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Goodwill and Other Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023 are as follows:
| FPD |  | FCD |  | Total
| (Amounts in thousands)
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 |
Acquisition(1) | — |  |  | 127,249 |  |  | 127,249 |
Currency translation and other | (14,256) |  |  | (8,923) |  |  | (23,179) |
Balance as of December 31, 2024 | $ | 765,740 |  |  | $ | 520,555 |  |  | $ | 1,286,295 |
Schedule of Changes in Intangible Assets | The following table provides information about our intangible assets for the years ended December 31, 2024 and 2023:
|  |  | December 31, 2024 |  | December 31, 2023
| 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 |  | $ | 89,529 |  |  | $ | (89,529) |  |  | $ | 92,105 |  |  | $ | (91,808) |
Existing customer relationships(2) | 5-10 |  | 126,761 |  |  | (79,039) |  |  | 80,643 |  |  | (76,121) |
Patents | 9-16 |  | 25,086 |  |  | (25,086) |  |  | 26,388 |  |  | (26,388) |
Other | 1-40 |  | 102,634 |  |  | (58,800) |  |  | 92,307 |  |  | (55,001) |
|  |  | $ | 344,010 |  |  | $ | (252,454) |  |  | $ | 291,443 |  |  | $ | (249,318) |
Indefinite-lived intangible assets(3) |  |  | $ | 98,721 |  |  | $ | (1,673) |  |  | $ | 81,824 |  |  | $ | (1,701) |
____________________________________ (1)Engineering drawings represent the estimated fair value associated with specific acquired product and component schematics. (2)Includes customer relationships acquired as part of the MOGAS acquisition with useful lives of 5 and 10 years. Existing customer relationships acquired prior to 2011 had a useful life of five years. (3)Includes the acquisition of the MOGAS trademark in 2024. 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 2024 and an estimate of future amortization based upon the finite-lived intangible assets owned at December 31, 2024:
| Amortization Expense
| (Amounts in thousands)
Actual for year ended December 31, 2024 | $ | 10,023 |
Estimated for year ended December 31, 2025 | 15,476 |
Estimated for year ended December 31, 2026 | 7,069 |
Estimated for year ended December 31, 2027 | 7,069 |
Estimated for year ended December 31, 2028 | 7,069 |
Estimated for year ended December 31, 2029 | 6,952 |
Thereafter | 47,921 |

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