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Goodwill and Related Intangible Assets | 9 Months Ended
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Sep. 30, 2024
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 nine months ended September 30, 2024 are as follows (in thousands):
| Residential |  | Renewables |  | Agtech |  | Infrastructure |  | Total
Balance at December 31, 2023 | $ | 213,576 |  |  | $ | 184,230 |  |  | $ | 83,899 |  |  | $ | 31,678 |  |  | $ | 513,383 |
Adjustments to prior year acquisitions | (1,110) |  |  | — |  |  | — |  |  | — |  |  | (1,110) |
Foreign currency translation | — |  |  | — |  |  | (332) |  |  | — |  |  | (332) |
Balance at September 30, 2024 | $ | 212,466 |  |  | $ | 184,230 |  |  | $ | 83,567 |  |  | $ | 31,678 |  |  | $ | 511,941 |
Goodwill is recognized net of accumulated impairment losses of $133.2 million as of September 30, 2024 and December 31, 2023. The Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. The Company determined that no triggering event had occurred as of September 30, 2024 which would require an interim impairment test to be performed. Acquired Intangible Assets Acquired intangible assets consisted of the following (in thousands):
| September 30, 2024 |  | December 31, 2023 |  |
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization |  |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |
Trademarks | $ | 52,300 |  |  | $ | — |  |  | $ | 52,300 |  |  | $ | — |  |  |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |
Trademarks | 2,550 |  |  | 1,719 |  |  | 5,773 |  |  | 4,714 |  |  |
Unpatented technology | 31,818 |  |  | 23,730 |  |  | 34,133 |  |  | 24,295 |  |  |
Customer relationships | 101,051 |  |  | 43,399 |  |  | 110,649 |  |  | 48,088 |  |  |
Non-compete agreements | 722 |  |  | 610 |  |  | 2,376 |  |  | 2,154 |  |  |
| 136,141 |  |  | 69,458 |  |  | 152,931 |  |  | 79,251 |  |  |
Total acquired intangible assets | $ | 188,441 |  |  | $ | 69,458 |  |  | $ | 205,231 |  |  | $ | 79,251 |  |  |
The following table summarizes the acquired intangible asset amortization expense (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Amortization expense | $ | 2,679 |  |  | $ | 2,893 |  |  | $ | 8,036 |  |  | $ | 8,419 |
Amortization expense related to acquired intangible assets for the remainder of fiscal 2024 and the next five years thereafter is estimated as follows (in thousands):
| 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029
Amortization expense | $ | 2,640 |  |  | $ | 10,486 |  |  | $ | 9,453 |  |  | $ | 8,070 |  |  | $ | 7,275 |  |  | $ | 7,226 |

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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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