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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
Note 9 - Goodwill and Other Intangible Assets
Goodwill:
The Company tests goodwill and indefinite-lived intangible assets for impairment at least annually, performing its annual impairment test as of October 1st. Furthermore, goodwill and indefinite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
The Company reviews goodwill for impairment at the reporting unit level. The Mobile Industries segment has four reporting units and the Process Industries segment has two reporting units. Changes in the carrying value of goodwill were as follows:
Year ended December 31, 2021:
Mobile IndustriesProcess
Industries		Total
Beginning Balance$384.6 $663.0 $1,047.6 
Acquisitions— 5.4 5.4 
Foreign currency translation adjustments(12.9)(17.4)(30.3)
Ending Balance$371.7 $651.0 $1,022.7 
The acquisition of iMS added $5.4 million of goodwill. The goodwill for iMS is expected to be 100% tax deductible.
Year ended December 31, 2020:
Mobile IndustriesProcess
Industries		Total
Beginning Balance$361.3 $632.4 $993.7 
Acquisitions5.6 2.8 8.4 
Foreign currency translation adjustments and other changes
17.7 27.8 45.5 
Ending Balance$384.6 $663.0 $1,047.6 
In 2020, the $8.4 million addition from acquisitions was the result of the measurement period adjustments related to the 2019 acquisitions of BEKA and The Diamond Chain Company ("Diamond Chain"), bringing total goodwill to $52.6 million for these acquisitions. Approximately $19.0 million of this amount was tax deductible.
No material goodwill impairment losses were recorded in 2021, 2020 or 2019.
Note 9 - Goodwill and Other Intangible Assets (continued)
Intangible Assets:
The following table displays intangible assets as of December 31, 2021 and 2020:
  
20212020
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Intangible assets subject
 to amortization:
Customer relationships$518.1 $(189.3)$328.8 $532.2 $(161.9)$370.3 
Technology and know-how270.7 (86.6)184.1 277.2 (72.0)205.2 
Trade names14.3 (9.6)4.7 14.2 (8.8)5.4 
Capitalized Software280.0 (261.3)18.7 276.4 (254.6)21.8 
Other4.7 (3.6)1.1 4.7 (3.7)1.0 
 $1,087.8 $(550.4)$537.4 $1,104.7 $(501.0)$603.7 
Intangible assets not
 subject to amortization:
Trade names$122.7 $122.7 $129.0 $129.0 
FAA air agency certificates8.7 8.7 8.7 8.7 
 $131.4 $131.4 $137.7 $137.7 
Total intangible assets$1,219.2 $(550.4)$668.8 $1,242.4 $(501.0)$741.4 
Amortization expense for intangible assets was $54.5 million, $56.2 million and $57.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. Amortization expense included $46.8 million, $47.3 million and $46.7 million related to intangible assets acquired as part of a business combination for the years ended December 31, 2021, 2020 and 2019, respectively. Amortization expense for intangible assets is estimated to be approximately $49.1 million in 2022, $46.1 million in 2023, $44.0 million in 2024, $42.8 million in 2025 and $41.4 million in 2026. Substantially all amortization expense for intangible assets is recorded in Cost of product sold on the Consolidated Statements of Income.