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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 15. Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually at the reporting unit level, using either a qualitative or quantitative approach. Impairment is the condition that exists when the carrying amount of a reporting unit, including goodwill, exceeds its fair value. In the second quarter of 2022, management applied the qualitative assessment approach in performing its annual evaluation of goodwill for the Company's Machine Clothing reporting unit and two AEC reporting units and concluded that each reporting unit’s fair value continued to exceed its carrying value. In addition, there were no amounts at risk due to the estimated excess between the fair and carrying values. Accordingly, no impairment charges were recorded. We are continuing to amortize certain patents, trademarks and names, customer contracts, relationships and technology assets that have finite lives.The changes in intangible assets and goodwill from December 31, 2020 to December 31, 2022, were as follows:
(in thousands, except for years) |  | Amortization life in years |  | Balance at December 31, 2021 |  |  |  | Amortization |  | Currency Translation |  | Balance at December 31, 2022
Finite-Lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
AEC Trademarks and trade names |  | 6-15 |  | $ | 45 |  |  |  |  | $ | (11) |  |  | $ | — |  |  | $ | 34 |
AEC Technology |  | 10-15 |  | 4,712 |  |  |  |  | (554) |  |  | (274) |  |  | 3,884 |
AEC Intellectual property |  | 15 |  | 1,077 |  |  |  |  | (83) |  |  | — |  |  | 994 |
AEC Customer contracts |  | 6 |  | 720 |  |  |  |  | (720) |  |  | — |  |  | — |
AEC Customer relationships |  | 8-15 |  | 32,527 |  |  |  |  | (3,474) |  |  | (154) |  |  | 28,899 |
Total Finite-Lived intangible assets, net |  |  |  | $ | 39,081 |  |  |  |  | $ | (4,842) |  |  | $ | (428) |  |  | $ | 33,811 |
Indefinite-Lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
MC Goodwill |  |  |  | $ | 68,329 |  |  |  |  | $ | — |  |  | $ | (2,888) |  |  | $ | 65,441 |
AEC Goodwill |  |  |  | 113,795 |  |  |  |  | — |  |  | (1,019) |  |  | 112,776 |
Total Indefinite-Lived intangible assets |  |  |  | $ | 182,124 |  |  |  |  | $ | — |  |  | $ | (3,907) |  |  | $ | 178,217 |
(in thousands, except for years) |  | Amortization life in years |  | Balance at December 31, 2020 |  |  |  | Amortization |  | Currency Translation |  | Balance at December 31, 2021
Finite-Lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
AEC Trademarks and trade names |  | 6-15 |  | $ | 57 |  |  |  |  | $ | (12) |  |  | $ | — |  |  | $ | 45 |
AEC Technology |  | 10-15 |  | 5,744 |  |  |  |  | (629) |  |  | (403) |  |  | 4,712 |
AEC Intellectual property |  | 15 |  | 1,160 |  |  |  |  | (83) |  |  | — |  |  | 1,077 |
AEC Customer contracts |  | 6 |  | 3,632 |  |  |  |  | (2,912) |  |  | — |  |  | 720 |
AEC Customer relationships |  | 8-15 |  | 36,260 |  |  |  |  | (3,503) |  |  | (230) |  |  | 32,527 |
AEC Other intangibles |  | 5 |  | 16 |  |  |  |  | (16) |  |  | — |  |  | — |
Total Finite-Lived intangible assets, net |  |  |  | $ | 46,869 |  |  |  |  | $ | (7,155) |  |  | $ | (633) |  |  | $ | 39,081 |
Indefinite-Lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
MC Goodwill |  |  |  | $ | 72,290 |  |  |  |  | $ | — |  |  | $ | (3,961) |  |  | $ | 68,329 |
AEC Goodwill |  |  |  | 115,263 |  |  |  |  | — |  |  | (1,468) |  |  | 113,795 |
Total Indefinite-Lived intangible assets |  |  |  | $ | 187,553 |  |  |  |  | $ | — |  |  | $ | (5,429) |  |  | $ | 182,124 |
As of December 31, 2022, the gross carrying amount and accumulated amortization of Finite-Lived intangible assets was $77.8 million and $44.0 million, respectively. Amortization expense related to Finite-lived intangible assets was reported in the Consolidated Statement of Income as follows: $0.8 million in Cost of goods sold and $4.0 million in Selling, general and administrative expenses in 2022; $3.0 million in Cost of goods sold and $4.2 million in Selling, general and administrative expenses in 2021; and $3.0 million in Cost of goods sold and $4.3 million in Selling, general and administrative expenses in 2020. Estimated amortization expense of intangibles for the years ending December 31, 2023 through 2027, is as follows:
Year |  | Annual amortization (in thousands)
2023 |  | $ | 4,100 |
2024 |  | 4,100 |
2025 |  | 4,100 |
2026 |  | 4,100 |
2027 |  | 4,100 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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