Goodwill

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GoodwillThe Company tests goodwill for impairment annually in the fourth quarter, or more frequently should circumstances change or events occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. Management performed a qualitative assessment for the October 1, 2021 annual impairment analysis, which indicated no impairment. This review included the Company's evaluation of relevant events and circumstances in totality that affect the fair value of the

reporting units. These events and circumstances include, but are not limited to, macroeconomic conditions (including the impact of the COVID-19 pandemic), industry and competitive environment conditions, overall financial performance, business specific events and market considerations. The majority of the Company's goodwill were generated on a legacy basis and as a result have fair values that sufficiently exceed their underlying carrying values.

For the annual test of goodwill performed as of October 31, 2020, management performed a qualitative assessment as described above and concluded that there was no impairment of goodwill. Management performed a quantitative valuation for the October 31, 2019 annual impairment analysis, which indicated no impairment.

The Company completed the acquisitions of CON-E-CO and BMH Systems during the year ended December 31, 2020, which increased goodwill $6.3 million.

In the first quarter of 2020, as part of the Company's ongoing assessment to consider whether events or circumstances had occurred that could more likely than not reduce the fair value of a reporting unit below its carrying value, the Company performed an interim goodwill impairment test as of March 31, 2020 over the mobile asphalt equipment reporting unit. Based on the results of this testing, the Company recorded a $1.6 million pre-tax non-cash impairment charge in the Infrastructure Solutions segment to fully impair the mobile asphalt equipment reporting unit’s goodwill in the first quarter of 2020. This impairment charge was reflected as a component of "Restructuring, impairment and other asset charges, net" for the year ended December 31, 2020.

The changes in the carrying amount of goodwill and accumulated impairment losses by reporting segment during the years ended December 31, 2021 and 2020 are as follows:


(in millions)	Infrastructure Solutions		Materials Solutions		Total
Balance, December 31, 2019:
Goodwill	$	32.7	$	32.8	$	65.5
Accumulated impairment losses	(20.2)		(12.2)		(32.4)
Net	$	12.5	$	20.6	$	33.1
2020 Activity:
Foreign currency translation	$	0.3	$	0.5	$	0.8
Acquisitions	6.4		—		6.4
Impairment	(1.6)		—		(1.6)
Total 2020 activity	$	5.1	$	0.5	$	5.6
Balance, December 31, 2020:
Goodwill	$	39.4	$	33.3	$	72.7
Accumulated impairment	(21.8)		(12.2)		(34.0)
Net	$	17.6	$	21.1	$	38.7
2021 Activity:
Foreign currency translation	$	0.1	$	(0.1)	$	—
Acquisitions	(0.1)		—		(0.1)

Total 2021 activity	$	—	$	(0.1)	$	(0.1)
Balance, December 31, 2021:
Goodwill	$	39.4	$	33.2	$	72.6
Accumulated impairment	(21.8)		(12.2)		(34.0)
Net	$	17.6	$	21.0	$	38.6