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Goodwill and Related Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Related Intangible Assets | GOODWILL AND RELATED INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill for the years ended December 31 were as follows (in thousands):
| Renewables |  | Residential |  | Agtech |  | Infrastructure |  | Total
Balance at December 31, 2021 | $ | 188,680 |  |  | $ | 205,452 |  |  | $ | 85,132 |  |  | $ | 31,678 |  |  | $ | 510,942 |
Acquired goodwill | — |  |  | 3,604 |  |  | — |  |  | — |  |  | 3,604 |
Adjustment to prior year acquisition | 904 |  |  | — |  |  | — |  |  | — |  |  | 904 |
Foreign currency translation | (1,554) |  |  | — |  |  | (1,533) |  |  | — |  |  | (3,087) |
Balance at December 31, 2022 | 188,030 |  |  | 209,056 |  |  | 83,599 |  |  | 31,678 |  |  | 512,363 |
Acquired goodwill | — |  |  | 4,133 |  |  | — |  |  | — |  |  | 4,133 |
Adjustment to prior year acquisition | — |  |  | 387 |  |  | — |  |  | — |  |  | 387 |
Foreign currency translation | (1,132) |  |  | — |  |  | 300 |  |  | — |  |  | (832) |
Sale of business | (2,668) |  |  | — |  |  | — |  |  | — |  |  | (2,668) |
Balance at December 31, 2023 | $ | 184,230 |  |  | $ | 213,576 |  |  | $ | 83,899 |  |  | $ | 31,678 |  |  | $ | 513,383 |
Goodwill is recognized net of accumulated impairment losses of $133.2 million as of December 31, 2023 and 2022, respectively. No goodwill impairment charges were recognized by the Company during 2023 or 2022. Annual and Interim Impairment Testing The Company tests goodwill and indefinite-lived intangible assets for impairment on an annual basis as of October 31 and at interim dates when indicators of impairment are present. In 2023, 2022 and 2021, no indicators of impairment were identified as of interim dates; therefore, no interim tests were performed. During the October 31, 2023 impairment test, the Company conducted a quantitative analysis for all seven of the Company’s reporting units. The quantitative impairment test consists of comparing the fair value of a reporting unit with its carrying value including goodwill. The fair value of each reporting unit evaluated under the quantitative test was determined using two valuation techniques: an income approach and a market approach. Each valuation approach relies on significant assumptions including a weighted average cost of capital ("WACC") based upon the capital structure of market participants in the Company’s peer groups, projected revenue growth, forecasted cash flows, and earnings multiples based on the market value of the Company and market participants within its peer groups. As a result of the Company's annual testing for 2023, 2022 and 2021, none of the reporting units with goodwill as of the testing date had carrying values in excess of their fair values. Acquired Intangible Assets Acquired intangible assets consisted of the following (in thousands):
| December 31, 2023 |  | December 31, 2022 |  |
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization |  |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |
Trademarks | $ | 52,300 |  |  | $ | — |  |  | $ | 55,500 |  |  | $ | — |  |  |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |
Trademarks | 5,773 |  |  | 4,714 |  |  | 5,448 |  |  | 4,481 |  |  |
Unpatented technology | 34,133 |  |  | 24,295 |  |  | 34,163 |  |  | 22,037 |  |  |
Customer relationships | 110,649 |  |  | 48,088 |  |  | 115,125 |  |  | 46,557 |  |  |
Non-compete agreements | 2,376 |  |  | 2,154 |  |  | 2,371 |  |  | 2,006 |  |  |
| 152,931 |  |  | 79,251 |  |  | 157,107 |  |  | 75,081 |  |  |
Total acquired intangible assets | $ | 205,231 |  |  | $ | 79,251 |  |  | $ | 212,607 |  |  | $ | 75,081 |  |  |
During the year ended December 31, 2023, the Company recognized impairment charges of $3.8 million related to indefinite-lived trademark intangible assets due to a rebranding initiative that resulted in the discontinuation of certain indefinite-lived trademarks in the Agtech segment, along with the write-off of amortizing intangibles related to a discontinued product line in the Renewables segment. The Company recognized no impairment charges related to intangible assets during the year ended December 31, 2022. The Company recognized amortization expense related to the definite-lived intangible assets. The following table summarizes amortization expense for the years ended December 31 (in thousands):
| 2023 |  | 2022 |  | 2021
Amortization expense | $ | 11,239 |  |  | $ | 11,584 |  |  | $ | 18,856 |
Amortization expense related to acquired intangible assets for the next five years ended December 31 is estimated as follows (in thousands):
|  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028
| Amortization expense | $ | 10,599 |  |  | $ | 10,386 |  |  | $ | 9,320 |  |  | $ | 7,979 |  |  | $ | 7,184 |

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