Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]


(table only in thousands)	Engineered Systems segment			Industrial Process Solutions segment			Totals
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
Acquisitions		110			59,005			59,115
Foreign currency translation		(596	)		(98	)		(694	)
Balance of goodwill at December 31, 2024	$	141,743		$	128,004		$	269,747

As of December 31, 2024 and 2023, the Company has an aggregate amount of goodwill acquired of $330.4 million and $272.0 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, 2024 and 2023 consisted of the following:


	Tradenames
(table only in thousands)	2024			2023
Balance beginning of year	$	9,570		$	9,508
Foreign currency adjustments		(104	)		62
Balance end of year	$	9,466		$	9,570

The Company completes an impairment assessment of its goodwill and indefinite life intangible assets at the reporting unit level annually, or upon the occurrence of a triggering event or a change in circumstances that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The annual assessment was performed in the fourth quarters of 2024, 2023 and 2022. The assessments did not result in impairment in 2024, 2023 or 2022.

The Company’s finite lived intangible assets consisted of the following:


	December 31,
	2024						2023
(table only in thousands) Intangible assets – finite life	Cost			Accum. Amort.			Cost			Accum. Amort.
Technology	$	20,614		$	14,769		$	16,517		$	14,061
Customer lists		127,354			70,045			103,471			63,420
Tradenames		18,530			6,392			14,094			5,001
Foreign currency adjustments		(2,770	)		(1,528	)		(1,083	)		56
Total finite life intangible assets	$	163,728		$	89,678		$	132,999		$	82,538

Amortization expense of finite life intangible assets was $8.7 million, $7.4 million and $7.0 million for 2024, 2023 and 2022, respectively. Amortization over the next five years for finite life intangibles is $12.2 million in 2025, $11.7 million in 2026, $10.6 million in 2027, $9.8 million in 2028, and $8.5 million in 2029.