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GOODWILL AND INTANGIBLES | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | ​ | ​ |  | The Harris |  | ​ | ​
​ | Americas | ​ | International | ​ | Products | ​ | ​ | ​
​ | Welding |  | Welding |  | Group |  | Consolidated
Balance as of December 31, 2021 | $ | 279,983 | ​ | $ | 107,093 | ​ | $ | 43,086 | ​ | $ | 430,162
Additions and adjustments (1) |  | 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
Additions and adjustments (2) |  | (2,899) | ​ |  | 23,111 | ​ |  | — | ​ |  | 20,212
Foreign currency translation |  | 8,312 | ​ |  | 449 | ​ |  | 222 | ​ |  | 8,983
Balance as of December 31, 2023 | $ | 497,600 | ​ | $ | 153,479 | ​ | $ | 43,373 | ​ | $ | 694,452
​
(1) | 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.
(2) | Adjustments to Americas Welding reflect goodwill recognized in the acquisition of Powermig offset by Fori purchase accounting adjustments in 2023. Additions to International Welding reflect Fori purchase accounting adjustments in 2023.
Gross carrying values and accumulated amortization of intangible assets other than goodwill by asset class were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​ | December 31, 2022
​ | ​ | Gross |  | Accumulated |  | Gross |  | Accumulated
​ |  | Amount |  | Amortization |  | Amount |  | Amortization
Intangible assets not subject to amortization | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Trademarks and trade names | ​ | $ | 16,038 |  | ​ |  | ​ | $ | 15,963 |  | ​ |
Intangible assets subject to amortization | ​ |  |  |  | ​ |  | ​ |  |  |  | ​ |
Trademarks and trade names | ​ | $ | 93,065 | ​ | $ | 52,510 | ​ | $ | 93,424 | ​ | $ | 47,969
Customer relationships | ​ |  | 171,338 | ​ |  | 102,643 | ​ |  | 170,231 | ​ |  | 95,385
Patents | ​ |  | 25,150 | ​ |  | 15,879 | ​ |  | 23,603 | ​ |  | 15,113
Other | ​ |  | 111,816 | ​ |  | 59,708 | ​ |  | 112,404 | ​ |  | 54,452
Total intangible assets subject to amortization | ​ | $ | 401,369 | ​ | $ | 230,740 | ​ | $ | 399,662 | ​ | $ | 212,919
​ During 2023, 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, 2023
​ | Purchase Price | ​ | Weighted
​ | Allocation |  | Average Life
Acquired intangible assets subject to amortization |  |  |  |
Trademarks and trade names | $ | 2,326 |  | 15
Customer relationships |  | 4,050 |  | 10
Other |  | 2,025 |  | 9
Total acquired intangible assets subject to amortization | $ | 8,401 |  |
​ Aggregate amortization expense was $25,983, $21,908 and $21,155 for 2023, 2022 and 2021, respectively. During 2023 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 $1,564 and $1,018 in 2023 and 2022, respectively, which is recorded in Rationalization and asset impairment charges in the Company’s Consolidated Statements of Income. During 2023, the Company Estimated annual amortization expense for intangible assets for each of the next five years is $31,245 in 2024, $30,322 in 2025, $28,621 in 2026, $26,332 in 2027 and $23,550 in 2028.

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