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Goodwill and Other Intangibles | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangibles | Note 7 — Goodwill and Other Intangibles Goodwill Changes in the carrying amount of goodwill, by reportable segment, for the years ended December 31, 2023 and 2022 were as follows:
|  | Automotive |  |  | Medical |  |  | Total |
Balance as of December 31, 2021 |  | $ | 37,329 |  |  | $ | 28,704 |  |  | $ | 66,033 |
Acquisition of Dacheng |  |  | — |  |  |  | 19,016 |  |  |  | 19,016 |
Acquisition of Alfmeier |  |  | 34,494 |  |  |  | — |  |  |  | 34,494 |
Currency translation and other |  |  | 1,246 |  |  |  | (1,015 | ) |  |  | 231 |
Balance as of December 31, 2022 |  | $ | 73,069 |  |  | $ | 46,705 |  |  | $ | 119,774 |
Impairment of goodwill |  |  | — |  |  |  | (19,509 | ) |  |  | (19,509 | )
Currency translation and other |  |  | 3,627 |  |  |  | 181 |  |  |  | 3,808 |
Balance as of December 31, 2023 |  | $ | 76,696 |  |  | $ | 27,376 |  |  | $ | 104,073 |
Other Intangible Assets Other intangible assets and accumulated amortization balances as of December 31, 2023 and 2022 were as follows:
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |
Definite-lived: |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 115,465 |  |  | $ | (73,737 | ) |  | $ | 41,728 |
Technology |  |  | 45,861 |  |  |  | (29,317 | ) |  |  | 16,544 |
Product development costs |  |  | 19,434 |  |  |  | (19,270 | ) |  |  | 164 |
Software development |  |  | 1,007 |  |  |  | — |  |  |  | 1,007 |
Indefinite-lived: |  |  |  |  |  |  |  |  |
Tradenames |  |  | 7,039 |  |  |  | — |  |  |  | 7,039 |
Balance as of December 31, 2023 |  | $ | 188,806 |  |  | $ | (122,324 | ) |  | $ | 66,482 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |
Definite-lived: |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 112,286 |  |  | $ | (65,748 | ) |  | $ | 46,538 |
Technology |  |  | 44,745 |  |  |  | (25,709 | ) |  |  | 19,036 |
Product development costs |  |  | 18,774 |  |  |  | (18,456 | ) |  |  | 318 |
Software development |  |  | 1,007 |  |  |  | — |  |  |  | 1,007 |
Indefinite-lived: |  |  |  |  |  |  |  |  |
Tradenames |  |  | 7,034 |  |  |  | — |  |  |  | 7,034 |
Balance as of December 31, 2022 |  | $ | 183,846 |  |  | $ | (109,913 | ) |  | $ | 73,933 |
As of December 31, 2022, the estimated fair value of the Medical reporting unit exceeded its carrying value by less than 10%. During the second quarter of 2023, the Company’s Medical reporting unit did not perform in-line with forecasted results primarily driven by slower than anticipated revenue growth. As a result, an indicator of impairment was identified and the Company performed an interim quantitative assessment as of June 30, 2023. The results of this quantitative analysis indicated the carrying value of the reporting unit exceeded the fair value of the reporting unit, and accordingly an impairment expense was recorded for $19,509. No further impairment was recorded as of December 31, 2023. The Company utilized an income approach to estimate the fair value of the reporting unit and a market valuation approach to further support this analysis (level 3). The income approach was based on projected debt-free cash flow that was discounted to the present value using discount factors that considered the timing and risk of cash flows. Fair value was estimated using internally developed forecasts, as well as commercial and discount rate assumptions. The discount rate used was the value-weighted average of our estimated cost of equity and of debt (“cost of capital”) derived using both known and estimated customary market metrics. Our weighted average cost of capital includes a company specific risk premium to address the risks associated with achieving the projected revenue and profitability growth rates. Other significant assumptions included terminal value growth rates and terminal value margin rates. Our ability to realize the future cash flows used in our calculations is affected by factors such as the success of strategic initiatives, changes in economic conditions, changes in our operating performance and changes in our business strategies. To further support the fair value estimate determined by the income approach, the Company utilized a market valuation approach to estimate the fair value of the Medical reporting unit. The market approach considered historical and anticipated financial metrics of the Medical reporting unit and applied valuation multiples based on recent observed transactions involving companies similar enough to the Medical reporting unit from which to draw meaningful conclusions. On December 31, 2022, the Company approved a plan to exit its non-automotive electronics business, resulting in an impairment of our customer relationships intangible assets of $5,601. See Note 5, "Restructuring and Impairments," for additional information. In connection with the acquisition of Alfmeier, the Company recorded technology of $11,647 and customer relationships of $19,812. These definite-lived assets are being amortized using the straight-line method over their estimated useful lives of approximately 9 years and 14 years, respectively. In connection with the acquisition of Dacheng, the Company recorded technology of $4,749, customer relationships of $12,837, and indefinite-lived tradenames of $2,473. Technology and customer relationships are definite-lived assets that are being amortized using the straight-line method over their estimated useful lives of approximately 12 years for each. A total of $8,290, $9,018, and $8,821 in other intangible assets were amortized in 2023, 2022 and 2021, respectively. An estimate of future amortization of other intangible assets, is as follows:
2024 |  | $ | 6,991 |
2025 |  |  | 6,977 |
2026 |  |  | 6,541 |
2027 |  |  | 6,454 |
2028 |  |  | 6,389 |

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