GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

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, 2022 (in thousands):

	Goodwill		Other Intangible Assets		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 changes in the carrying amount of goodwill and other intangible assets during the year ended December 31, 2021 (in thousands):

	Goodwill		Other Intangible Assets		Total
Balances as of December 31, 2020	$	249,751	$	80,088	$	329,839
Translation adjustment	51		55		106
Acquisitions	46,739		16,259		62,998
Amortization	—		(17,197)		(17,197)
Balances as of December 31, 2021	$	296,541	$	79,205	$	375,746

The following table presents the goodwill balance by reportable segment as of December 31, 2022 and 2021 (in thousands):

	As of December 31,
	2022		2021
Service Centers	$	269,106	$	239,371
Innovative Pumping Solutions	47,514		40,031
Supply Chain Services	17,139		17,139
Total	$	333,759	$	296,541

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 $18.9 million, $17.2 million, and $12.3 million for the years ended December 31, 2022, 2021, and 2020, respectively. The estimated future annual amortization of intangible assets for each of the next five years and thereafter are as follows (in thousands):

2023	$	18,262
2024	15,403
2025	13,941
2026	11,328
2027	9,777
Thereafter	10,873
Total	$	79,584

The weighted average remaining estimated life for customer relationships and non-compete agreements are 6.1 and 3.6 years, respectively.