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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The following table presents the changes in the carrying amount of goodwill and other intangible assets during the year ended December 31, 2023 (in thousands):
| Goodwill |  | Other Intangible Assets, Net |  | Total
Balances as of December 31, 2022 | $ | 333,759 |  |  | $ | 79,584 |  |  | $ | 413,343 |
Translation adjustment | 464 |  |  | 15 |  |  | 479 |
Acquisitions | 9,768 |  |  | 2,527 |  |  | 12,295 |
Amortization | — |  |  | (18,231) |  |  | (18,231) |
Balances as of December 31, 2023 | $ | 343,991 |  |  | $ | 63,895 |  |  | $ | 407,886 |
The following table presents the changes in the carrying amount of goodwill and other intangible assets during the year ended December 31, 2022 (in thousands):
| Goodwill |  | Other Intangible Assets, Net |  | Total
Balances as of December 31, 2021 | $ | 296,541 |  |  | $ | 79,205 |  |  | $ | 375,746 |
Translation adjustment | (1,290) |  |  | (136) |  |  | (1,426) |
Acquisitions | 38,508 |  |  | 19,430 |  |  | 57,938 |
Amortization | — |  |  | (18,915) |  |  | (18,915) |
Balances as of December 31, 2022 | $ | 333,759 |  |  | $ | 79,584 |  |  | $ | 413,343 |
The following table presents the goodwill balance by reportable segment as of December 31, 2023 and 2022 (in thousands):
| December 31,
| 2023 |  | 2022
Service Centers | $ | 270,865 |  |  | $ | 269,106 |
Innovative Pumping Solutions | 55,987 |  |  | 47,514 |
Supply Chain Services | 17,139 |  |  | 17,139 |
Total | $ | 343,991 |  |  | $ | 333,759 |
Gross carrying amounts as well as accumulated amortization are partially affected by the fluctuation of foreign currency rates. Other intangible assets are amortized according to estimated economic benefits over their estimated useful lives. Amortization expense is recognized according to estimated economic benefits and was $18.2 million, $18.9 million, and $17.2 million for the years ended December 31, 2023, 2022, and 2021, respectively. The estimated future annual amortization of intangible assets for each of the next five years and thereafter are as follows (in thousands):
| Amount
2024 | $ | 16,120 |
2025 | 14,356 |
2026 | 11,721 |
2027 | 10,141 |
2028 | 8,535 |
Thereafter | 3,022 |
Total | $ | 63,895 |
The weighted average remaining estimated life for customer relationships and non-compete agreements are 5.28 and 2.96 years, respectively.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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