The Company tests goodwill and indefinite-lived intangible assets for impairment annually and between annual tests if impairment indicators are present. Such indicators may include, but are not limited to, significant changes in economic and competitive conditions, the impact of the economic environment on the Company’s customer base or its businesses, or a material negative change in its relationships with significant customers.

The Company’s annual goodwill impairment assessment as of October 1 for all of its reporting units found no impairment in 2021, 2020 or 2019. Quantitative impairment assessments were performed in 2021, and they indicated that the fair value of the eight reporting units all had significant cushion above the carrying value on the assessment date, except for Trilogy, which was acquired on July 30, 2021, and was less than 10% in excess of fair value over carrying value.

The fair values of the reporting units in accordance with the goodwill impairment test were determined using the income and/or market approaches. The income approach employs the discounted cash flow method reflecting projected cash flows expected to be generated by market participants and then adjusted for time value of money factors, and requires management to make significant estimates and assumptions related to forecasts of future revenues, earnings before interest, taxes, depreciation, and amortization (EBITDA), and discount rates. The market approach utilizes an analysis of comparable publicly traded companies and requires management to make significant estimates and assumptions related to the forecasts of future revenues, EBITDA, and multiples that are applied to management’s forecasted revenues and EBITDA estimates.

The techniques used in the Company's impairment test have incorporated a number of assumptions that the Company believes to be reasonable and to reflect known market conditions at the measurement date. The variables and assumptions used, all of which are Level 3 fair value inputs, include the projections of future revenues and expenses, working capital, terminal values, discount rates and long term growth rates. The estimate of the fair values of these reporting units, and the related goodwill, could change over time based on a variety of factors, including the aggregate market value of the Company’s common stock, actual operating performance of the underlying businesses or the impact of future events on the cost of capital and the related discount rates used .

Qualitative impairment assessments were performed as of October 1, 2020 and 2019.

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


	Distribution			Material Handling			Total
January 1, 2020	$	7,716		$	59,058		$	66,774
Acquisition		—			12,312			12,312
Purchase accounting adjustment		(68	)		—			(68	)
Foreign currency translation		—			238			238
December 31, 2020	$	7,648		$	71,608		$	79,256
Acquisition		—			10,003			10,003
Purchase accounting adjustment		—			(520	)		(520	)
Foreign currency translation		—			39			39
December 31, 2021	$	7,648		$	81,130		$	88,778

Intangible assets were established in connection with acquisitions. These intangible assets, other than goodwill and certain indefinite lived trade names, are amortized over their estimated useful lives. The Company performed a quantitative annual impairment assessment for the indefinite lived trade names as of October 1, 2021, 2020 and 2019. In performing these assessments, the Company determined the estimated fair value of the trade name exceeded the carrying value and accordingly, no impairment was indicated. An impairment charge would be recorded if the carrying value of the trade name exceeds the estimated fair value at the date of assessment. Refer to Note 3 for the intangible assets acquired through the Trilogy acquisition during 2021 and the Elkhart Plastics acquisition during 2020.

Intangible assets at December 31, 2021 and 2020 consisted of the following:


			2021							2020
	Weighted Average Remaining Useful Life (years)		Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Trade names - indefinite lived			$	9,782	$	—		$	9,782	$	9,782	$	—		$	9,782
Trade names		8.6		8,267		(1,035	)		7,232		6,397		(270	)		6,127
Customer relationships		14.3		70,794		(44,221	)		26,573		58,266		(42,243	)		16,023
Technology		2.6		24,980		(19,169	)		5,811		24,980		(16,897	)		8,083
Non-competition agreements		3.3		1,200		(417	)		783		1,200		(177	)		1,023
Patents		—		11,730		(11,730	)		—		11,730		(11,730	)		—
			$	126,753	$	(76,572	)	$	50,181	$	112,355	$	(71,317	)	$	41,038

Intangible amortization expense was $5,190, $6,273 and $8,077 in 2021, 2020 and 2019, respectively. Estimated annual amortization expense for intangible assets with finite lives for the next five years is: $5,703 in 2022; $5,703 in 2023; $4,514 in 2024; $2,962 in 2025 and $2,311 in 2026.