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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2025
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, 2025 and December 31, 2024:
| June 30, 2025
(in thousands) | Amortization life in years | Gross carrying amount | Accumulated amortization and other | Net carrying amount
Finite-lived assets: |  |  |  |
AEC Trademarks and trade names | 6-15 | $ | 208 |  | $ | (203) |  | $ | 5 |
AEC Technology | 10-15 | 6,531 |  | (3,810) |  | 2,721 |
AEC Intellectual property | 15 | 1,250 |  | (464) |  | 786 |
AEC Customer relationships | 8-15 | 69,561 |  | (49,195) |  | 20,366 |
Heimbach Developed technology | 9 | 9,282 |  | (2,217) |  | 7,065 |
Total Finite-lived intangible assets |  | $ | 86,832 |  | $ | (55,889) |  | $ | 30,943 |
Indefinite-lived intangible assets: |  |  |  |
Heimbach Trade name |  | $ | 6,458 |  | $ | — |  | $ | 6,458 |
MC Goodwill |  | 69,901 |  | — |  | 69,901 |
AEC Goodwill |  | 114,432 |  | — |  | 114,432 |
Total Indefinite-lived intangible assets: |  | $ | 190,791 |  | $ | — |  | $ | 190,791 |
| December 31, 2024
(in thousands) | Amortization life in years | Gross carrying amount | Accumulated amortization and other | Net carrying amount
Finite-lived assets: |  |  |  |
AEC Trademarks and trade names | 6-15 | $ | 208 |  | $ | (197) |  | $ | 11 |
AEC Technology | 10-15 | 5,820 |  | (3,140) |  | 2,680 |
AEC Intellectual property | 15 | 1,250 |  | (422) |  | 828 |
AEC Customer relationships | 8-15 | 69,175 |  | (47,283) |  | 21,892 |
Heimbach Developed technology | 9 | 8,547 |  | (1,543) |  | 7,004 |
Total Finite-lived assets |  | $ | 85,000 |  | $ | (52,585) |  | $ | 32,415 |
Indefinite-lived intangible assets: |  |  |  |
Heimbach Trade name |  | $ | 5,712 |  | $ | — |  | $ | 5,712 |
MC Goodwill |  | 63,988 |  | — |  | 63,988 |
AEC Goodwill |  | 112,273 |  | — |  | 112,273 |
Total Indefinite-lived intangible assets: |  | $ | 181,973 |  | $ | — |  | $ | 181,973 |
The changes in intangible assets, net and goodwill from December 31, 2024 to June 30, 2025, were as follows:
(in thousands) | December 31, 2024 | Other Changes | Amortization | Currency Translation | June 30, 2025
Finite-lived intangible assets: |  |  |  |  |
AEC Trademarks and trade names | $ | 11 |  | $ | — |  | $ | (6) |  | $ | — |  | $ | 5 |
AEC Technology | 2,680 |  | — |  | (308) |  | 349 |  | 2,721 |
AEC Intellectual property | 828 |  | — |  | (42) |  | — |  | 786 |
AEC Customer relationships | 21,892 |  | — |  | (1,751) |  | 225 |  | 20,366 |
Heimbach Developed technology | 7,004 |  | (315) |  | (497) |  | 873 |  | 7,065 |
Total Finite-lived intangible assets | $ | 32,415 |  | $ | (315) |  | $ | (2,604) |  | $ | 1,447 |  | $ | 30,943 |
Indefinite-lived intangible assets: |  |  |  |  |
Heimbach Trade name | $ | 5,712 |  | $ | — |  | $ | — |  | $ | 746 |  | $ | 6,458 |
MC Goodwill | 63,988 |  | — |  | — |  | 5,913 |  | 69,901 |
AEC Goodwill | 112,273 |  | — |  | — |  | 2,159 |  | 114,432 |
Total Indefinite-lived assets: | $ | 181,973 |  | $ | — |  | $ | — |  | $ | 8,818 |  | $ | 190,791 |
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually. In the second quarter of 2025, management applied the qualitative assessment approach in performing its annual evaluation of goodwill for the Company's Machine Clothing reporting unit and AEC reporting unit and concluded that each reporting unit’s fair value continued to exceed its carrying value. 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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