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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
9. Goodwill and Other Intangible Assets

Goodwill
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$693,576 $940,973 $1,117,589 $846,250 $544,715 $4,143,103 
Accumulated impairment loss (1)
(10,591)— — (59,970)— (70,561)
Balance at January 1, 2021682,985 940,973 1,117,589 786,280 544,715 4,072,542 
Acquisitions50,180 496,461 20,458 15,018 — 582,117 
Measurement period 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, 2021723,283 1,427,691 1,106,202 792,839 508,807 4,558,822 
Acquisitions— — — 200,513 — 200,513 
Measurement period adjustments(286)2,432 (1,544)968 — 1,570 
Foreign currency translation(10,455)(38,705)(26,399)(14,785)(1,067)(91,411)
Balance at December 31, 2022$712,542 $1,391,418 $1,078,259 $979,535 $507,740 $4,669,494 
(1) Accumulated impairment loss as of December 31, 2022 is not subject to foreign currency translation.

During 2022 and 2021, the Company recognized additions of $200,513 and $582,117, respectively, to goodwill as a result of acquisitions as discussed in Note 3 — Acquisitions. There were no dispositions of goodwill during 2022. During 2021, the Company disposed of $34,662 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 2022 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 in excess of their carrying values. No impairment of goodwill was required. The discounted cash flow analysis includes management's current assumptions as to future cash flows and long-term growth rates. The discount rates utilized are based on a capital asset pricing model and published relevant industry rates, which take into consideration the risks and uncertainties inherent to the reporting units and in the internally developed forecasts. The discount rate used in the 2022 reporting unit valuations was 9.5%. Further, the Company assessed the current market capitalization, forecasts and the amount of headroom in the 2022 impairment test.

While the Company believes the assumptions used in the 2022 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, 2022December 31, 2021
 
Gross
Amount
Accumulated
Amortization
Net Carrying Amount
Gross
Amount
Accumulated
Amortization
Net Carrying Amount
Amortized intangible assets:    
Customer intangibles$1,881,402 $996,947 $884,455 $1,829,492 $909,776 $919,716 
Trademarks265,466 132,791 132,675 263,367 116,633 146,734 
Patents219,199 146,337 72,862 205,910 140,327 65,583 
Unpatented technologies257,428 137,750 119,678 221,239 123,464 97,775 
Distributor relationships79,622 57,299 22,323 84,204 55,260 28,944 
Drawings and manuals26,062 26,062 — 27,792 27,303 489 
Other20,818 15,620 5,198 22,347 18,775 3,572 
Total2,749,997 1,512,806 1,237,191 2,654,351 1,391,538 1,262,813 
Unamortized intangible assets:    
Trademarks96,544 — 96,544 96,709 — 96,709 
Total intangible assets, net$2,846,541 $1,512,806 $1,333,735 $2,751,060 $1,391,538 $1,359,522 
The Company recorded $124,416 of acquired intangible assets in 2022. See Note 3 — Acquisitions for further information.

During the year ended December 31, 2022, the Company acquired certain intellectual property assets related to electric refuse collection vehicles for approximately $29,750, including contingent consideration of up to $20,000. These assets were classified as unpatented technologies and included in the Engineered Products segment.

Amortization expense was $158,628, $142,814 and $139,043 for the years ended December 31, 2022, 2021 and 2020, respectively, primarily comprised of acquisition-related intangible amortization.

Estimated future amortization expense related to intangible assets held at December 31, 2022 for the next five years is as follows:
Estimated Amortization
2023$154,124 
2024149,866 
2025145,857 
2026138,090 
2027135,785