The Company performs its annual goodwill and indefinite lived assets impairment testing during the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired.

A considerable amount of management judgment and assumptions are required in performing the impairment tests as it relates to revenue growth rates and projected operating income. While the Company believes the judgments and assumptions are reasonable, different assumptions could change the estimated fair value and, therefore, additional impairment charges could be required. Weakening industry or economic trends, disruptions to our business, unexpected significant changes or planned changes in the use of the assets or in entity structure may adversely impact the assumptions used in the valuations. The Company continually monitors market conditions and determines if any additional interim reviews of goodwill, other intangibles or long-lived assets are warranted. In the event the Company determines that assets are impaired in the future, the Company would recognize a non-cash impairment charge, which could have a material adverse effect on the Company’s Consolidated Balance Sheets and Results of Operations.

The Company has four reporting units, Americas - Manufacturing, Americas - Distribution, EURAF and MEAP.

The changes in carrying amount of goodwill for the years ended December 31, 2021 and 2020 are as follows:


	Americas - Manufacturing		Americas - Distribution		MEAP			Consolidated
Balance as of January 1, 2020	$	166.5	$	—	$	66.0		$	232.5
Foreign currency impact		—		—		2.6			2.6
Net balance as of December 31, 2020		166.5		—		68.6			235.1
Foreign currency impact		—		—		(0.5	)		(0.5	)
Acquisitions		—		15.1		—			15.1
Net balance as of December 31, 2021	$	166.5	$	15.1	$	68.1		$	249.7

During the year, the Company recorded goodwill of approximately $6.2 million from the acquisition of Aspen and $8.9 million from the acquisition of H&E's crane business. Management determined the goodwill represents the assembled workforce and synergies between the acquired companies and Manitowoc that are not individually identified and separately recognized. Goodwill related to the acquisitions are subject to change as part of the completion of acquisition accounting. The total goodwill related to the acquisitions is deductible for tax purposes over 15 years. Refer to Note 3, "Business Combinations," for additional information.

The gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill as of December 31, 2021 and 2020 are summarized as follows:


	December 31, 2021							December 31, 2020
	Gross Carrying Amount		Accumulated Amortization Amount			Net Book Value		Gross Carrying Amount		Accumulated Amortization Amount			Net Book Value
Definite lived intangible assets:
Customer relationships	$	27.0	$	(9.0	)	$	18.0	$	9.9	$	(8.6	)	$	1.3
Patents		29.7		(29.1	)		0.6		31.0		(30.3	)		0.7
Noncompetition agreements		4.2		(0.4	)		3.8		—		—			—
Trademarks and tradenames		2.2		(0.1	)		2.1		—		—			—
Other intangibles		0.6		(0.2	)		0.4		—		—			—
Total		63.7		(38.8	)		24.9		40.9		(38.9	)		2.0
Indefinite lived intangible assets:
Trademarks and tradenames		95.9		—			95.9		100.0		—			100.0
Distribution network		18.8		—			18.8		19.6		—			19.6
Total		114.7		—			114.7		119.6		—			119.6
Total other intangible assets	$	178.4	$	(38.8	)	$	139.6	$	160.5	$	(38.9	)	$	121.6

Amortization of intangible assets for the years ended December 31, 2021, 2020 and 2019 was $1.4 million, $0.3 million and $0.3 million, respectively.

As a result of the acquisition of Aspen during the year ending December 31, 2021, intangible assets of approximately $2.2 million for customer relationships, $2.2 million for tradenames, $0.8 million for other intangibles and $0.2 million for a noncompetition agreement was acquired. The useful life for each intangible asset class is 18 years, 5 years, 9 months and 5 years, respectively. The weighted average useful life for acquired intangibles is 3.2 years. The fair value of identifiable intangible assets has been determined using the income approach which involves significant unobservable inputs. The allocation of purchase price to intangible assets is subject to change upon completion of acquisition accounting.

As a result of the acquisition of H&E's crane business during the year ending December 31, 2021, intangible assets of approximately $15.1 million for customer relationships and $3.8 million for a noncompetition agreement was acquired. The useful life for each intangible asset class is 12 years and 5 years, respectively. The weighted average useful life for the acquired intangibles is 9.4 years. The fair value of identifiable intangible assets has been determined using the income approach which involves significant unobservable inputs. The allocation of purchase price to intangible assets is subject to change upon completion of acquisition accounting.

Definite lived intangible assets and long-lived assets are subject to impairment testing whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The Company determined there was not a triggering event during the year ended December 31, 2021.