Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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