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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
9. Goodwill and Other Intangible Assets

Goodwill

ASC 350, Intangibles - Goodwill and Other Intangibles, provides guidance on an entity's subsequent measurement and recognition of goodwill and other intangibles, including subsequent changes to carrying amounts, including impairment and fair value adjustments.
The changes in the carrying value of goodwill by reportable operating segments were as follows:
 Engineered ProductsClean Energy & FuelingImaging & IdentificationPumps & Process SolutionsClimate & Sustainability TechnologiesTotal
Goodwill$647,162 $873,381 $977,069 $810,597 $545,699 $3,853,908 
Accumulated impairment loss(10,591)— — (59,970)— (70,561)
Balance at January 1, 2020636,571 873,381 977,069 750,627 545,699 3,783,347 
Acquisitions33,183 47,339 103,723 21,560 — 205,805 
Disposition of business— — — — (2,597)(2,597)
Foreign currency translation13,231 20,253 36,797 14,093 1,613 85,987 
Balance at December 31, 2020682,985 940,973 1,117,589 786,280 544,715 4,072,542 
Acquisitions50,180 496,461 20,458 15,018 — 582,117 
Purchase price adjustments— 2,640 (1,926)— — 714 
Disposition of business— — — — (34,662)(34,662)
Foreign currency translation(9,882)(12,383)(29,919)(8,459)(1,246)(61,889)
Balance at December 31, 2021 (1)
$723,283 $1,427,691 $1,106,202 $792,839 $508,807 $4,558,822 
(1) The accumulated impairment loss as of December 31, 2021 was $70,561, of which $59,970 was associated with the Pumps & Process Solutions segment and $10,591 was associated with the Engineered Products segment. These impairment losses were incurred prior to January 1, 2020.

During 2021 and 2020, the Company recognized additions of $582,117 and $205,805, respectively, to goodwill as a result of acquisitions as discussed in Note 3 — Acquisitions. During 2021 and 2020, the Company disposed of $34,662 and $2,597, respectively, of goodwill as a result of dispositions of businesses as discussed in Note 4 — Dispositions. The Company reallocated goodwill upon disposal based upon the fair value of the disposed business relative to the remaining entities in its reporting unit.

Annual impairment testing

The Company tests goodwill for impairment annually in the fourth quarter of each year, whenever events or circumstances indicate an impairment may have occurred, or when a change in the composition of reporting units occurs for other reasons, such as a change in segments.

The Company performed its annual goodwill impairment test during the fourth quarter of 2021 using a discounted cash flow analysis as discussed in Note 1 — Description of Business and Summary of Significant Accounting Policies. The Company performed a quantitative goodwill impairment test for each of its reporting units, concluding that the fair values of all of its reporting units were substantially in excess of their carrying values. No impairment of goodwill was required. As previously noted, the fair values of each of the Company’s reporting units was determined using a discounted cash flow analysis which includes management’s current assumptions as to future cash flows and long-term growth rates. The discount rates used in these analyses varied by reporting unit and were based on a capital asset pricing model and published relevant industry rates. The Company used discount rates commensurate with the risks and uncertainties inherent to each reporting unit and in our internally developed forecasts. Discount rates used in the 2021 reporting unit valuations ranged from 8.0% to 9.0%. Further, the Company assessed the current market capitalization, forecasts and the amount of headroom in the 2021 impairment test.

While the Company believes the assumptions used in the 2021 impairment analysis are reasonable and representative of expected results, actual results may differ from expectations.
Intangible Assets
The Company's definite-lived and indefinite-lived intangible assets by major asset class were as follows:
 December 31, 2021December 31, 2020
 
Gross
Amount
Accumulated
Amortization
Net Carrying Amount
Gross
Amount
Accumulated
Amortization
Net Carrying Amount
Amortized intangible assets:    
Customer intangibles$1,829,492 $909,776 $919,716 $1,559,771 $834,798 $724,973 
Trademarks263,367 116,633 146,734 233,205 103,907 129,298 
Patents205,910 140,327 65,583 163,299 141,182 22,117 
Unpatented technologies221,239 123,464 97,775 180,947 113,404 67,543 
Distributor relationships84,204 55,260 28,944 87,028 51,611 35,417 
Drawings & manuals27,792 27,303 489 29,198 26,193 3,005 
Other22,347 18,775 3,572 23,901 19,324 4,577 
Total2,654,351 1,391,538 1,262,813 2,277,349 1,290,419 986,930 
Unamortized intangible assets:    
Trademarks96,709 — 96,709 96,842 — 96,842 
Total intangible assets, net$2,751,060 $1,391,538 $1,359,522 $2,374,191 $1,290,419 $1,083,772 

The Company recorded $439,479 of acquired intangible assets in 2021. See Note 3 — Acquisitions for further information.

Amortization expense was $142,814, $139,043 and $138,947, including acquisition-related intangible amortization of $141,134, $137,071 and $136,963, for the years ended December 31, 2021, 2020 and 2019, respectively.

Estimated future amortization expense related to intangible assets held at December 31, 2021 is as follows:
Estimated Amortization
2022$153,937 
2023144,167 
2024139,696 
2025135,608 
2026127,539