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Goodwill and Other Intangibles
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles
Note 12 - Goodwill and Other Intangibles
The Company’s finite and indefinite-lived intangible assets consist of the following:
 December 31, 2024December 31, 2023
 
Gross Carrying
Amount
Accumulated
Amortization
Gross Carrying
Amount
Accumulated
Amortization
 
Finite-lived intangible assets
Patents$4,806 $(4,806)$4,806 $(4,806)
Land use rights637 (122)1,109 (307)
Trademark1,910 (1,685)1,988 (1,682)
Technology6,582 (3,933)7,104 (3,738)
Customer relationships17,399 (11,132)19,240 (10,733)
 $31,334 $(21,678)$34,247 $(21,266)
Indefinite-lived intangible assets      
Goodwill$26,685   $29,497   
The aggregate amortization expense for other intangibles with finite lives, ranging from 1 year to 66 years, for the years ended December 31, 2024, 2023 and 2022 was $1.8 million, $1.8 million, and $2.2 million, respectively. Amortization expense is estimated to be $1.3 million for 2025, 2026, 2027, and 2028, and $1.1 million for 2029. The weighted-average remaining amortization period is approximately 11.3 years. The weighted-average remaining amortization period by intangible asset class; land use rights, 65.7 years; trademark, 13.7 years; technology, 6.2 years and customer relationships, 9.0 years.
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 WACC, and estimated market multiples, 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.
There were no impairment charges recorded in 2024 or 2023. Based on the interim impairment assessment performed as of September 30, 2022, the Asia-Pacific reporting unit’s carrying value exceeded its fair value by more than the carrying amount of goodwill, which was caused by both a reduction in forecasted results and an increase in the weighted average cost of capital due to rising interest rates. As a result, the Company recognized a non-cash impairment charge of $6.5 million as of September 30, 2022. This charge was identified separately on the Statements of Consolidated Income and impacted income from operations.
The change in the carrying amount of goodwill by segment is shown in the following table:
 PLP-USAThe Americas EMEAAsia-PacificTotal
         
Balance at January 1, 2023$3,078 $9,597 $15,329 — $28,004 
Acquisitions— 387 — — 387 
Currency translation— 598 508 — 1,106 
Balance at December 31, 20233,078 10,582 15,837 — 29,497 
Currency translation— (1,724)(1,088)— (2,812)
Balance at December 31, 2024$3,078 $8,858 $14,749 $— $26,685 
Impairment assessments inherently involve management judgments regarding a number of assumptions such as those described above. Due to the multiple variables inherent in arriving at the estimates of the reporting unit's fair value, differences in assumptions could have an effect on the estimated fair value of a reporting unit and could result in goodwill impairment charges in a future period.
The Company’s only intangible asset with an indefinite life is goodwill. The Company’s goodwill is not deductible for tax purposes.