The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 are summarized as follows:


	Americas - Manufacturing			Americas - Distribution			MEAP			Consolidated
Balance as of January 1, 2022	$	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
Foreign currency impact		—			—			(0.5	)		(0.5	)
Net balance as of December 31, 2023	$	—		$	14.4		$	65.2		$	79.6

The gross carrying amount, accumulated impairment, and net book value of the Company's goodwill balances by reporting unit are summarized as follows:


	December 31, 2023							December 31, 2022

	Gross Carrying Amount		Accumulated Impairment Amount			Net Book Value		Gross Carrying Amount		Accumulated Impairment Amount			Net Book Value
Americas - Manufacturing	$	166.5	$	(166.5	)	$	—	$	166.5	$	(166.5	)	$	—
Americas - Distribution		14.4		—			14.4		14.4		—			14.4
EURAF		82.2		(82.2	)		—		82.2		(82.2	)		—
MEAP		65.2		—			65.2		65.7		—			65.7
Total	$	328.3	$	(248.7	)	$	79.6	$	328.8	$	(248.7	)	$	80.1

The Company performs its annual goodwill impairment test 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. As of October 31, 2023, the Company performed its annual goodwill impairment test. The fair values of the Americas - Distribution and MEAP reporting units were

substantially in excess of their carrying values as of the date of the annual impairment test and, therefore, were not impaired as of December 31, 2023.

During the year ended December 31, 2022, the Company recorded a $166.5 million non-cash impairment charge to write down the carrying value of goodwill at the Company's Americas - Manufacturing reporting unit to zero. The goodwill impairment charge resulted from a reduction in the estimated fair value of the reporting unit based on a prolonged low Company equity market capitalization that continued into the fourth quarter of 2022 and a higher discount rate. The fair values of the Americas – Distribution and MEAP reporting units were substantially in excess of their carrying values as of the date of the annual impairment test and, therefore, were not impaired as of December 31, 2022.

The gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill as of December 31, 2023 and 2022 are summarized as follows:


	December 31, 2023							December 31, 2022
	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	$	(11.6	)	$	14.9	$	26.5	$	(10.0	)	$	16.5
Patents		29.2		(28.8	)		0.4		28.7		(28.2	)		0.5
Noncompetition agreements		4.2		(2.0	)		2.2		4.2		(1.2	)		3.0
Trademarks and tradenames		2.2		(1.0	)		1.2		2.2		(0.6	)		1.6
Other intangibles		0.7		(0.7	)		-		0.6		(0.5	)		0.1
Total		62.8		(44.1	)		18.7		62.2		(40.5	)		21.7
Indefinite lived intangible assets:
Trademarks and tradenames		92.6		—			92.6		91.0		—			91.0
Distribution network		14.3		—			14.3		14.0		—			14.0
Total		106.9		—			106.9		105.0		—			105.0
Total intangible assets	$	169.7	$	(44.1	)	$	125.6	$	167.2	$	(40.5	)	$	126.7

Amortization expense of intangible assets for the years ended December 31, 2023, 2022 and 2021 was $3.2 million, $3.1 million and $1.4 million, respectively.

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, 2023.

The Company performs its annual indefinite-lived intangible 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. The Company has two indefinite-lived intangible assets subject to an annual impairment test: the Potain trademark, tradename and distribution network assets (“Potain Tradename”) and the Grove trademark, tradename and distribution network assets (“Grove Tradename”). As of October 31, 2023, the Company performed its annual indefinite-lived intangible assets impairment test. The fair value of the Potain and Grove Tradenames were substantially in excess of their carrying value as of the date of the annual impairment test, and, therefore were not impaired as of December 31, 2023.

During the year ended December 31, 2022, the Company recorded a non-cash impairment charge of $5.4 million to write down the carrying value of the Grove Tradename to its fair value of $39.0 million. The Grove Tradename impairment charge was recorded in the Americas segment and was a result of downward pressure from the use of similar assumptions to those used in the annual goodwill impairment test which included revenue growth rate and discount rate. The fair value of the Potain Tradename was substantially in excess of its carrying value as of the date of the annual impairment test and, therefore, was not impaired as of December 31, 2022.

A considerable amount of management judgment and assumptions are required in performing the goodwill and indefinite-lived asset impairment tests as it relates to revenue growth rates, projected margin, the discount rate and relevant market multiples, as applicable. While the Company believes the judgments and assumptions are reasonable, different assumptions could change the estimated fair value and, therefore, additional impairments could be required. Weakening industry or economic trends, disruptions to the Company's business, unexpected significant changes or planned changes in the use of the assets or in entity structure are all factors which may adversely impact the assumptions used in the valuations.

The Company continually monitors market conditions and determines if any additional interim reviews of 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.