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GOODWILL & OTHER INTANGIBLE ASSETS | 3 Months Ended
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Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL & OTHER INTANGIBLE ASSETS | GOODWILL & OTHER INTANGIBLE ASSETS Segment Realignment As further described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, beginning in September 2021 the Company realigned its operating and reportable segments. Based on these changes, the Company has established two operating and reportable segments: Transportation Solutions (“TS”) and Parts & Services (“P&S”). These operating and reportable segments have also been determined to be the applicable reporting units for purposes of goodwill assignment and evaluation. As of March 31, 2022, goodwill allocated to the TS and P&S segments was approximately $120.5 million and $67.9 million, respectively. The Company considered whether there were any indicators of impairment during the three months ended March 31, 2022 and concluded there were none. Extract Technology® Divestiture During the second quarter of 2021, the Company sold its Extract Technology® (“Extract”) business that manufactured stainless steel isolators and downflow booths, as well as custom-fabricated equipment, including workstations and drum booths for the pharmaceutical, fine chemical, biotech, and nuclear end markets. Prior to the divestiture, Extract was an operating unit within the Parts & Services reporting unit. In accordance with the relevant accounting guidance, as part of the sale the Company allocated $11.1 million of goodwill based upon the relative fair value of the Extract operating unit compared to the reporting unit as a whole. This goodwill was included in the carrying value of the disposed assets and the resulting net gain recognized in connection with the sale. Prior to and subsequent to the divestiture, the Company performed an impairment assessment for the reporting unit and concluded the fair value of the reporting unit continued to exceed the carrying value. The changes in the carrying amounts of goodwill from December 31, 2020 through the three-month period ended March 31, 2022 were as follows (in thousands):
| Transportation Solutions |  | Parts & Services |  |  |  | Total
Balance at December 31, 2020 |  |  |  |  |  |  |
Goodwill | $ | 188,775 |  |  | $ | 119,185 |  |  |  |  | $ | 307,960 |
Accumulated impairment losses | (68,257) |  |  | (40,143) |  |  |  |  | (108,400) |
Net balance as of December 31, 2020 | 120,518 |  |  | 79,042 |  |  |  |  | 199,560 |
Impact of divestiture on goodwill | — |  |  | (11,101) |  |  |  |  | (11,101) |
Effects of foreign currency | (11) |  |  | (5) |  |  |  |  | (16) |
Balance at December 31, 2021 |  |  |  |  |  |  |
Goodwill | 188,764 |  |  | 108,079 |  |  |  |  | 296,843 |
Accumulated impairment losses | (68,257) |  |  | (40,143) |  |  |  |  | (108,400) |
Net balance as of December 31, 2021 | 120,507 |  |  | 67,936 |  |  |  |  | 188,443 |
Effects of foreign currency | (3) |  |  | (2) |  |  |  |  | (5) |
Balance at March 31, 2022 |  |  |  |  |  |  |
Goodwill | 188,761 |  |  | 108,077 |  |  |  |  | 296,838 |
Accumulated impairment losses | (68,257) |  |  | (40,143) |  |  |  |  | (108,400) |
Net balance as of March 31, 2022 | $ | 120,504 |  |  | $ | 67,934 |  |  |  |  | $ | 188,438 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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