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GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

13. GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill are as follows:


Balance at December 31, 2021	$	434,019
Acquired goodwill		60
Allocation to intangible assets related to 2021 acquisition		(596	)
Foreign currency translation adjustment		(2,772	)

Balance at December 31, 2022		430,711
Acquired goodwill		25,547
Foreign currency translation adjustment		890

Balance at December 31, 2023	$	457,148

Intangible assets are comprised of the following:


December 31,	Estimated Useful Lives		2023			2022
Indefinite lived intangible assets - Trade names, trademarks, and distribution rights			$	174,779		$	154,086
Finite lived intangible assets:
Customer relationships		7-18 years		110,489			83,943
Patented and unpatented technology		7 years		1,650			1,611
Trade name		10 years		1,150			1,150
Accumulated amortization				(69,922	)		(65,599	)

Finite lived intangible assets, net				43,367			21,105

			$	218,146		$	175,191

Amortization expense related to finite lived intangible assets included in selling, general and administrative expenses for the years ended December 31, 2023, 2022, and 2021, were $4,323, $4,709, and $5,561, respectively.

Based on the finite lived intangible assets recorded at December 31, 2023, annual amortization for the next five years is expected to approximate the following:


2024	$	4,600
2025	$	4,500
2026	$	4,300
2027	$	2,900
2028	$	2,200