Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in goodwill during the years ended December 31, 2022 and 2021, were as follows:


(In thousands)	2022		2021
Balance at January 1, 2022	$	636,858	$	443,272
Additions	—		199,454
Measurement period adjustment	(1,041)		—

Currency translation	(15,195)		(5,868)
Balance at December 31. 2022	$	620,622	$	636,858

At December 31, 2022, goodwill of $447.6 million and $173.0 million related to the Americas and International reportable segments, respectively.

Changes in intangible assets, net of accumulated amortization, during the years ended December 31, 2022 and 2021, were as follows:


(In thousands)	2022		2021
Net balance at January 1, 2022	$	306,948	$	161,051
Additions	—		164,426
Amortization expense	(19,137)		(16,814)
Currency translation	(5,958)		(1,715)
Net balance at December 31, 2022	$	281,853	$	306,948


(In millions)		December 31, 2022						December 31, 2021
Intangible Assets:	Weighted Average Useful Life (years)	Gross Carrying Amount		Accumulated Amortization and Reserves		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization and Reserves		Net Carrying Amount
Customer relationships	19	$	178.7	$	(35.3)	$	143.4	$	185.7	$	(27.9)	$	157.8
Distribution agreements	20	65.8		(26.9)		38.9		66.1		(23.8)		42.3
Technology related assets	8	49.5		(29.3)		20.2		50.4		(25.5)		24.9
Patents, trademarks and copyrights	16	34.0		(14.8)		19.2		35.2		(13.6)		21.6
License agreements	5	5.4		(5.3)		0.1		5.4		(5.3)		0.1
Other	3	3.3		(3.2)		0.1		3.3		(3.0)		0.3
Total	17	$	336.7	$	(114.8)	$	221.9	$	346.1	$	(99.1)	$	247.0

At December 31, 2022, the above intangible assets balance includes a trade name related to the Globe acquisition with an indefinite life totaling $60.0 million.

Intangible asset amortization expense over the next five years is expected to be approximately $18.0 million in both 2023 and 2024 and $17.1 million annually from 2025 to 2027.