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Acquisitions, Goodwill And Other Intangible Assets | 6 Months Ended
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Jun. 30, 2024
Acquisitions, Goodwill And Other Intangible Assets [Abstract] |
Acquisitions, Goodwill And Other Intangible Assets | ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Acquisitions Completed During the Six Months Ended June 30, 2024 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 $20.0 million, plus a holdback payment of $1.0 million due on the first anniversary of the acquisition. The acquisition, which qualifies as a business combination for accounting purposes, expands the Company's furniture portfolio. The results of the acquired business have been included in the Condensed Consolidated Statements of Income since the acquisition date, primarily in the OEM segment. The preliminary purchase price allocation resulted in $1.7 million of goodwill (tax deductible) and $4.3 million of acquired intangible assets. As this acquisition is not considered to have a material impact on the Company's financial statements, pro forma results of operations and other disclosures are not presented. 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 |
Acquisitions | 1,709 |  |  | — |  |  | 1,709 |
Foreign currency translation | (2,598) |  |  | (138) |  |  | (2,736) |
Net balance – June 30, 2024 | $ | 420,812 |  |  | $ | 167,711 |  |  | $ | 588,523 |
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 June 30, 2024:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 510,698 |  |  | $ | 209,210 |  |  | $ | 301,488 |  |  | 6 | to | 20
Patents | 114,939 |  |  | 72,039 |  |  | 42,900 |  |  | 3 | to | 20
Trade names (finite life) | 98,938 |  |  | 30,195 |  |  | 68,743 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,432 |  |  | — |  |  | 7,432 |  |  | Indefinite
Non-compete agreements | 10,304 |  |  | 9,450 |  |  | 854 |  |  | 3 | to | 6
Other | 609 |  |  | 313 |  |  | 296 |  |  | 2 | to | 12
Other intangible assets | $ | 742,920 |  |  | $ | 321,207 |  |  | $ | 421,713 |  |  |  |  |
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 Acquisitions Completed During the Six Months Ended June 30, 2024 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 $20.0 million, plus a holdback payment of $1.0 million due on the first anniversary of the acquisition. The acquisition, which qualifies as a business combination for accounting purposes, expands the Company's furniture portfolio. The results of the acquired business have been included in the Condensed Consolidated Statements of Income since the acquisition date, primarily in the OEM segment. The preliminary purchase price allocation resulted in $1.7 million of goodwill (tax deductible) and $4.3 million of acquired intangible assets. As this acquisition is not considered to have a material impact on the Company's financial statements, pro forma results of operations and other disclosures are not presented. 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 |
Acquisitions | 1,709 |  |  | — |  |  | 1,709 |
Foreign currency translation | (2,598) |  |  | (138) |  |  | (2,736) |
Net balance – June 30, 2024 | $ | 420,812 |  |  | $ | 167,711 |  |  | $ | 588,523 |
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 June 30, 2024:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 510,698 |  |  | $ | 209,210 |  |  | $ | 301,488 |  |  | 6 | to | 20
Patents | 114,939 |  |  | 72,039 |  |  | 42,900 |  |  | 3 | to | 20
Trade names (finite life) | 98,938 |  |  | 30,195 |  |  | 68,743 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,432 |  |  | — |  |  | 7,432 |  |  | Indefinite
Non-compete agreements | 10,304 |  |  | 9,450 |  |  | 854 |  |  | 3 | to | 6
Other | 609 |  |  | 313 |  |  | 296 |  |  | 2 | to | 12
Other intangible assets | $ | 742,920 |  |  | $ | 321,207 |  |  | $ | 421,713 |  |  |  |  |
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 |  |  |  |  |

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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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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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 + Details
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