Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

The following table summarizes the goodwill balances by segment and the changes in the carrying amount of goodwill through June 30, 2021:

	Global Solutions		Global Products		Consolidated
Carrying amount of goodwill, December 31, 2020	$	283,905	$	110,181	$	394,086
Currency translation adjustments	—		(4,222)		(4,222)
Carrying amount of goodwill, June 30, 2021	$	283,905	$	105,959	$	389,864

Intangible assets at June 30, 2021 and December 31, 2020 were as follows:

	June 30, 2021						December 31, 2020
	Customer Relationships		Tradenames		Other Intangibles		Customer Relationships		Tradenames		Other Intangibles
Gross intangible assets	$	267,593	$	90,000	$	43,319	$	270,505	$	90,000	$	43,245
Accumulated amortization	(133,651)		(29,062)		(16,976)		(121,209)		(24,881)		(14,309)
Net intangible assets	$	133,942	$	60,938	$	26,343	$	149,296	$	65,119	$	28,936
Weighted average useful life	10 years		11 years		8 years		10 years		11 years		8 years

At June 30, 2021, $55.1 million in net intangible assets were held in the Global Solutions segment and $166 million were held in the Global Products segment. Amortization expense for intangible assets was $10.0 million and $10.6 million for the three months ended June 30, 2021 and 2020, and $20.1 million and $21.2 million for the six months ended June 30, 2021 and 2020.

Based on the current carrying value of intangible assets subject to amortization, estimated amortization expense is approximately $20 million for the remainder of 2021, $39 million for 2022, $39 million for 2023, $34 million for 2024, $28 million for 2025 and $27 million for 2026.