| GOODWILL AND OTHER INTANGIBLE ASSETS |
| 8. | GOODWILL AND OTHER INTANGIBLE ASSETS |
Goodwill The following table summarizes the changes in goodwill during the years ended December 31, 2025 and 2024 by reporting segment: | | | | | | | | | | | | Product | | Distribution | | Total | Balance, December 31, 2023 | | $ | 79,051 | | $ | 2,616 | | $ | 81,667 | ICOR acquisition | | | 18,980 | | | — | | | 18,980 | Alpha Safety acquisition | | | 48,554 | | | — | | | 48,554 | Measurement period adjustments | | | 201 | | | — | | | 201 | Foreign currency translation adjustments | | | (1,245) | | | — | | | (1,245) | Balance, December 31, 2024 | | $ | 145,541 | | $ | 2,616 | | $ | 148,157 | Zircaloy acquisition | | | 23,803 | | | — | | | 23,803 | Measurement period adjustments | | | 7,144 | | | — | | | 7,144 | Foreign currency translation adjustments | | | 2,302 | | | — | | | 2,302 | Balance, December 31, 2025 | | $ | 178,790 | | $ | 2,616 | | $ | 181,406 |
Impairment of Goodwill No impairment losses were recorded during the years ended December 31, 2025, 2024 and 2023. Gross goodwill and accumulated impairment losses were $188,991 and $7,585, respectively, as of December 31, 2025 and $155,742 and $7,585, respectively, as of December 31, 2024. Intangible Assets Intangible assets such as certain customer relationships and patents on core technologies and product technologies are amortizable over their estimated useful lives. Certain trade names and trademarks which provide exclusive and perpetual rights to manufacture and sell their respective products are deemed indefinite-lived and are therefore not subject to amortization. Intangible assets consisted of the following as of December 31, 2025 and 2024: | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | | | Weighted | | | | | | | Accumulated | | | | | Average | | | Gross | | | Amortization | | | Net | | Useful Life | Definite-lived intangibles: | | | | | | | | | | | | Customer relationships | | $ | 112,693 | | $ | (73,577) | | $ | 39,116 | | 17 | Technology | | | 69,056 | | | (20,587) | | | 48,469 | | 13 | Tradenames | | | 18,045 | | | (8,078) | | | 9,967 | | 12 | Non-compete agreements | | | 1,037 | | | (1,037) | | | — | | - | | | $ | 200,831 | | $ | (103,279) | | $ | 97,552 | | | Indefinite-lived intangibles: | | | | | | | | | | | | Tradenames | | | 17,432 | | | — | | | 17,432 | | Indefinite | Total | | $ | 218,263 | | $ | (103,279) | | $ | 114,984 | | |
| | | | | | | | | | | | | | December 31, 2024 | | | | | | | | | | | | Weighted | | | | | | | Accumulated | | | | | Average | | | Gross | | | Amortization | | | Net | | Useful Life | Definite-lived intangibles: | | | | | | | | | | | | Customer relationships | | $ | 105,060 | | $ | (69,118) | | $ | 35,942 | | 17 | Technology | | | 64,600 | | | (15,819) | | | 48,781 | | 13 | Tradenames | | | 12,596 | | | (6,941) | | | 5,655 | | 9 | Non-compete agreements | | | 996 | | | (996) | | | — | | - | | | $ | 183,252 | | $ | (92,874) | | $ | 90,378 | | | Indefinite-lived intangibles: | | | | | | | | | | | | Tradenames | | | 17,166 | | | — | | | 17,166 | | Indefinite | Total | | $ | 200,418 | | $ | (92,874) | | $ | 107,544 | | |
The Company recorded amortization expense of $9,220, $9,253 and $7,794 for the years ended December 31, 2025, 2024 and 2023, respectively, of which $4,612, $3,962 and $465 was included in cost of goods sold in the consolidated statements of operations and comprehensive income for the respective years. The estimated amortization expense for definite-lived intangible assets for the next five years and thereafter is as follows: | | | | 2026 | | $ | 9,326 | 2027 | | | 9,145 | 2028 | | | 9,145 | 2029 | | | 9,043 | 2030 | | | 8,330 | Thereafter | | | 52,563 | Total | | $ | 97,552 |
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