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Intangible Assets | 6 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets Components of other intangible assets were as follows (dollars in thousands):
| Finite Life |  | Indefinite Life |  |
| Customer Relationships |  | Patents and Proprietary Technology |  | Trademarks, Trade Names and Other |  | Trade Names |  | Total
As of June 30, 2023 |  |  |  |  |  |  |  |  |
Cost | $ | 197,417 |  |  | $ | 26,374 |  |  | $ | 1,300 |  |  | $ | 62,633 |  |  | $ | 287,724 |
Accumulated amortization | (126,617) |  |  | (19,245) |  |  | (445) |  |  | — |  |  | (146,307) |
Foreign currency translation | (8,803) |  |  | (848) |  |  | — |  |  | (677) |  |  | (10,328) |
Book value | $ | 61,997 |  |  | $ | 6,281 |  |  | $ | 855 |  |  | $ | 61,956 |  |  | $ | 131,089 |
Weighted average life in years | 13 |  | 9 |  | 6 |  | N/A |  |
As of December 30, 2022 |  |  |  |  |  |  |  |  |
Cost | $ | 202,103 |  |  | $ | 26,374 |  |  | $ | 1,300 |  |  | $ | 62,633 |  |  | $ | 292,410 |
Accumulated amortization | (123,603) |  |  | (18,027) |  |  | (330) |  |  | — |  |  | (141,960) |
Foreign currency translation | (10,060) |  |  | (894) |  |  | — |  |  | (1,989) |  |  | (12,943) |
Book value | $ | 68,440 |  |  | $ | 7,453 |  |  | $ | 970 |  |  | $ | 60,644 |  |  | $ | 137,507 |
Weighted average life in years | 13 |  | 10 |  | 6 |  | N/A |  |
Amortization of intangibles for the second quarter was $4.4 million in 2023 and $4.6 million in 2022, and for the year to date was $8.9 million in 2023 and $9.4 million in 2022. Estimated annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands):
| 2023 (Remainder) |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter
Estimated Amortization Expense | $ | 8,526 |  |  | $ | 16,448 |  |  | $ | 15,986 |  |  | $ | 9,105 |  |  | $ | 6,443 |  |  | $ | 12,625 |
Changes in the carrying amount of goodwill for each reportable segment were as follows (in thousands):
| Contractor |  | Industrial |  | Process |  | Total
Balance, December 30, 2022 | $ | 77,034 |  |  | $ | 134,771 |  |  | $ | 156,366 |  |  | $ | 368,171 |
Additions, adjustments from business acquisitions | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation | 276 |  |  | 2,646 |  |  | 787 |  |  | 3,709 |
Balance, June 30, 2023 | $ | 77,310 |  |  | $ | 137,417 |  |  | $ | 157,153 |  |  | $ | 371,880 |

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