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Acquisitions, Goodwill And Other Intangible Assets | 3 Months Ended
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Mar. 31, 2025
Acquisitions, Goodwill And Other Intangible Assets [Abstract] |
Acquisitions, Goodwill And Other Intangible Assets | ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Subsequent Event Freedman Seating Company In April 2025, the Company acquired substantially all of the business assets of Freedman Seating Company, a manufacturer of transportation seating solutions to the bus, rail, marine, delivery truck, and specialty and commercial vehicle markets. The purchase price was approximately $78.7 million, subject to customary adjustments related to working capital and indebtedness. The results of the acquired business will be included primarily in the OEM segment. Acquisitions Completed During the Three Months Ended March 31, 2025 Trans/Air Manufacturing Corporation In March 2025, the Company acquired substantially all of the business assets of Trans/Air Manufacturing Corporation, a manufacturer of climate control systems for the school, commercial, and electric/hybrid vehicle markets. The Company paid $29.6 million in cash consideration at closing with contingent consideration up to a maximum of $2.0 million. 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. 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, 2024 | $ | 418,220 |  |  | $ | 167,553 |  |  | $ | 585,773 |
Acquisitions | 218 |  |  | — |  |  | 218 |
Foreign currency translation | 3,707 |  |  | 506 |  |  | 4,213 |
Net balance – March 31, 2025 | $ | 422,145 |  |  | $ | 168,059 |  |  | $ | 590,204 |
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, 2025:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 518,072 |  |  | $ | 237,189 |  |  | $ | 280,883 |  |  | 6 | to | 20
Patents | 110,127 |  |  | 72,183 |  |  | 37,944 |  |  | 3 | to | 20
Trade names (finite life) | 97,566 |  |  | 30,895 |  |  | 66,671 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,432 |  |  | — |  |  | 7,432 |  |  | Indefinite
Non-compete agreements | 5,154 |  |  | 4,793 |  |  | 361 |  |  | 3 | to | 6
Other | 609 |  |  | 345 |  |  | 264 |  |  | 2 | to | 12
Other intangible assets | $ | 738,960 |  |  | $ | 345,405 |  |  | $ | 393,555 |  |  |  |  |
Other intangible assets consisted of the following at December 31, 2024:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 508,945 |  |  | $ | 228,332 |  |  | $ | 280,613 |  |  | 6 | to | 20
Patents | 111,934 |  |  | 74,010 |  |  | 37,924 |  |  | 3 | to | 20
Trade names (finite life) | 95,879 |  |  | 30,524 |  |  | 65,355 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,432 |  |  | — |  |  | 7,432 |  |  | Indefinite
Non-compete agreements | 5,154 |  |  | 4,732 |  |  | 422 |  |  | 3 | to | 6
Other | 609 |  |  | 337 |  |  | 272 |  |  | 2 | to | 12
Other intangible assets | $ | 729,953 |  |  | $ | 337,935 |  |  | $ | 392,018 |  |  |  |  |
Acquisitions, Goodwill And Other Intangible Assets | ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Subsequent Event Freedman Seating Company In April 2025, the Company acquired substantially all of the business assets of Freedman Seating Company, a manufacturer of transportation seating solutions to the bus, rail, marine, delivery truck, and specialty and commercial vehicle markets. The purchase price was approximately $78.7 million, subject to customary adjustments related to working capital and indebtedness. The results of the acquired business will be included primarily in the OEM segment. Acquisitions Completed During the Three Months Ended March 31, 2025 Trans/Air Manufacturing Corporation In March 2025, the Company acquired substantially all of the business assets of Trans/Air Manufacturing Corporation, a manufacturer of climate control systems for the school, commercial, and electric/hybrid vehicle markets. The Company paid $29.6 million in cash consideration at closing with contingent consideration up to a maximum of $2.0 million. 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. 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, 2024 | $ | 418,220 |  |  | $ | 167,553 |  |  | $ | 585,773 |
Acquisitions | 218 |  |  | — |  |  | 218 |
Foreign currency translation | 3,707 |  |  | 506 |  |  | 4,213 |
Net balance – March 31, 2025 | $ | 422,145 |  |  | $ | 168,059 |  |  | $ | 590,204 |
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, 2025:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 518,072 |  |  | $ | 237,189 |  |  | $ | 280,883 |  |  | 6 | to | 20
Patents | 110,127 |  |  | 72,183 |  |  | 37,944 |  |  | 3 | to | 20
Trade names (finite life) | 97,566 |  |  | 30,895 |  |  | 66,671 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,432 |  |  | — |  |  | 7,432 |  |  | Indefinite
Non-compete agreements | 5,154 |  |  | 4,793 |  |  | 361 |  |  | 3 | to | 6
Other | 609 |  |  | 345 |  |  | 264 |  |  | 2 | to | 12
Other intangible assets | $ | 738,960 |  |  | $ | 345,405 |  |  | $ | 393,555 |  |  |  |  |
Other intangible assets consisted of the following at December 31, 2024:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 508,945 |  |  | $ | 228,332 |  |  | $ | 280,613 |  |  | 6 | to | 20
Patents | 111,934 |  |  | 74,010 |  |  | 37,924 |  |  | 3 | to | 20
Trade names (finite life) | 95,879 |  |  | 30,524 |  |  | 65,355 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,432 |  |  | — |  |  | 7,432 |  |  | Indefinite
Non-compete agreements | 5,154 |  |  | 4,732 |  |  | 422 |  |  | 3 | to | 6
Other | 609 |  |  | 337 |  |  | 272 |  |  | 2 | to | 12
Other intangible assets | $ | 729,953 |  |  | $ | 337,935 |  |  | $ | 392,018 |  |  |  |  |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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