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GOODWILL AND OTHER INTANGIBLES
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLES GOODWILL AND OTHER INTANGIBLES
The change in the carrying value of goodwill by segment follows:
 Americas Asia Pacific Europe, Middle East & Africa Total
Balance, December 31, 2020
$359.2 $50.6 $197.4 $607.2 
E&I Acquisition(1)
273.4 — 474.8 748.2 
Foreign currency translation and other(0.6)0.3 (16.3)(16.6)
Impairment(2)
— — (8.7)(8.7)
Balance, December 31, 2021
$632.0 $50.9 $647.2 $1,330.1 
E&I Acquisition(3)
0.2 — 4.3 4.5 
Foreign currency translation and other2.1 (3.8)(48.2)(49.9)
Balance, December 31, 2022
$634.3 $47.1 $603.3 $1,284.7 
(1)    For more information on the E&I Acquisition, refer to “Note 2 - Acquisition”.
(2)    Impairment is related the sale of a heavy industrial UPS business, see additional details below.
(3)    Adjustment to purchase price allocation on the E&I Acquisition, refer to “Note 2 - Acquisition”.

The gross carrying amount and accumulated amortization of identifiable intangible assets by major class follow:
As of December 31, 2022
GrossAccumulated AmortizationNet
Customer relationships$1,741.8 $(573.8)$1,168.0 
Developed technology483.4 (215.9)267.5 
Capitalized software104.7 (68.7)36.0 
Trademarks87.1 (31.9)55.2 
Backlog35.9 (35.9)— 
Total finite-lived identifiable intangible assets$2,452.9 $(926.2)$1,526.7 
Indefinite-lived trademarks289.4 — 289.4 
Total intangible assets$2,742.3 $(926.2)$1,816.1 
As of December 31, 2021
GrossAccumulated AmortizationNet
Customer relationships$1,824.8 $(453.7)$1,371.1 
Developed technology508.1 (177.0)331.1 
Capitalized software95.5 (53.7)41.8 
Trademarks90.6 (24.3)66.3 
Backlog39.6 (6.9)32.7 
Total finite-lived identifiable intangible assets$2,558.6 $(715.6)$1,843.0 
Indefinite-lived trademarks295.2 — 295.2 
Total intangible assets$2,853.8 $(715.6)$2,138.2 
Total intangible asset amortization expense for the years ended December 31, 2022, 2021 and 2020, was $230.4, $157.9, and $142.8, respectively.
Based on intangible asset balances as of December 31, 2022, expected amortization expense is as follows:
20232024202520262027
$193.1 $193.0 $193.0 $183.4 $151.8 
Asset Impairment
In October 2021, the Company entered into an agreement for approximately 20.0 EUR ($21.7 USD) in cash proceeds for the sale of a heavy industrial UPS business within the Europe, Middle East & Africa segment. As a result of the disposition, the Company adjusted the business to the current fair value, less expected costs to sell, and recorded an $8.7 impairment in “Asset impairments” in the Consolidated Statements of Earnings (Loss). On December 21, 2021, the sale of the heavy industrial UPS business was finalized, which resulted in no additional impairment.
During the year ended December 31, 2020, management changed its strategy on the ERP platform that was being implemented in the Americas segment. As a result, the Company recognized a write-off of approximately $12.3, consisting primarily of capitalized software costs, which is recorded as a corporate expense, within “Asset impairments” in the Consolidated Statement of Earnings (Loss).
During the year ended December 31, 2020, in connection with the restructuring program, management determined a certain product line in the Americas segment to be non-core to the business. As a result, the Company recognized an impairment charge of $8.7, consisting primarily of developed technology and trademarks, which is recorded in “Asset impairments” in the Consolidated Statement of Earnings (Loss).
Annual Goodwill Impairment Analysis
The Company performed a quantitative impairment test for all of its reporting units with goodwill during the fourth quarter of 2022. The discounted cash flow approach, the comparable public company approach and the comparable acquisition approach were used to estimate the fair value of each reporting unit using a weighting of 40%, 40% and 20%, respectively. The discounted cash flow model requires several estimates and assumptions including future sales growth, earnings before interest, taxes, depreciation, and amortization (or “EBITDA”) margins, capital expenditures, a discount rate and a terminal revenue growth rate (the revenue growth rate for the period beyond the years forecasted by the reporting units) for each reporting unit. The comparable public company and comparable acquisition approaches require several assumptions including EBITDA multiples for comparable companies and transactions that operate in the same markets as our reporting units. The estimated fair value of all reporting units was in excess of its respective carrying value, which resulted in a conclusion that no impairment existed for the year ended December 31, 2022.