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Goodwill and Other Intangible Assets
 12 Months Ended
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		AmortizationCurrency
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 
20244,100 
20254,100 
20264,100 
20274,100