Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 7 — GOODWILL AND OTHER INTANGIBLE ASSETS

The following table summarizes the changes in the carrying amount of goodwill in total and by reportable segment during the years ended December 31, 2023 and 2022:


	Material Handling		Construction Equipment		Master Distribution		Total
Balance, December 31, 2021	$	11.6	$	30.3	$	—	$	41.9
Additions		2.0		—		17.6		19.6
Adjustments to purchase price allocations		—		7.7		—		7.7
Balance, December 31, 2022	$	13.6	$	38.0	$	17.6	$	69.2
Additions		1.1		5.4		—		6.5
Adjustments to purchase price allocations		0.3		—		0.7		1.0
Translation adjustments		—		—		—		—
Balance, December 31, 2023	$	15.0	$	43.4	$	18.3	$	76.7

The Company reviewed our goodwill for impairment and determined that none of the goodwill was impaired during the years ended December 31, 2023, 2022 and 2021. See Note 2, Summary of Significant Accounting Policies, for more information on the impairment testing.

The gross carrying amount of intangible assets and accumulated amortization as of December 31, 2023 and 2022 were as follows:


	December 31, 2023
	Weighted Average Remaining Life (in years)		Gross carrying amount		Accumulated amortization			Net carrying amount
Customer and supplier relationships		7.6	$	73.6	$	(16.8	)	$	56.8
Other intangibles		3.9		14.6		(5.1	)		9.5
Total		7.0	$	88.2	$	(21.9	)	$	66.3

	December 31, 2022
	Weighted Average Remaining Life (in years)		Gross carrying amount		Accumulated amortization			Net carrying amount
Customer and supplier relationships		8.3	$	63.0	$	(10.1	)	$	52.9
Other intangibles		4.2		10.7		(2.9	)		7.8
Total		7.7	$	73.7	$	(13.0	)	$	60.7

Amortization of intangible assets was $8.9 million, $5.9 million, and $3.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The Company reviewed our finite-lived intangible assets for impairment and determined that none of the assets were impaired during the years ended December 31, 2023, 2022 and 2021. See Note 2, Summary of Significant Accounting Policies, for more information on the impairment testing.

As of December 31, 2023, estimated amortization expense for intangible assets for each of the next five years and thereafter was as follows:


Year ending December 31,	Amount
2024	$	10.3
2025		10.1
2026		9.9
2027		9.1
2028		8.3
Thereafter		18.6
Total	$	66.3