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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table sets forth the gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of June 30, 2024 and December 31, 2023:
| June 30, 2024
(in thousands) | Amortization life in years | Gross carrying amount | Accumulated amortization | Net carrying amount
Finite-lived assets: |  |  |  |
AEC Trademarks and trade names | 6-15 | $ | 208 |  | $ | (192) |  | $ | 16 |
AEC Technology | 10-15 | 5,993 |  | (2,947) |  | 3,046 |
AEC Intellectual property | 15 | 1,250 |  | (381) |  | 869 |
AEC Customer relationships | 8-15 | 69,268 |  | (45,583) |  | 23,685 |
Heimbach Developed technology | 9 | 8,798 |  | (802) |  | 7,996 |
Total Finite-lived intangible assets |  | $ | 85,517 |  | $ | (49,905) |  | $ | 35,612 |
Indefinite-lived intangible assets: |  |  |  |
Heimbach Trade name |  | $ | 5,893 |  | $ | — |  | $ | 5,893 |
MC Goodwill |  | 65,440 |  | — |  | 65,440 |
AEC Goodwill |  | 112,796 |  | — |  | 112,796 |
Total Indefinite-lived intangible assets: |  | $ | 184,129 |  | $ | — |  | $ | 184,129 |
| December 31, 2023
(in thousands) | Amortization life in years | Gross carrying amount | Accumulated amortization | Net carrying amount
Finite-lived assets: |  |  |  |
AEC Trademarks and trade names | 6-15 | $ | 208 |  | $ | (186) |  | $ | 22 |
AEC Technology | 10-15 | 6,161 |  | (2,735) |  | 3,426 |
AEC Intellectual property | 15 | 1,250 |  | (339) |  | 911 |
AEC Customer relationships | 8-15 | 69,360 |  | (43,875) |  | 25,485 |
Heimbach Developed technology | 9 | 9,042 |  | (310) |  | 8,732 |
Total Finite-lived assets |  | $ | 86,021 |  | $ | (47,445) |  | $ | 38,576 |
Indefinite-lived intangible assets: |  |  |  |
Heimbach Trade name |  | $ | 6,070 |  | $ | — |  | $ | 6,070 |
MC Goodwill |  | 66,873 |  | — |  | 66,873 |
AEC Goodwill |  | 113,308 |  | — |  | 113,308 |
Total Indefinite-lived intangible assets: |  | $ | 186,251 |  | $ | — |  | $ | 186,251 |
The changes in intangible assets, net and goodwill from December 31, 2023 to June 30, 2024, were as follows:
(in thousands) | December 31, 2023 | Other Changes | Amortization | Currency Translation | June 30, 2024
Finite-lived intangible assets: |  |  |  |  |
AEC Trademarks and trade names | $ | 22 |  | $ | — |  | $ | (6) |  | $ | — |  | $ | 16 |
AEC Technology | 3,426 |  | — |  | (283) |  | (97) |  | 3,046 |
AEC Intellectual property | 911 |  | — |  | (42) |  | — |  | 869 |
AEC Customer relationships | 25,485 |  | — |  | (1,740) |  | (60) |  | 23,685 |
Heimbach Developed technology | 8,732 |  | — |  | (492) |  | (244) |  | 7,996 |
Total Finite-lived intangible assets | $ | 38,576 |  | $ | — |  | $ | (2,563) |  | $ | (401) |  | $ | 35,612 |
Indefinite-lived intangible assets: |  |  |  |  |
Heimbach Trade name | $ | 6,070 |  | $ | — |  | $ | — |  | $ | (177) |  | $ | 5,893 |
MC Goodwill | 66,873 |  | — |  | — |  | (1,433) |  | 65,440 |
AEC Goodwill | 113,308 |  | — |  | — |  | (512) |  | 112,796 |
Total Indefinite-lived assets: | $ | 186,251 |  | $ | — |  | $ | — |  | $ | (2,122) |  | $ | 184,129 |
In the second quarter of 2024, management performed the quantitative assessment approach in conducting its annual evaluation of goodwill and indefinite-lived trademark intangibles and concluded that no impairment provision was required. Our goodwill has been allocated to and is tested for impairment at a level referred to as the reporting unit, which management determined to be the business segment level. As part of the quantitative assessment, management used the income and market approach to determine fair value by considering projected cash flows and market multiples for the Machine Clothing reporting unit and the AEC reporting unit. Management performed the quantitative assessments and concluded that each reporting unit’s fair value continued to significantly exceed its carrying value. In addition, there were no amounts at risk due to the estimated spread between the fair and carrying values. Accordingly, no impairment charges were recorded.

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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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