
Trademarks	238,121		115,076		123,045		233,205		103,907		129,298
Patents	167,966		143,855		24,111		163,299		141,182		22,117
Unpatented technologies	201,573		121,243		80,330		180,947		113,404		67,543
Distributor relationships	85,861		54,847		31,014		87,028		51,611		35,417
Drawings and manuals	28,233		27,136		1,097		29,198		26,193		3,005
Other	23,486		20,177		3,309		23,901		19,324		4,577
Total	2,322,298		1,382,993		939,305		2,277,349		1,290,419		986,930
Unamortized intangible assets:
Trademarks	96,780		—		96,780		96,842		—		96,842
Total intangible assets, net	$	2,419,078	$	1,382,993	$	1,036,085	$	2,374,191	$	1,290,419	$	1,083,772

For the three months ended September 30, 2021 and 2020, amortization expense was $35,998 and $35,393, respectively, including acquisition-related intangible amortization of $35,587 and $34,797, respectively. For the nine months ended September 30, 2021 and 2020, amortization expense was $107,084 and $103,828, respectively, including acquisition-related intangible amortization of $105,808 and $102,443, respectively.