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GOODWILL AND INTANGIBLES | 12 Months Ended
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Dec. 31, 2025
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, 2025 and 2024 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | The Harris | ​ ​ ​ | ​ | ​
​ | Americas | ​ | International | ​ | Products | ​ | ​ | ​
​ | Welding | ​ ​ ​ | Welding | ​ ​ ​ | Group | ​ ​ ​ | Consolidated
Balance as of December 31, 2023 | $ | 497,600 | ​ |  | 153,479 | ​ |  | 43,373 | ​ |  | 694,452
Additions and adjustments (1) |  | 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
Additions and adjustments (2) | ​ | (662) | ​ | ​ | 57,575 | ​ | ​ | — | ​ | ​ | 56,913
Foreign currency translation |  | 8,048 | ​ | ​ | 16,220 | ​ | ​ | 578 | ​ | ​ | 24,846
Balance as of December 31, 2025 | $ | 593,200 | ​ | $ | 250,057 | ​ | $ | 43,429 | ​ | $ | 886,686
​
(1) | 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.
(2) | Decreases to Americas Welding reflects Vanair and RedViking purchase accounting adjustments. Additions to International Welding reflect goodwill recognized in the acquisition of Alloy Steel.
Gross carrying values and accumulated amortization of intangible assets other than goodwill by asset class were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2025 | ​ | December 31, 2024
​ | ​ | Gross | ​ ​ ​ | Accumulated | ​ ​ ​ | Gross | ​ ​ ​ | Accumulated
​ |  | Amount | ​ ​ ​ | Amortization | ​ ​ ​ | Amount | ​ ​ ​ | Amortization
Intangible assets not subject to amortization | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Trademarks and trade names | ​ | $ | 16,311 |  | ​ | ​ | ​ | $ | 16,208 |  | ​ | ​
Intangible assets subject to amortization | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ |  | ​ | ​
Trademarks and trade names | ​ | $ | 109,798 | ​ | $ | 57,807 | ​ | $ | 106,512 | ​ | $ | 55,078
Customer relationships | ​ |  | 217,968 | ​ |  | 115,783 | ​ |  | 192,196 | ​ |  | 106,719
Technology and know-how | ​ | ​ | 102,495 | ​ | ​ | 36,483 | ​ | ​ | 82,019 | ​ | ​ | 29,478
Patents | ​ |  | 24,173 | ​ |  | 16,820 | ​ |  | 23,901 | ​ |  | 16,008
Other | ​ |  | 44,260 | ​ |  | 37,688 | ​ |  | 42,315 | ​ |  | 34,863
Total intangible assets subject to amortization | ​ | $ | 498,694 | ​ | $ | 264,581 | ​ | $ | 446,943 | ​ | $ | 242,146
​ During 2025, 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, 2025
​ | Purchase Price | ​ | Weighted
​ | Allocation | ​ ​ ​ | Average Life
Acquired intangible assets subject to amortization |  | ​ |  | ​
Trademarks and trade names | $ | 7,407 |  | 15
Customer relationships |  | 25,491 |  | 14
Technology and know-how |  | 19,685 |  | 20
Other |  | 1,295 |  | 5
Total acquired intangible assets subject to amortization | $ | 53,878 |  | ​
​ Aggregate amortization expense was $29,717, $27,075 and $25,983 for 2025, 2024 and 2023, respectively. At December 31, 2025, the Company’s estimated annual amortization expense for intangible assets for each of the next five years is $33,696 in 2026, $31,456 in 2027, $30,143 in 2028, $25,961 in 2029 and $22,034 in 2030.

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