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Goodwill and Other Intangible Assets (Notes) | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The Company performed a quantitative assessment as part of its 2023 annual impairment test (October 1 annual test date) for all reporting units with goodwill after electing the option to bypass the qualitative assessment. In preparing the quantitative analysis, the Company utilized both income and market-based approaches. The income-based approach was conducted using the discounted cash flow method, for which management updated its internal five-year forecast. Assumptions in estimating the future cash flows were based on Level 3 inputs under the fair value hierarchy. The Company also selected appropriate terminal growth rates as well as weighted average cost of capital rates, which considered various factors including the level of inherent risk in achieving the forecast based on prior history and current market conditions. The market-based approach considered comparable publicly traded companies and transactions within the industries where the Company's reporting units participate, and applied their valuation multiples to management's forecast estimates. Based on results of the quantitative assessment for the 2023 annual impairment test, the Company determined there were no indications that the fair value of a reporting unit was less than its carrying value. The Company performed a qualitative assessment as part of its 2022 and 2021 annual impairment tests (October 1 annual test date) for all reporting units, which included a review of the Company’s market capitalization. Based on results of the qualitative assessments for the 2022 and 2021 annual impairment tests, the Company determined there were no indications that the fair value of a reporting unit was less than its carrying value; therefore, the Company determined that quantitative goodwill impairment tests were not required. Changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 are as follows (dollars in thousands):
|  |  |  |  | Specialty |  |  |  |
| Packaging |  | Aerospace |  | Products |  |  |  | Total
Balance, December 31, 2021 | $ | 238,740 |  |  | $ | 70,190 |  |  | $ | 6,560 |  |  |  |  | $ | 315,490 |
Goodwill from acquisitions | 32,370 |  |  | — |  |  | — |  |  |  |  | 32,370 |
Foreign currency translation and other | (7,560) |  |  | (490) |  |  | — |  |  |  |  | (8,050) |
Balance, December 31, 2022 | $ | 263,550 |  |  | $ | 69,700 |  |  | $ | 6,560 |  |  |  |  | $ | 339,810 |
Goodwill from acquisitions | 20,420 |  |  | — |  |  | — |  |  |  |  | 20,420 |
Foreign currency translation and other | 3,380 |  |  | 160 |  |  | — |  |  |  |  | 3,540 |
Balance, December 31, 2023 | $ | 287,350 |  |  | $ | 69,860 |  |  | $ | 6,560 |  |  |  |  | $ | 363,770 |
Other Intangible Assets For the purpose of the Company's 2023 annual indefinite-lived intangible asset impairment test (as of October 1), the Company elected the option to bypass the qualitative assessment and performed a quantitative assessment for all of its indefinite-lived intangible assets except for the Aarts trade name, using the relief-from-royalty method. The Company performed a qualitative assessment for the Aarts trade name as it was acquired less than one year prior and has long-term sales projections consistent with those expected in the purchase price valuation. Significant management assumptions used under the relief-from-royalty method reflected the Company's current assessment of the risks and uncertainties associated with the cash flows of the respective underlying indefinite-lived intangible assets and represent Level 3 inputs under the fair value hierarchy. Upon completion of the quantitative impairment test, the Company determined that one of the Company's aerospace-related trade names had a carrying value that exceeded its fair value, and therefore recorded an impairment charge of $1.1 million. For the purposes of the Company's 2022 and 2021 annual indefinite-lived intangible asset impairment tests (as of October 1), the Company performed a qualitative assessment to determine whether it was more likely than not that the fair values of the indefinite-lived intangible assets were less than the carrying values. Based on the qualitative assessment performed, the Company did not believe that it is more likely than not that the fair values of each of its indefinite-lived intangible assets were less than the carrying values; therefore, a fair value calculation of the indefinite-lived intangible assets was not required for the 2022 and 2021 annual indefinite-lived intangible asset impairment tests. The gross carrying amounts and accumulated amortization of the Company's other intangibles as of December 31, 2023 and 2022 are summarized below (dollars in thousands):
|  | As of December 31, 2023 |  | As of December 31, 2022
Intangible Category by Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Finite-lived intangible assets: |  |  |  |  |  |  |  |
Customer relationships, 5 - 12 years |  | $ | 141,260 |  |  | $ | (89,020) |  |  | $ | 131,660 |  |  | $ | (80,000) |
Customer relationships, 15 - 25 years |  | 129,830 |  |  | (80,600) |  |  | 129,650 |  |  | (74,380) |
Total customer relationships |  | 271,090 |  |  | (169,620) |  |  | 261,310 |  |  | (154,380) |
Technology and other, 1 - 15 years |  | 56,970 |  |  | (41,850) |  |  | 56,860 |  |  | (38,990) |
Technology and other, 17 - 30 years |  | 43,300 |  |  | (40,730) |  |  | 43,300 |  |  | (40,330) |
Total technology and other |  | 100,270 |  |  | (82,580) |  |  | 100,160 |  |  | (79,320) |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |
Trademark/Trade names |  | 61,860 |  |  | — |  |  | 60,340 |  |  | — |
Total other intangible assets |  | $ | 433,220 |  |  | $ | (252,200) |  |  | $ | 421,810 |  |  | $ | (233,700) |
Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows (dollars in thousands):
|  | Year ended December 31,
|  | 2023 |  | 2022 |  | 2021
Technology and other, included in cost of sales |  | $ | 3,210 |  |  | $ | 3,300 |  |  | $ | 3,820 |
Customer relationships, included in selling, general and administrative expenses |  | 14,970 |  |  | 15,800 |  |  | 17,740 |
Total amortization expense |  | $ | 18,180 |  |  | $ | 19,100 |  |  | $ | 21,560 |
Estimated amortization expense for the next five fiscal years beginning after December 31, 2023 is as follows (dollars in thousands):
Year ended December 31, | Estimated Amortization Expense
2024 |  | $ | 17,220 |
2025 |  | 16,870 |
2026 |  | 15,140 |
2027 |  | 15,080 |
2028 |  | 15,060 |

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