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GOODWILL AND INTANGIBLES

12 Months Ended

Dec. 31, 2024

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.