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GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS We have three operating segments which are also our reporting units: Electronic Test, Environmental Technologies and Process Technologies. Goodwill and intangible assets on our balance sheets are the result of our acquisitions. Goodwill Changes in the amount of the carrying value of goodwill for the three months ended March 31, 2025, are as follows:
(in thousands) |  |
Balance - January 1, 2025 |  | $ | 30,744 |
Impact of foreign currency translation adjustments |  | 492 |
Balance – March 31, 2025 |  | $ | 31,236 |
Goodwill was comprised of the following at March 31, 2025, and December 31, 2024:
(in thousands) |  | March 31, 2025 |  | December 31, 2024
Electronic Test |  | $ | 12,982 |  |  | $ | 12,567 |
Environmental Technologies |  | 1,817 |  |  | 1,817 |
Process Technologies |  | 16,437 |  |  | 16,360 |
Total goodwill |  | $ | 31,236 |  |  | $ | 30,744 |
Intangible Assets Changes in the amount of the carrying value of our intangible assets for the three months ended March 31, 2025 were as follows:
(in thousands) |  | Finite-Lived |  | Indefinite-Lived
Balance - January 1, 2025 |  | $ | 16,201 |  |  | $ | 10,175 |
Impact of foreign currency translation adjustments |  | 479 |  |  | 96 |
Amortization |  | (813) |  |  | — |
Balance – March 31, 2025 |  | $ | 15,867 |  |  | $ | 10,271 |
The following tables provide further detail about our intangible assets as of March 31, 2025, and December 31, 2024:
|  | March 31, 2025
(in thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Finite-lived intangible assets: |  |  |  |  |  |
Customer relationships |  | $ | 24,285 |  |  | $ | 12,061 |  |  | $ | 12,224 |
Technology |  | 5,923 |  |  | 2,280 |  |  | 3,643 |
Patents |  | 590 |  |  | 590 |  |  | — |
Backlog |  | 487 |  |  | 487 |  |  | — |
Software |  | 270 |  |  | 270 |  |  | — |
Trade name |  | 140 |  |  | 140 |  |  | — |
Total finite-lived intangible assets |  | 31,695 |  |  | 15,828 |  |  | 15,867 |
Indefinite-lived intangible assets: |  |  |  |  |  |
Trademarks |  | 10,271 |  |  | — |  |  | 10,271 |
Total intangible assets |  | $ | 41,966 |  |  | $ | 15,828 |  |  | $ | 26,138 |
|  | December 31, 2024
(in thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Finite-lived intangible assets: |  |  |  |  |  |
Customer relationships |  | $ | 23,912 |  |  | $ | 11,496 |  |  | $ | 12,416 |
Technology |  | 5,786 |  |  | 2,001 |  |  | 3,785 |
Patents |  | 590 |  |  | 590 |  |  | — |
Backlog |  | 481 |  |  | 481 |  |  | — |
Software |  | 270 |  |  | 270 |  |  | — |
Trade name |  | 140 |  |  | 140 |  |  | — |
Total finite-lived intangible assets |  | 31,179 |  |  | 14,978 |  |  | 16,201 |
Indefinite-lived intangible assets: |  |  |  |  |  |
Trademarks |  | 10,175 |  |  | — |  |  | 10,175 |
Total intangible assets |  | $ | 41,354 |  |  | $ | 14,978 |  |  | $ | 26,376 |
We generally amortize our finite-lived intangible assets over their estimated useful lives based on the pattern in which the economic benefits of the intangible assets are expected to be consumed, or on a straight-line basis, if an alternate amortization method cannot be reliably determined. Any such alternate amortization method would be based on the pattern in which the economic benefits of the intangible asset are expected to be consumed. None of our intangible assets have any residual value. The following table sets forth the estimated annual amortization expense for each of the next five years:
(in thousands) |  |
Remaining 2025 |  | $ | 2,431 |
2026 |  | 2,455 |
2027 |  | 1,914 |
2028 |  | 1,580 |
2029 |  | 1,268 |
Thereafter |  | 6,219 |
Total estimated amortization of finite-lived intangible assets |  | $ | 15,867 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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