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Acquisitions, Goodwill And Other Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2023
Acquisitions, Goodwill And Other Intangible Assets [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The acquisition of this business was preliminarily recorded as of the acquisition date, and subsequently adjusted and finalized, as follows (in thousands):
| Preliminary at December 31, 2022 |  | Measurement Period Adjustments |  | As Adjusted at December 31, 2023
Cash consideration | $ | 52,761 |  |  | $ | — |  |  | $ | 52,761 |
Net working capital receivable | — |  |  | (13,446) |  |  | (13,446) |
Fixed deferred consideration | 2,000 |  |  | (2,000) |  |  | — |
Total fair value of consideration given | $ | 54,761 |  |  | $ | (15,446) |  |  | $ | 39,315 |
Identifiable intangible assets | $ | 13,000 |  |  | $ | 2,200 |  |  | $ | 15,200 |
Other assets acquired and liabilities assumed, net | 36,783 |  |  | (21,851) |  |  | 14,932 |
Total fair value of net assets acquired | $ | 49,783 |  |  | $ | (19,651) |  |  | $ | 30,132 |
Goodwill (tax deductible) | $ | 4,978 |  |  | $ | 4,205 |  |  | $ | 9,183 |
Schedule of Goodwill | Changes in the carrying amount of goodwill by reportable segment were as follows:
(In thousands) | OEM Segment |  | Aftermarket Segment |  | Total
Net balance – December 31, 2021 | $ | 379,463 |  |  | $ | 163,717 |  |  | $ | 543,180 |
Acquisitions | 16,302 |  |  | 2,202 |  |  | 18,504 |
Measurement period adjustments | 10,917 |  |  | 2,370 |  |  | 13,287 |
Foreign currency translation | (6,946) |  |  | (962) |  |  | (7,908) |
Net balance – December 31, 2022 | 399,736 |  |  | 167,327 |  |  | 567,063 |
Acquisitions and divestitures | 14,025 |  |  | — |  |  | 14,025 |
Measurement period adjustments | 5,708 |  |  | 160 |  |  | 5,868 |
Foreign currency translation | 2,232 |  |  | 362 |  |  | 2,594 |
Net balance – December 31, 2023 | $ | 421,701 |  |  | $ | 167,849 |  |  | $ | 589,550 |
Schedule of Finite-Lived Intangible Assets | Other intangible assets, by segment, at December 31 were as follows:
(In thousands) | 2023 |  | 2022 |  |
OEM Segment | $ | 276,622 |  |  | $ | 314,828 |  |  |
Aftermarket Segment | 172,137 |  |  | 188,492 |  |  |
Other intangible assets | $ | 448,759 |  |  | $ | 503,320 |  |  |
Other intangible assets consisted of the following at December 31, 2023:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 509,505 |  |  | $ | 189,967 |  |  | $ | 319,538 |  |  | 6 | to | 20
Patents | 114,864 |  |  | 67,602 |  |  | 47,262 |  |  | 3 | to | 20
Trade names (finite life) | 99,366 |  |  | 26,978 |  |  | 72,388 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,600 |  |  | — |  |  | 7,600 |  |  | Indefinite
Non-compete agreements | 10,104 |  |  | 8,453 |  |  | 1,651 |  |  | 3 | to | 6
Other | 609 |  |  | 289 |  |  | 320 |  |  | 2 | to | 12
Other intangible assets | $ | 742,048 |  |  | $ | 293,289 |  |  | $ | 448,759 |  |  |  |  |
Schedule of Finite-Lived Intangible Assets | Other intangible assets consisted of the following at December 31, 2022:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 520,273 |  |  | $ | 163,562 |  |  | $ | 356,711 |  |  | 6 | to | 20
Patents | 121,167 |  |  | 62,841 |  |  | 58,326 |  |  | 3 | to | 20
Trade names (finite life) | 97,810 |  |  | 21,380 |  |  | 76,430 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,600 |  |  | — |  |  | 7,600 |  |  | Indefinite
Non-compete agreements | 11,584 |  |  | 7,698 |  |  | 3,886 |  |  | 3 | to | 6
Other | 609 |  |  | 242 |  |  | 367 |  |  | 2 | to | 12
Other intangible assets | $ | 759,043 |  |  | $ | 255,723 |  |  | $ | 503,320 |  |  |  |  |
Schedule of Indefinite-Lived Intangible Assets | Other intangible assets, by segment, at December 31 were as follows:
(In thousands) | 2023 |  | 2022 |  |
OEM Segment | $ | 276,622 |  |  | $ | 314,828 |  |  |
Aftermarket Segment | 172,137 |  |  | 188,492 |  |  |
Other intangible assets | $ | 448,759 |  |  | $ | 503,320 |  |  |
Other intangible assets consisted of the following at December 31, 2023:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 509,505 |  |  | $ | 189,967 |  |  | $ | 319,538 |  |  | 6 | to | 20
Patents | 114,864 |  |  | 67,602 |  |  | 47,262 |  |  | 3 | to | 20
Trade names (finite life) | 99,366 |  |  | 26,978 |  |  | 72,388 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,600 |  |  | — |  |  | 7,600 |  |  | Indefinite
Non-compete agreements | 10,104 |  |  | 8,453 |  |  | 1,651 |  |  | 3 | to | 6
Other | 609 |  |  | 289 |  |  | 320 |  |  | 2 | to | 12
Other intangible assets | $ | 742,048 |  |  | $ | 293,289 |  |  | $ | 448,759 |  |  |  |  |
Schedule of Indefinite-lived Intangible Assets | Other intangible assets consisted of the following at December 31, 2022:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 520,273 |  |  | $ | 163,562 |  |  | $ | 356,711 |  |  | 6 | to | 20
Patents | 121,167 |  |  | 62,841 |  |  | 58,326 |  |  | 3 | to | 20
Trade names (finite life) | 97,810 |  |  | 21,380 |  |  | 76,430 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,600 |  |  | — |  |  | 7,600 |  |  | Indefinite
Non-compete agreements | 11,584 |  |  | 7,698 |  |  | 3,886 |  |  | 3 | to | 6
Other | 609 |  |  | 242 |  |  | 367 |  |  | 2 | to | 12
Other intangible assets | $ | 759,043 |  |  | $ | 255,723 |  |  | $ | 503,320 |  |  |  |  |
Schedule of Estimated Amortization Expense | Amortization expense related to other intangible assets was as follows for the years ended December 31:
(In thousands) | 2023 |  | 2022 |  | 2021
Cost of sales | $ | 9,910 |  |  | $ | 10,155 |  |  | $ | 5,783 |
Selling, general and administrative expense | 47,165 |  |  | 46,218 |  |  | 41,782 |
Amortization expense | $ | 57,075 |  |  | $ | 56,373 |  |  | $ | 47,565 |
Estimated amortization expense for other intangible assets for the next five years is as follows:
(In thousands) | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028
Cost of sales | $ | 8,872 |  |  | $ | 7,908 |  |  | $ | 6,679 |  |  | $ | 5,945 |  |  | $ | 5,901 |
Selling, general and administrative expense | 45,371 |  |  | 42,050 |  |  | 40,145 |  |  | 39,085 |  |  | 35,929 |
Amortization expense | $ | 54,243 |  |  | $ | 49,958 |  |  | $ | 46,824 |  |  | $ | 45,030 |  |  | $ | 41,830 |

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