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Goodwill and Other Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in goodwill by reportable segment

The changes in carrying amount of goodwill for the years ended December 31, 2022 and 2021 are summarized as follows:

 

 

Americas - Manufacturing

 

 

Americas - Distribution

 

 

MEAP

 

 

Consolidated

 

Balance as of January 1, 2021

 

$

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

 

Goodwill impairment

 

 

(166.5

)

 

 

 

 

 

 

 

 

(166.5

)

Purchase accounting adjustments

 

 

 

 

 

(0.7

)

 

 

 

 

 

(0.7

)

Foreign currency impact

 

 

 

 

 

 

 

 

(2.4

)

 

 

(2.4

)

Net balance as of December 31, 2022

 

$

 

 

$

14.4

 

 

$

65.7

 

 

$

80.1

 

Gross carrying amount, accumulated amortization and net book value of intangible assets other than goodwill

The gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill as of December 31, 2022 and 2021 are summarized as follows:

 

 

December 31, 2022

 

 

December 31, 2021

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization
Amount

 

 

Net
Book
Value

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization
Amount

 

 

Net
Book
Value

 

Definite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

26.5

 

 

$

(10.0

)

 

$

16.5

 

 

$

27.0

 

 

$

(9.0

)

 

$

18.0

 

Patents

 

 

28.7

 

 

 

(28.2

)

 

 

0.5

 

 

 

29.7

 

 

 

(29.1

)

 

 

0.6

 

Noncompetition agreements

 

 

4.2

 

 

 

(1.2

)

 

 

3.0

 

 

 

4.2

 

 

 

(0.4

)

 

 

3.8

 

Trademarks and tradenames

 

 

2.2

 

 

 

(0.6

)

 

 

1.6

 

 

 

2.2

 

 

 

(0.1

)

 

 

2.1

 

Other intangibles

 

 

0.6

 

 

 

(0.5

)

 

 

0.1

 

 

 

0.6

 

 

 

(0.2

)

 

 

0.4

 

Total

 

 

62.2

 

 

 

(40.5

)

 

 

21.7

 

 

 

63.7

 

 

 

(38.8

)

 

 

24.9

 

Indefinite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks and tradenames

 

 

91.0

 

 

 

 

 

 

91.0

 

 

 

95.9

 

 

 

 

 

 

95.9

 

Distribution network

 

 

14.0

 

 

 

 

 

 

14.0

 

 

 

18.8

 

 

 

 

 

 

18.8

 

Total

 

 

105.0

 

 

 

 

 

 

105.0

 

 

 

114.7

 

 

 

 

 

 

114.7

 

Total other intangible assets

 

$

167.2

 

 

$

(40.5

)

 

$

126.7

 

 

$

178.4

 

 

$

(38.8

)

 

$

139.6

 

Estimated Amortization Expense

Excluding the impact of any future acquisitions, divestitures or impairments, the Company's anticipated future amortization of intangible assets as of December 31, 2022 is summarized as follows:

Year

 

 

 

2023

 

$

2.9

 

2024

 

 

2.9

 

2025

 

 

2.9

 

2026

 

 

2.7

 

2027

 

 

1.4

 

Thereafter

 

 

8.7

 

Total

 

$

21.5