Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

For purposes of performing our goodwill impairment analysis, we have identified our reporting units as North America, Latin America, EMEA and APAC. In 2021, the Coatings reporting unit was sold and is no longer considered a reporting unit.

We have the option of first analyzing qualitative factors to determine whether it is more likely than not that the fair value of any reporting unit is less than its carrying amount. We may elect to perform a quantitative goodwill impairment test in lieu of the qualitative test, and in 2022 we performed the quantitative goodwill test on all reporting units. In 2021, we elected to perform the quantitative goodwill test on our EMEA reporting unit and a qualitative test on our North America, Latin America and APAC reporting units. Based on our analysis, we determined that there was no impairment of goodwill as of December 31, 2022 and 2021.

The changes in the carrying amount of goodwill are as follows:


	Goodwill		Accumulated Impairment Losses		Total
Balance as of December 31, 2022	$	218.8	$	(36.8)	$	182.0
Foreign currency fluctuations	(15.1)		4.0		(11.1)
Balance as of December 31, 2021	$	233.9	$	(40.8)	$	193.1
Divestiture	$	(1.7)	$	—	$	(1.7)
Foreign currency fluctuations	(13.9)		0.9		(13.0)
Balance as of December 31, 2020	$	249.5	$	(41.7)	$	207.8

The balances of acquired intangible assets, excluding goodwill, are as follows:


	Customer Lists		Trade Names		Technology		Total
Balance as of December 31, 2022
Original cost	$	146.6	$	28.6	$	15.9	$	191.1
Accumulated amortization	(87.5)		(15.9)		(11.3)		(114.7)
Carrying amount	$	59.1	$	12.7	$	4.6	$	76.4
Weighted-average original life (in years)	15		11		11

Balance as of December 31, 2021
Original cost	$	155.4	$	30.3	$	17.0	$	202.7
Accumulated amortization	(80.0)		(13.9)		(10.8)		(104.7)
Carrying amount	$	75.4	$	16.4	$	6.2	$	98.0
Weighted-average original life (in years)	15		11		11

In 2021, we divested identified intangible assets, excluding goodwill, with a carrying value of $0.9 million and $1.4 million in the categories of customer lists and trade names, respectively, as a result of the sale of the Coatings business discussed in Note 5.

Amortization expense of intangible assets was $15.9 million, $20.0 million and $20.8 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Estimated aggregate amortization expense based on the current carrying amount of amortizable intangible assets for each of the five succeeding years is as follows:


2023	$	14.5
2024	13.1
2025	11.8
2026	10.5
2027	7.2
Thereafter	19.3
Total	$	76.4