XML 40 R19.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Goodwill and Other Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 9. Goodwill and Other Intangible Assets Goodwill The changes in the carrying value of goodwill by reportable operating segments were as follows:
| Engineered Products |  | Clean Energy & Fueling |  | Imaging & Identification |  | Pumps & Process Solutions |  | Climate & Sustainability Technologies |  | Total
Goodwill | $ | 479,010 |  |  | $ | 1,391,418 |  |  | $ | 1,078,259 |  |  | $ | 1,039,505 |  |  | $ | 507,740 |  |  | $ | 4,495,932 |
Accumulated impairment loss (1) | (10,591) |  |  | — |  |  | — |  |  | (59,970) |  |  | — |  |  | (70,561) |
Balance at January 1, 2023 | 468,419 |  |  | 1,391,418 |  |  | 1,078,259 |  |  | 979,535 |  |  | 507,740 |  |  | 4,425,371 |
Acquisitions | — |  |  | — |  |  | — |  |  | 224,771 |  |  | 2,990 |  |  | 227,761 |
Measurement period adjustments | — |  |  | — |  |  | — |  |  | (5,103) |  |  | — |  |  | (5,103) |
Held for sale | (58,897) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (58,897) |
Foreign currency translation | 5,736 |  |  | 17,884 |  |  | 14,701 |  |  | 9,368 |  |  | 743 |  |  | 48,432 |
Balance at December 31, 2023 | 415,258 |  |  | 1,409,302 |  |  | 1,092,960 |  |  | 1,208,571 |  |  | 511,473 |  |  | 4,637,564 |
Acquisitions | 7,252 |  |  | 315,811 |  |  | — |  |  | 14,188 |  |  | — |  |  | 337,251 |
Measurement period adjustments | — |  |  | — |  |  | — |  |  | 227 |  |  | 371 |  |  | 598 |
Foreign currency translation | (7,246) |  |  | (29,716) |  |  | (20,929) |  |  | (10,944) |  |  | (876) |  |  | (69,711) |
Balance at December 31, 2024 | $ | 415,264 |  |  | $ | 1,695,397 |  |  | $ | 1,072,031 |  |  | $ | 1,212,042 |  |  | $ | 510,968 |  |  | $ | 4,905,702 |
(1) Accumulated impairment loss as of December 31, 2024 is not subject to foreign currency translation. During 2024 and 2023, the Company recognized additions of $337,251 and $227,761, respectively, to goodwill as a result of acquisitions as discussed in Note 3 — Acquisitions. During the year ended December 31, 2024, the Company disposed of goodwill related to the disposition of De-Sta-Co that was previously classified as held for sale as of December 31, 2023. See Note 4 — Discontinued and Disposed Operations for further information. Annual impairment testing The Company tests goodwill for impairment annually in the fourth quarter of each year, whenever events or circumstances indicate an impairment may have occurred, or when a change in the composition of reporting units occurs for other reasons, such as a change in segments. The Company performed its annual goodwill impairment test during the fourth quarter of 2024 using a discounted cash flow analysis as discussed in Note 1 — Description of Business and Summary of Significant Accounting Policies. The Company performed a quantitative goodwill impairment test for each of its reporting units, concluding that the fair values of all of its reporting units were in excess of their carrying values. No impairment of goodwill was required. The discounted cash flow analysis includes management's current assumptions as to future cash flows and long-term growth rates. The discount rates utilized are based on a capital asset pricing model and published relevant industry rates, which take into consideration the risks and uncertainties inherent to the reporting units and in the internally developed forecasts. The discount rate used in the 2024 reporting unit valuations was 10.1%. Further, the Company assessed the current market capitalization, forecasts and the amount of headroom in the 2024 impairment test. While the Company believes the assumptions used in the 2024 impairment analysis are reasonable and representative of expected results, actual results may differ from expectations. Intangible Assets The Company's definite-lived and indefinite-lived intangible assets by major asset class were as follows:
| December 31, 2024 |  | December 31, 2023
| Gross Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Amount |  | Accumulated Amortization |  | Net Carrying Amount
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer intangibles | $ | 2,343,823 |  |  | $ | 1,174,195 |  |  | $ | 1,169,628 |  |  | $ | 2,097,985 |  |  | $ | 1,064,609 |  |  | $ | 1,033,376 |
Trademarks | 283,216 |  |  | 156,745 |  |  | 126,471 |  |  | 268,605 |  |  | 142,505 |  |  | 126,100 |
Patents | 201,828 |  |  | 146,271 |  |  | 55,557 |  |  | 204,591 |  |  | 140,438 |  |  | 64,153 |
Unpatented technologies | 277,945 |  |  | 169,310 |  |  | 108,635 |  |  | 244,042 |  |  | 151,944 |  |  | 92,098 |
Distributor relationships | 79,855 |  |  | 66,469 |  |  | 13,386 |  |  | 82,031 |  |  | 63,343 |  |  | 18,688 |
Other | 22,100 |  |  | 11,400 |  |  | 10,700 |  |  | 24,211 |  |  | 10,053 |  |  | 14,158 |
Total | 3,208,767 |  |  | 1,724,390 |  |  | 1,484,377 |  |  | 2,921,465 |  |  | 1,572,892 |  |  | 1,348,573 |
Unamortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Trademarks | 96,477 |  |  | — |  |  | 96,477 |  |  | 96,631 |  |  | — |  |  | 96,631 |
Total intangible assets, net | $ | 3,305,244 |  |  | $ | 1,724,390 |  |  | $ | 1,580,854 |  |  | $ | 3,018,096 |  |  | $ | 1,572,892 |  |  | $ | 1,445,204 |
The Company recorded $340,238 of acquired intangible assets in 2024. See Note 3 — Acquisitions for further information. For the years ended December 31, 2024, 2023 and 2022, amortization expense was $183,393, $153,775 and $151,938 respectively. Amortization expense is primarily comprised of acquisition-related intangible amortization. Estimated future amortization expense related to intangible assets held at December 31, 2024 for the next five years is as follows:
| Estimated Amortization
2025 | $ | 188,976 |
2026 | 180,521 |
2027 | 177,158 |
2028 | 146,012 |
2029 | 136,646 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration