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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Other Intangible Assets
Goodwill
The changes in the carrying amount of goodwill attributable to each reportable segment for the years ended December 31, 2020 and 2019 are as follows.
Industrial Technologies and ServicesPrecision and Science TechnologiesSpecialty Vehicle TechnologiesHigh Pressure SolutionsTotal
Balance as of December 31, 2018
$866.8 $227.9 $— $194.8 $1,289.5 
Acquisitions6.3 2.0 — — 8.3 
Foreign currency translation and other(1)
(7.7)(2.4)— — (10.1)
Balance as of December 31, 2019
865.4 227.5 — 194.8 1,287.7 
Acquisitions3,213.5 1,165.5 525.6 — 4,904.6 
Foreign currency translation72.3 38.4 0.6 — 111.3 
Balance as of December 31, 2020
$4,151.2 $1,431.4 $526.2 $194.8 $6,303.6 
(1) During the year ended December 31, 2019, the Company recorded immaterial measurement period adjustments.
The Company acquired four businesses during the year ended December 31, 2020. The excess of the purchase price over the estimated fair values of intangible assets, identifiable assets and assumed liabilities was recorded as goodwill. The allocation of the purchase price was preliminary for certain of these acquisitions and is subject to refinement based on final fair values of the identified assets acquired and liabilities assumed. The goodwill attributable to the four businesses is as follows. 
2020 AcquisitionsIndustrial Technologies and ServicesPrecision and Science TechnologiesSpecialty Vehicle TechnologiesHigh Pressure SolutionsTotal
Ingersoll Rand Industrial$3,198.0 $1,162.3 $525.6 $— $4,885.9 
Albin Pump SAS— 3.2 — — 3.2 
Other acquisitions15.5 — — — 15.5 
$3,213.5 $1,165.5 $525.6 $— $4,904.6 
The Company acquired two businesses during the year ended December 31, 2019. The excess of the purchase price over the estimated fair values of intangible assets, identifiable assets and assumed liabilities was recorded as goodwill. The goodwill attributable to the two businesses is as follows. 
2019 AcquisitionsIndustrial Technologies and ServicesPrecision and Science TechnologiesSpecialty Vehicle TechnologiesHigh Pressure SolutionsTotal
Oina$— $2.0 $— $— $2.0 
ACBN6.3 — — — 6.3 
$6.3 $2.0 $— $— $8.3 
As of December 31, 2020 and 2019, goodwill included a total of $563.9 million of accumulated impairment losses. Of the total accumulated impairment losses incurred, $343.3 million was within the High Pressure Solutions segment and $220.6 million was within the Industrial Technologies and Services segment.
Goodwill Impairment Tests
Consistent with our accounting policy in Note 1, we performed our annual goodwill impairment testing as of the first day of our fiscal fourth quarters of 2020, 2019 and 2018. For the years ended December 31, 2020, 2019 and 2018, each reporting unit’s fair value was in excess of its net carrying value, and therefore, no goodwill impairment was recorded.
Other Intangible Assets
Other intangible assets as of December 31, 2020 and 2019 consisted of the following.
December 31, 2020December 31, 2019
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortized intangible assets:
Customer lists and relationships$3,446.9 $(966.0)$2,480.9 $1,238.7 $(673.9)$564.8 
Technology285.9 (39.0)246.9 30.2 (6.0)24.2 
Tradenames41.8 (15.6)26.2 40.4 (11.9)28.5 
Other105.5 (60.0)45.5 64.0 (40.8)23.2 
Unamortized intangible assets:
Tradenames1,933.1 — 1,933.1 614.3 — 614.3 
Total other intangible assets$5,813.2 $(1,080.6)$4,732.6 $1,987.6 $(732.6)$1,255.0 
Amortization of intangible assets was $395.8 million, $124.3 million and $125.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. Amortization of intangible assets is anticipated to be approximately $340 million in each of 2021 and 2022, $320 million in each of 2023 and 2024 and $240 million in 2025 based upon currency exchange rates as of December 31, 2020.
Other Intangible Asset Impairment Tests
During the third quarter, the Company developed a revised outlook that considered the impacts of the COVID-19 global pandemic and related geopolitical events on the demand for certain of our products. The Company determined that indicators of impairment existed for goodwill and indefinite-lived tradenames of certain reporting units. As of September 30, 2020, quantitative impairment tests were performed and the fair values of the reporting units and tradenames were estimated. As a result of the quantitative impairment tests of goodwill and indefinite-lived intangibles assets, we determined that the fair value of all reporting units exceeded their carrying value and therefore no impairments of goodwill were recognized. However, the Company recognized an impairment in the third quarter of 2020 of $19.9 million to reduce the carrying value of two tradenames in the Industrial Technologies and Services segment.
Consistent with our accounting policy in Note 1, we performed our annual intangible asset impairment testing as of the first day of our fiscal fourth quarters of 2020, 2019 and 2018. For the years ended December 31, 2020, 2019 and 2018, other than as discussed above, each tradename’s fair value was in excess of its net carrying value, and therefore, no impairment was recorded.
Other Considerations Related to COVID-19 Pandemic
As of December 31, 2020, there were no indications that the carrying value of any goodwill or other intangible assets may not be recoverable and no further impairment charges were booked in 2020. However, continued adverse impacts of the COVID-19 pandemic on the Company’s consolidated financial results could require an impairment charge related to one or more of these intangible assets in a future period.