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GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
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 adjustment464 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)
Acquisitions38,508 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,
 20232022
Service Centers$270,865 $269,106 
Innovative Pumping Solutions55,987 47,514 
Supply Chain Services17,139 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 
202514,356 
202611,721 
202710,141 
20288,535 
Thereafter3,022 
Total$63,895 
The weighted average remaining estimated life for customer relationships and non-compete agreements are 5.28 and 2.96 years, respectively.