GOODWILL AND INTANGIBLES

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020 were as follows:

					The Harris
	Americas		International		Products
	Welding		Welding		Group		Consolidated
Balance as of December 31, 2019	$	278,496	$	41,474	$	17,137	$	337,107
Additions and adjustments		—		697		(101)		596
Foreign currency translation		1,314		(3,111)		(313)		(2,110)
Balance as of December 31, 2020		279,810		39,060		16,723		335,593
Additions and adjustments (1)		—		77,317		26,519		103,836
Foreign currency translation		173		(9,284)		(156)		(9,267)
Balance as of December 31, 2021	$	279,983	$	107,093	$	43,086	$	430,162

(1) Additions to International Welding reflect goodwill recognized in the acquisition of Zeman in 2021. Additions to The Harris Products Group reflect goodwill recognized in the acquisition of FTP in 2021.

Gross carrying values and accumulated amortization of intangible assets other than goodwill by asset class were as follows:

	December 31, 2021				December 31, 2020
	Gross		Accumulated		Gross		Accumulated
	Amount		Amortization		Amount		Amortization
Intangible assets not subject to amortization
Trademarks and trade names	$	15,828			$	15,495
Intangible assets subject to amortization
Trademarks and trade names	$	72,755	$	44,623	$	71,594	$	39,906
Customer relationships		154,634		92,404		137,564		84,720
Patents		24,734		15,058		25,907		15,006
Other		83,223		49,696		69,188		45,665
Total intangible assets subject to amortization	$	335,346	$	201,781	$	304,253	$	185,297

During 2021, the Company acquired intangible assets either individually or as part of a group of assets, with an initial purchase price allocation and weighted-average as follows:

	Year Ended December 31, 2021
	Purchase Price		Weighted
	Allocation		Average Life
Acquired intangible assets subject to amortization
Trademarks and trade names	$	5,207	10
Customer relationships		24,652	10
Other		16,361	9
Total acquired intangible assets subject to amortization	$	46,220

Aggregate amortization expense was $21,155, $20,363 and $20,755 for 2021, 2020 and 2019, respectively. During the second quarter of 2020, the Company determined that for certain intangible assets, the carrying value of the assets exceeded the fair value resulting in an impairment. The Company recognized non-cash impairment charges of $45,468 which are recorded in Rationalization and asset impairment charges in the Company’s Consolidated Statements of Income. Estimated annual amortization expense for intangible assets for each of the next five years is $21,059 in 2022, $18,572 in 2023, $16,960 in 2024, $16,086 in 2025 and $15,231 in 2026.