GOODWILL AND INTANGIBLE ASSETS, NET

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

GOODWILL AND INTANGIBLE ASSETS

An analysis of changes in the Company’s goodwill by business segment is as follows (in millions):

	AWP		MP		Total
Balance at December 31, 2020, gross	$	140.6	$	196.6	$	337.2
Accumulated impairment	(38.6)		(23.2)		(61.8)
Balance at December 31, 2020, net	102.0		173.4		275.4
Acquisitions	—		7.3		7.3
Foreign exchange effect and other	(0.8)		(2.2)		(3.0)
Balance at September 30, 2021, gross	139.8		201.7		341.5
Accumulated impairment	(38.6)		(23.2)		(61.8)
Balance at September 30, 2021, net	$	101.2	$	178.5	$	279.7

In connection with the MDS acquisition, the Company recognized goodwill of $7.3 million during the period. The goodwill was assigned to the MP reporting unit and attributable primarily to the assembled workforce and expected synergies from the business combination. The goodwill is not expected to be deductible for income tax purposes. See Note D – “Acquisitions and Discontinued Operations” for additional information regarding the MDS acquisition.

Intangible assets, net were comprised of the following (in millions):

		September 30, 2021						December 31, 2020
	Weighted Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Technology	8	$	10.0	$	(9.8)	$	0.2	$	10.1	$	(9.6)	$	0.5
Customer Relationships	19	32.1		(25.0)		7.1		26.1		(24.1)		2.0
Land Use Rights	80	4.3		(0.8)		3.5		4.4		(0.7)		3.7
Other	8	26.3		(23.0)		3.3		25.5		(23.4)		2.1
Total definite-lived intangible assets		$	72.7	$	(58.6)	$	14.1	$	66.1	$	(57.8)	$	8.3

In connection with the MDS acquisition, the Company recognized customer relationships and trademarks of $6.3 million with an estimated useful life of 7 years and $1.3 million with an estimated useful life of 10 years during the period. See Note D – “Acquisitions and Discontinued Operations” for additional information regarding the MDS acquisition.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2021		2020		2021		2020
Aggregate Amortization Expense	$	0.7	$	0.4	$	1.6	$	1.3

Estimated aggregate intangible asset amortization expense for each of the next five years is as follows (in millions):

2021	$	2.2
2022	2.3
2023	1.7
2024	1.5
2025	1.4