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Goodwill and Other Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 are as follows:
| FPD |  | FCD |  | Total
| (Amounts in thousands)
Balance as of December 31, 2021 | $ | 787,213 |  |  | $ | 409,266 |  |  | $ | 1,196,479 |
Currency translation and other | (14,940) |  |  | (13,415) |  |  | (28,355) |
Balance as of December 31, 2022 | $ | 772,273 |  |  | $ | 395,851 |  |  | $ | 1,168,124 |
Currency translation and other | 7,723 |  |  | 6,378 |  |  | 14,101 |
Balance as of December 31, 2023 | $ | 779,996 |  |  | $ | 402,229 |  |  | $ | 1,182,225 |
Schedule of Changes in Intangible Assets | The following table provides information about our intangible assets for the years ended December 31, 2023 and 2022:
|  |  | December 31, 2023 |  | December 31, 2022
| Useful Life (Years) |  | Ending Gross Amount |  | Accumulated Amortization |  | Ending Gross Amount |  | Accumulated Amortization
| (Amounts in thousands, except years)
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |
Engineering drawings(1) | 10-22 |  | $ | 92,105 |  |  | $ | (91,808) |  |  | $ | 88,830 |  |  | $ | (88,256) |
Existing customer relationships(2) | 5-10 |  | 80,643 |  |  | (76,121) |  |  | 79,472 |  |  | (70,015) |
Patents | 9-16 |  | 26,388 |  |  | (26,388) |  |  | 25,639 |  |  | (25,639) |
Other | 4-40 |  | 92,307 |  |  | (55,001) |  |  | 92,798 |  |  | (49,481) |
|  |  | $ | 291,443 |  |  | $ | (249,318) |  |  | $ | 286,739 |  |  | $ | (233,391) |
Indefinite-lived intangible assets(3) |  |  | $ | 81,824 |  |  | $ | (1,701) |  |  | $ | 82,640 |  |  | $ | (1,485) |
____________________________________ (1)Engineering drawings represent the estimated fair value associated with specific acquired product and component schematics. (2)Existing customer relationships acquired prior to 2011 had a useful life of five years. (3)Accumulated amortization for indefinite-lived intangible assets relates to amounts recorded prior to the implementation date of guidance issued in ASC 350.
Schedule of Actual and Estimated Future Amortization of Finite-Lived Intangible Assets | The following schedule outlines actual amortization expense recognized during 2023 and an estimate of future amortization based upon the finite-lived intangible assets owned at December 31, 2023:
| Amortization Expense
| (Amounts in thousands)
Actual for year ended December 31, 2023 | $ | 11,308 |
Estimated for year ended December 31, 2024 | 6,636 |
Estimated for year ended December 31, 2025 | 1,907 |
Estimated for year ended December 31, 2026 | 1,783 |
Estimated for year ended December 31, 2027 | 1,783 |
Estimated for year ended December 31, 2028 | 1,783 |
Thereafter | 28,233 |

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