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Goodwill and Related Intangible Assets | 12 Months Ended
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Dec. 31, 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 years ended December 31 were as follows (in thousands):
| Residential |  | Renewables |  | Agtech |  | Infrastructure |  | Total
Balance at December 31, 2022 | $ | 209,056 |  |  | $ | 188,030 |  |  | $ | 83,599 |  |  | $ | 31,678 |  |  | $ | 512,363 |
Acquired goodwill | 4,133 |  |  | — |  |  | — |  |  | — |  |  | 4,133 |
Other changes (1) | 387 |  |  | (3,800) |  |  | 300 |  |  | — |  |  | (3,113) |
Balance at December 31, 2023 | 213,576 |  |  | 184,230 |  |  | 83,899 |  |  | 31,678 |  |  | 513,383 |
Other changes (1) | (4,406) |  |  | — |  |  | (1,558) |  |  | — |  |  | (5,964) |
Balance at December 31, 2024 | $ | 209,170 |  |  | $ | 184,230 |  |  | $ | 82,341 |  |  | $ | 31,678 |  |  | $ | 507,419 |
(1) Other changes in the carrying amounts of goodwill includes adjustment to prior year acquisitions, foreign currency translation and sale of business. Goodwill is recognized net of accumulated impairment losses of $133.2 million as of December 31, 2024 and 2023, respectively. No goodwill impairment charges were recognized during the years ended December 31, 2024, 2023, and 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 2024, 2023, and 2022, no indicators of impairment were identified as of interim dates; therefore, no interim tests were performed. The Company conducted its annual goodwill impairment test for its six reporting units as of October 31, 2024. A quantitative test was conducted for one of reporting units, and a qualitative analysis for the remaining five reporting units. Both the quantitative and qualitative impairment tests consist of comparing the fair value of a reporting unit with its carrying value including goodwill. For additional disclosure of the Company's assessment approach, refer to Note 1 "Summary of Significant Accounting Policies". As a result of the Company's annual testing for 2024, 2023, and 2022, 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, 2024 |  | December 31, 2023 |  |
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization |  |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |
Trademarks | $ | 40,400 |  |  | $ | — |  |  | $ | 52,300 |  |  | $ | — |  |  |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |
Trademarks | 2,550 |  |  | 1,773 |  |  | 5,773 |  |  | 4,714 |  |  |
Unpatented technology | 30,329 |  |  | 23,199 |  |  | 34,133 |  |  | 24,295 |  |  |
Customer relationships | 99,060 |  |  | 43,560 |  |  | 110,649 |  |  | 48,088 |  |  |
Non-compete agreements | 709 |  |  | 634 |  |  | 2,376 |  |  | 2,154 |  |  |
| 132,648 |  |  | 69,166 |  |  | 152,931 |  |  | 79,251 |  |  |
Total acquired intangible assets | $ | 173,048 |  |  | $ | 69,166 |  |  | $ | 205,231 |  |  | $ | 79,251 |  |  |
The following table summarizes intangible asset impairment for the years ended December 31 (in thousands):
| 2024 |  | 2023 |  | 2022
Indefinite-lived trademarks (1) | $ | 11,300 |  |  | $ | 3,200 |  |  | $ | — |
Amortizing trademarks (2) | — |  |  | 597 |  |  | — |
Total | $ | 11,300 |  |  | $ | 3,797 |  |  | $ | — |
(1) Rebranding initiatives that resulted in the discontinuation of certain indefinite-lived trademarks in both the Renewables and Agtech segments in 2024 and only the Agtech segment in 2023. (2) Write-off of amortizing intangibles related to a discontinued product line in the Renewables segment. 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):
| 2024 |  | 2023 |  | 2022
Amortization expense | $ | 10,656 |  |  | $ | 11,239 |  |  | $ | 11,584 |
Amortization expense related to acquired intangible assets for the next five years ended December 31 is estimated as follows (in thousands):
|  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029
| Amortization expense | $ | 10,351 |  |  | $ | 9,318 |  |  | $ | 8,033 |  |  | $ | 7,270 |  |  | $ | 7,221 |

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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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