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Acquisitions, Goodwill And Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Acquisitions, Goodwill And Other Intangible Assets [Abstract]

Acquisitions, Goodwill And Other Intangible Assets

ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS

Subsequent Event

Camping World Furniture

In May 2024, the Company acquired the business and certain assets of the furniture operations of CWDS, LLC, a subsidiary of Camping World Holdings, Inc., in exchange for cash consideration of $20 million. The acquisition, which qualifies as a business combination for accounting purposes, expands the Company's furniture portfolio and will serve customers in both the OEM and Aftermarket segments.

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, 2023			$	421,701					$	167,849					$	589,550
Foreign currency translation			(1,575)						(184)						(1,759)
Net balance – March 31, 2024			$	420,126					$	167,665					$	587,791

Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist.

Other Intangible Assets

Other intangible assets consisted of the following at March 31, 2024:

(In thousands)			Gross Cost						Accumulated Amortization						Net Balance						Estimated Useful Life in Years
Customer relationships			$	508,140					$	199,501					$	308,639					6			to			20
Patents			114,459						69,815						44,644						3			to			20
Trade names (finite life)			99,136						28,587						70,549						3			to			20
Trade names (indefinite life)			7,432						—						7,432						Indefinite
Non-compete agreements			10,104						8,948						1,156						3			to			6
Other			609						301						308						2			to			12
Other intangible assets			$	739,880					$	307,152					$	432,728

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

Acquisitions, Goodwill And Other Intangible Assets

ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS

Subsequent Event

Camping World Furniture

In May 2024, the Company acquired the business and certain assets of the furniture operations of CWDS, LLC, a subsidiary of Camping World Holdings, Inc., in exchange for cash consideration of $20 million. The acquisition, which qualifies as a business combination for accounting purposes, expands the Company's furniture portfolio and will serve customers in both the OEM and Aftermarket segments.

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, 2023			$	421,701					$	167,849					$	589,550
Foreign currency translation			(1,575)						(184)						(1,759)
Net balance – March 31, 2024			$	420,126					$	167,665					$	587,791

Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist.

Other Intangible Assets

Other intangible assets consisted of the following at March 31, 2024:

(In thousands)			Gross Cost						Accumulated Amortization						Net Balance						Estimated Useful Life in Years
Customer relationships			$	508,140					$	199,501					$	308,639					6			to			20
Patents			114,459						69,815						44,644						3			to			20
Trade names (finite life)			99,136						28,587						70,549						3			to			20
Trade names (indefinite life)			7,432						—						7,432						Indefinite
Non-compete agreements			10,104						8,948						1,156						3			to			6
Other			609						301						308						2			to			12
Other intangible assets			$	739,880					$	307,152					$	432,728

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

X

- Definition

Acquisitions Goodwill And Other Intangible Assets Abstract

+ References

No definition available.

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- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479907/805-20-50-5

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-Topic 805
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//805/tableOfContent

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350/tableOfContent

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