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GOODWILL AND INTANGIBLES | 12 Months Ended
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Dec. 31, 2022
GOODWILL AND INTANGIBLES |
GOODWILL AND INTANGIBLES | ​ NOTE 5 – GOODWILL AND INTANGIBLES The changes in the carrying amount of goodwill by reportable segments for the years ended December 31, 2022 and 2021 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | ​ | ​ |  | The Harris |  | ​ | ​
​ | Americas | ​ | International | ​ | Products | ​ | ​ | ​
​ | Welding |  | Welding |  | Group |  | Consolidated
Balance as of December 31, 2020 | $ | 279,810 | ​ | $ | 39,060 | ​ | $ | 16,723 | ​ | $ | 335,593
Additions and adjustments (1) |  | — | ​ |  | 77,317 | ​ |  | 26,519 | ​ |  | 103,836
Foreign currency translation |  | 173 | ​ |  | (9,284) | ​ |  | (156) | ​ |  | (9,267)
Balance as of December 31, 2021 |  | 279,983 | ​ |  | 107,093 | ​ |  | 43,086 | ​ |  | 430,162
Additions and adjustments (2) |  | 215,617 | ​ |  | 31,288 | ​ |  | (159) | ​ |  | 246,746
Foreign currency translation |  | (3,413) | ​ |  | (8,462) | ​ |  | 224 | ​ |  | (11,651)
Balance as of December 31, 2022 | $ | 492,187 | ​ | $ | 129,919 | ​ | $ | 43,151 | ​ | $ | 665,257
​
(1) | Additions to International Welding reflect goodwill recognized in the acquisition of Zeman in 2021. Additions to The Harris Products Group reflect goodwill recognized in the acquisition of FTP in 2021.
(2) | Additions to Americas Welding reflect goodwill recognized in the acquisition of Fori and Kestra in 2022. International Welding reflect goodwill recognized in the acquisition of Fori in 2022.
Gross carrying values and accumulated amortization of intangible assets other than goodwill by asset class were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
​ | ​ | Gross |  | Accumulated |  | Gross |  | Accumulated
​ |  | Amount |  | Amortization |  | Amount |  | Amortization
Intangible assets not subject to amortization | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Trademarks and trade names | ​ | $ | 15,963 |  | ​ |  | ​ | $ | 15,828 |  | ​ |
Intangible assets subject to amortization | ​ |  |  |  | ​ |  | ​ |  |  |  | ​ |
Trademarks and trade names | ​ | $ | 93,424 | ​ | $ | 47,969 | ​ | $ | 72,755 | ​ | $ | 44,623
Customer relationships | ​ |  | 170,231 | ​ |  | 95,385 | ​ |  | 154,634 | ​ |  | 92,404
Patents | ​ |  | 23,603 | ​ |  | 15,113 | ​ |  | 24,734 | ​ |  | 15,058
Other | ​ |  | 112,404 | ​ |  | 54,452 | ​ |  | 83,223 | ​ |  | 49,696
Total intangible assets subject to amortization | ​ | $ | 399,662 | ​ | $ | 212,919 | ​ | $ | 335,346 | ​ | $ | 201,781
​ During 2022, the Company acquired intangible assets either individually or as part of a group of assets, with an initial purchase price allocation and weighted-average as follows: ​
​ | ​ | ​ | ​ | ​
​ | Year Ended December 31, 2022
​ | Purchase Price | ​ | Weighted
​ | Allocation |  | Average Life
Acquired intangible assets subject to amortization |  |  |  |
Trademarks and trade names | $ | 23,770 |  | 13
Customer relationships |  | 24,243 |  | 13
Other |  | 30,661 |  | 9
Total acquired intangible assets subject to amortization | $ | 78,674 |  |
​ Aggregate amortization expense was $21,908, $21,155 and $20,363 for 2022, 2021 and 2020, respectively. During 2020 and 2022, the Company determined that for certain intangible assets, the carrying value of the assets exceeded the fair value resulting in an impairment. The Company recognized non-cash impairment charges of $1,018 and $45,468 in 2022 and 2020, respectively, which are recorded in Rationalization and asset impairment charges in the Company’s Consolidated Statements of Income. During 2022, the Company Estimated annual amortization expense for intangible assets for each of the next five years is $25,327 in 2023, $23,728 in 2024, $22,823 in 2025, $21,372 in 2026 and $19,302 in 2027.

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