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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 6. Goodwill and Intangible Assets
(table only in thousands) |  | Engineered Systems segment |  |  | Industrial Process Solutions s egment |  |  | Totals |
Balance of goodwill at December 31, 2021 |  | $ | 99,303 |  |  | $ | 61,880 |  |  | $ | 161,183 |
Acquisitions |  | $ | 15,968 |  |  | $ | 7,344 |  |  | $ | 23,312 |
Foreign currency translation |  |  | (525 | ) |  |  | (773 | ) |  |  | (1,298 | )
Balance of goodwill at December 31, 2022 |  |  | 114,746 |  |  |  | 68,451 |  |  |  | 183,197 |
Acquisitions |  |  | 27,152 |  |  |  | — |  |  |  | 27,152 |
Foreign currency translation |  |  | 331 |  |  |  | 646 |  |  |  | 977 |
Balance of goodwill at December 31, 2023 |  | $ | 142,229 |  |  | $ | 69,097 |  |  | $ | 211,326 |
As of December 31, 2023 and 2022, the Company has an aggregate amount of goodwill acquired of $272.0 million and $243.9 million, respectively, and an aggregate amount of impairment losses of $60.7 million which was recognized in 2017. The Company’s indefinite lived intangible assets as of December 31, 2023 and 2022 consisted of the following:
|  | Tradenames |
(table only in thousands) |  | 2023 |  |  | 2022 |
Balance beginning of year |  | $ | 9,508 |  |  | $ | 9,629 |
Foreign currency adjustments |  |  | 62 |  |  |  | (121 | )
Balance end of year |  | $ | 9,570 |  |  | $ | 9,508 |
The Company completes an impairment assessment of its goodwill and indefinite life intangible assets annually as of October 1, or more often as circumstances require, at the reporting unit level. The Company bases its measurement of the fair value of a reporting unit using a 50/50 weighting of the income method and the market method. The income method is based on a discounted future cash flow approach that uses the significant assumptions of projected revenue, projected operational profit, terminal growth rates, and the cost of capital. Projected revenue and operational profit, and terminal growth rates were determined to be significant assumptions because they are three primary drivers of the projected cash flows in the discounted future cash flow approach. Cost of capital was also determined to be a significant assumption as it is the discount rate used to calculate the current fair value of those projected cash flows. The market method is based on financial multiples of comparable companies and applies a control premium. Significant estimates in the market approach include identifying similar companies with comparable business factors such as size, growth, profitability, risk and return on investment and assessing comparable revenue and operating income multiples in estimating the fair value of a reporting unit. Based on this analysis, the estimated fair value of all of the Company's reporting units exceeded their carrying value as of October 1, 2023. There was no goodwill impairment in 2023, 2022 and 2021. The Company also performed an impairment analysis for all indefinite life intangible assets, which consists of tradenames, as of October 1, 2023. The Company based its measurement of the fair value of the indefinite life intangible assets utilizing the relief from royalty method. The significant assumptions used under the relief from royalty method are projected revenue, royalty rates, terminal growth rates, and the cost of capital. Projected revenue, royalty rates and terminal growth rates were determined to be significant assumptions because they are three primary drivers of the projected royalty cash flows in the relief from royalty method. Cost of capital was also determined to be a significant assumption as it is the discount rate used to calculate the current fair value of those projected royalty cash flows. Changes in any of the significant assumptions used can materially affect the expected cash flows, and such impacts can result in material non-cash impairment charges. Under this approach, the estimated fair value of the indefinite life intangible assets exceeded their carrying value for segments as of the testing date. Accordingly, the Company recognized no impairment charges in its financial results for the years ended December 31, 2023, 2022 and 2021. As described above, the fair value measurement methods used in the Company’s goodwill and indefinite life intangible assets impairment analyses utilizes a number of significant unobservable inputs or Level 3 assumptions. These assumptions include, among others, projections of the Company's future operating results, the implied fair value of these assets using an income approach by preparing a discounted cash flow analysis and other subjective assumptions. The Company’s finite lived intangible assets consisted of the following:
|  | December 31, |
|  | 2023 |  |  | 2022 |
(table only in thousands) Intangible assets – finite life |  | Cost |  |  | Accum. Amort. |  |  | Cost |  |  | Accum. Amort. |
Technology |  | $ | 16,517 |  |  | $ | 14,061 |  |  | $ | 14,457 |  |  | $ | 13,729 |
Customer lists |  |  | 103,471 |  |  |  | 63,420 |  |  |  | 85,719 |  |  |  | 57,540 |
Tradenames |  |  | 14,094 |  |  |  | 5,001 |  |  |  | 11,604 |  |  |  | 3,768 |
Foreign currency adjustments |  |  | (1,083 | ) |  |  | 56 |  |  |  | (1,864 | ) |  |  | (372 | )
Total finite life intangible assets |  | $ | 132,999 |  |  | $ | 82,538 |  |  | $ | 109,916 |  |  | $ | 74,665 |
Amortization expense of finite life intangible assets was $7.4 million, $7.0 million and $6.7 million for 2023, 2022 and 2021, respectively. Amortization over the next five years for finite life intangibles is $8.6 million in 2024, $7.6 million in 2025, $6.2 million in 2026, $6.0 million in 2027, and $5.6 million in 2028.

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