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Goodwill and Other Intangibles | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangibles | Note 11 – Goodwill and Other Intangibles The Company’s finite and indefinite-lived intangible assets consist of the following:
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | Gross Carrying |  |  | Accumulated |  |  | Gross Carrying |  |  | Accumulated |
|  | Amount |  |  | Amortization |  |  | Amount |  |  | Amortization |
Finite-lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Patents |  | $ | 4,806 |  |  | $ | (4,806 | ) |  | $ | 4,806 |  |  | $ | (4,806 | )
Land use rights |  |  | 655 |  |  |  | (118 | ) |  |  | 1,109 |  |  |  | (307 | )
Trademark |  |  | 1,969 |  |  |  | (1,690 | ) |  |  | 1,988 |  |  |  | (1,682 | )
Technology |  |  | 6,836 |  |  |  | (3,724 | ) |  |  | 7,104 |  |  |  | (3,738 | )
Customer relationships |  |  | 18,720 |  |  |  | (10,780 | ) |  |  | 19,240 |  |  |  | (10,733 | )
|  | $ | 32,986 |  |  | $ | (21,118 | ) |  | $ | 34,247 |  |  | $ | (21,266 | )
Indefinite-lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 28,603 |  |  |  |  |  | $ | 29,497 |  |  |  |
The Company’s measurement date for its annual impairment test for goodwill is October 1st of each year. The Company performs additional interim impairment assessments as circumstances warrant. There were no indicators of impairment noted for the period ending March 31, 2024. The Company may use both quantitative and qualitative approaches when testing goodwill for impairment. For selected reporting units where the qualitative approach is utilized, a qualitative evaluation of events and circumstances impacting the reporting unit is performed to determine if it is more likely than not that the fair value of the reporting unit exceeds its carrying amount. If that determination is made, no further evaluation is necessary. Otherwise, the Company performs a quantitative impairment test on the reporting unit. For the quantitative approach, the Company uses a combination of the income approach, which uses a discounted cash flow methodology, and the market approach, which uses comparable market multiples in computing fair value by reporting unit. The Company then compares the fair value of the reporting unit with its carrying value to assess if goodwill has been impaired. The fair value estimates are subjective and sensitive to significant assumptions, such as revenue growth rates, operating margins, the weighted average cost of capital, and estimated market multiples, of which are affected by expectations of future market or economic conditions. The Company believes that the methodologies, significant assumptions, and weightings used are reasonable and result in appropriate fair values of the reporting units. The Company’s only intangible asset with an indefinite life is goodwill. The Company’s goodwill is not deductible for tax purposes. Changes in the carrying amount of goodwill by reporting unit are shown in the following table:
|  | PLP-USA |  |  | The Americas |  |  | EMEA |  |  | Asia-Pacific |  |  | Total |
Balance at January 1, 2024 |  | $ | 3,078 |  |  | $ | 10,582 |  |  | $ | 15,837 |  |  | $ | — |  |  | $ | 29,497 |
Currency translation |  |  | — |  |  |  | (290 | ) |  |  | (604 | ) |  |  | — |  |  |  | (894 | )
Balance at March 31, 2024 |  | $ | 3,078 |  |  | $ | 10,292 |  |  | $ | 15,233 |  |  | $ | — |  |  | $ | 28,603 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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