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GOODWILL
 3 Months Ended
Mar. 31, 2023
GOODWILL  
GOODWILL

5.    GOODWILL

The change in the carrying amount of goodwill for the three months ended March 31, 2023 is as follows:

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March 31, 

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2023

Beginning balance

$

126,366

Effect of foreign currency translation

 

201

Ending balance

$

126,567

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On May 24, 2022, the Company acquired 100% of the outstanding stock of ThinGap, Inc. (“ThinGap”), a privately-owned California headquartered developer and manufacturer of high performance, zero cogging slotless motors for use in aerospace, defense, and medical applications that require precise performance in a compact, yet high-torque-to-volume solutions.

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On June 17, 2022, the Company acquired 100% of the membership interests of Airex, LLC (“Airex”), a privately-owned New Hampshire headquartered developer of high precision electromagnetic components and solutions for the aerospace and defense, life sciences, semiconductor, and commercial industrial applications. The purchase price, collectively, for ThinGap and Airex was $16,618.

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On May 30, 2022, the Company acquired 100% of the direct and indirect legal and beneficial ownership of the shares of FPH Group Inc., a corporation incorporated pursuant to the laws of the Province of Ontario and the membership interests of Transtar International, LLC, a Michigan limited liability company, collectively “FPH”. The purchase price for FPH was $41,040.

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There were no measurement period adjustments during the three months ended March 31, 2023. The purchase price allocations of each of these acquisitions are subject to adjustments based on a final determination of certain tax matters.

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The December 30, 2021 acquisition of Spectrum Controls, Inc. (“Spectrum Controls”) included two deferred acquisition payments of which $12,500 (comprised of 50% cash and 50% Company stock) was paid in January 2023. One remaining payment of $12,500 is to be paid no later than January 3, 2024, comprising 50% cash and 50% in Company stock. As of March 31, 2023, $12,416 is included in accrued liabilities on the condensed consolidated balance sheet. As of December 31, 2022, $12,500 is included in accrued liabilities and $12,277 is included in other long-term liabilities on the condensed consolidated balance sheet.