Goodwill and Other Intangibles

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Note 5 – Goodwill and Other Intangibles

Goodwill

Changes in the carrying amount of goodwill, by reportable segment, for the three months ended March 31, 2023 was as follows:


	Automotive		Medical		Total
Balance as of December 31, 2022	$	73,069	$	46,705	$	119,774
Currency translation		949		232		1,181
Balance as of March 31, 2023	$	74,018	$	46,937	$	120,955

Other Intangible Assets

Other intangible assets and accumulated amortization balances as of March 31, 2023 and December 31, 2022 were as follows:


	March 31, 2023							December 31, 2022
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived:
Customer relationships	$	113,909	$	(68,795	)	$	45,114	$	112,286	$	(65,748	)	$	46,538
Technology		45,340		(26,696	)		18,644		44,745		(25,709	)		19,036
Product development costs		19,051		(18,884	)		167		18,774		(18,456	)		318
Software development		1,007		—			1,007		1,007		—			1,007
Indefinite-lived:
Tradenames		7,119		—			7,119		7,034		—			7,034
Total	$	186,426	$	(114,375	)	$	72,051	$	183,846	$	(109,913	)	$	73,933

In addition to annual impairment testing, which is performed in the fourth quarter of each fiscal year, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions used in determining fair value and therefore require interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. We are not presently aware of any events or circumstances that would require us to revise the carrying value of our assets or liabilities as of March 31, 2023.