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GOODWILL AND INTANGIBLES | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | ​ | ​ |  | The Harris |  | ​ | ​
​ | Americas | ​ | International | ​ | Products | ​ | ​ | ​
​ | Welding |  | Welding |  | Group |  | Consolidated
Balance as of December 31, 2022 | $ | 492,187 | ​ | $ | 129,919 | ​ | $ | 43,151 | ​ | $ | 665,257
Additions and adjustments (1) |  | (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
Additions and adjustments (2) |  | 101,657 | ​ | ​ | 33,427 | ​ | ​ | — | ​ |  | 135,084
Foreign currency translation |  | (13,443) | ​ | ​ | (10,644) | ​ | ​ | (522) | ​ |  | (24,609)
Balance as of December 31, 2024 | $ | 585,814 | ​ | $ | 176,262 | ​ | $ | 42,851 | ​ | $ | 804,927
​
(1) | 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.
(2) | Additions to Americas Welding reflect goodwill recognized in the acquisitions of Vanair and RedViking. Additions to International Welding reflect goodwill recognized in the acquisition of Inrotech.
Gross carrying values and accumulated amortization of intangible assets other than goodwill by asset class were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023
​ | ​ | Gross |  | Accumulated |  | Gross |  | Accumulated
​ |  | Amount |  | Amortization |  | Amount |  | Amortization
Intangible assets not subject to amortization | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Trademarks and trade names | ​ | $ | 16,208 |  | ​ |  | ​ | $ | 16,038 |  | ​ |
Intangible assets subject to amortization | ​ |  |  |  | ​ |  | ​ |  |  |  | ​ |
Trademarks and trade names | ​ | $ | 106,512 | ​ | $ | 55,078 | ​ | $ | 93,065 | ​ | $ | 52,510
Customer relationships | ​ |  | 192,196 | ​ |  | 106,719 | ​ |  | 171,338 | ​ |  | 102,643
Technology and know-how | ​ | ​ | 82,019 | ​ | ​ | 29,478 | ​ | ​ | 68,365 | ​ | ​ | 24,602
Patents | ​ |  | 23,901 | ​ |  | 16,008 | ​ |  | 25,150 | ​ |  | 15,879
Other | ​ |  | 42,315 | ​ |  | 34,863 | ​ |  | 43,451 | ​ |  | 35,106
Total intangible assets subject to amortization | ​ | $ | 446,943 | ​ | $ | 242,146 | ​ | $ | 401,369 | ​ | $ | 230,740
​ During 2024, the Company acquired intangible assets either individually or as part of a group of assets, with an initial purchase price allocation and weighted-average useful-life as follows: ​
​ | ​ | ​ | ​ | ​
​ | Year Ended December 31, 2024
​ | Purchase Price | ​ | Weighted
​ | Allocation |  | Average Life
Acquired intangible assets subject to amortization |  |  |  |
Trademarks and trade names | $ | 17,977 |  | 15
Customer relationships |  | 32,203 |  | 14
Technology and know-how |  | 17,222 |  | 10
Other |  | 2,075 |  | 5
Total acquired intangible assets subject to amortization | $ | 69,477 |  |
​ Aggregate amortization expense was $27,075, $25,983 and $21,908 for 2024, 2023 and 2022, respectively. During 2023, 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 in 2023 which is recorded in Rationalization and asset impairment charges in the Company’s Consolidated Statements of Income. At December 31, 2024, the Company’s estimated annual amortization expense for intangible assets for each of the next five years is $27,172 in 2025, $25,821 in 2026, $24,936 in 2027, $24,142 in 2028 and $20,570 in 2029.

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