Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

10. Goodwill and Intangible Assets

The Company conducts an annual impairment review of goodwill and indefinite-lived intangible assets in the fourth quarter of each year, unless events occur which trigger the need for an interim impairment review. There were no triggering events during the quarter ended March 31, 2022. The 2021 annual goodwill impairment review indicated that the Thomson reporting unit’s fair value exceeded its carrying value by less than 10%. All other reporting units had fair values that exceeded their carrying value by 10% or more.

Changes in goodwill from January 1, 2022 through March 31, 2022 were as follows:


	Power Transmission Technologies			Automation & Specialty			Total
Goodwill	$	442.8		$	1,352.1		$	1,794.9
Accumulated impairment loss		(31.8	)		(199.1	)		(230.9	)
Balance January 1, 2022	$	411.0		$	1,153.0		$	1,564.0
Impact of changes in foreign currency		(2.2	)		(5.6	)		(7.8	)
Goodwill balance March 31, 2022	$	408.8		$	1,147.4		$	1,556.2

Other intangible assets as of March 31, 2022 and December 31, 2021 consisted of the following:


	March 31, 2022						December 31, 2021
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Other intangible assets
Intangible assets not subject to amortization:
Tradenames and trademarks (1)	$	210.2	$	0.1	$	210.1	$	212.2	$	—	$	212.2
Intangible assets subject to amortization:
Customer relationships		953.0		215.1		737.9		960.2		206.4		753.8
Product technology and patents		141.6		53.6		88.0		141.4		50.2		91.2
Total intangible assets	$	1,304.8	$	268.8	$	1,036.0	$	1,313.8	$	256.6	$	1,057.2
(1) While the majority of the Company's tradenames are considered indefinite lived intangible assets, tradenames acquired through the acquisition of Nook are subject to amortization. The net book value of Nook's tradename was $1.0 million as of March 31, 2022.

The Company recorded $14.0 million and $17.6 million of amortization expense in the quarters ended March 31, 2022 and 2021, respectively.

The estimated amortization expense for intangible assets is approximately $42.4 million for the remainder of 2022, $55.5 million in 2023, $55.1 million in 2024, $54.5 million in 2025, $53.5 million in 2026 and $565.9 million thereafter.