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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2022
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 three 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, 2022:
Mobile IndustriesProcess
Industries		Total
Beginning Balance$371.7 $651.0 $1,022.7 
Acquisitions30.5 76.4 106.9 
Foreign currency translation adjustments(11.6)(19.7)(31.3)
Ending Balance$390.6 $707.7 $1,098.3 
The acquisition of GGB added $63.6 million of goodwill, and the acquisition of Spinea added $43.3 million of goodwill. The Company is still evaluating the tax deductibility of goodwill from the GGB acquisition, but it expects a portion of the goodwill to be deductible for tax purposes. The goodwill for Spinea is expected to be 100% tax deductible.
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 and other changes
(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 and was 100% tax deductible.
No material goodwill impairment losses were recorded in 2022, 2021 or 2020.
Note 9 - Goodwill and Other Intangible Assets (continued)
Intangible Assets:
The following table displays intangible assets as of December 31, 2022 and 2021:
  
20222021
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Intangible assets subject
 to amortization:
Customer relationships$561.5 $(183.2)$378.3 $518.1 $(189.3)$328.8 
Technology and know-how273.1 (80.4)192.7 270.7 (86.6)184.1 
Trade names18.4 (8.7)9.7 14.3 (9.6)4.7 
Capitalized Software288.4 (266.3)22.1 280.0 (261.3)18.7 
Other3.3 (2.3)1.0 4.7 (3.6)1.1 
 $1,144.7 $(540.9)$603.8 $1,087.8 $(550.4)$537.4 
Intangible assets not
 subject to amortization:
Trade names$152.8 $152.8 $122.7 $122.7 
FAA air agency certificates8.7 8.7 8.7 8.7 
 $161.5 $161.5 $131.4 $131.4 
Total intangible assets$1,306.2 $(540.9)$765.3 $1,219.2 $(550.4)$668.8 
Intangible assets acquired in 2022 totaled $182.6 million. Intangible assets subject to amortization were assigned useful lives of one to 20 years and had a weighted-average amortization period of 16.3 years.
Amortization expense for intangible assets was $50.6 million, $54.5 million and $56.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. Amortization expense included $43.9 million, $46.8 million and $47.3 million related to intangible assets acquired as part of a business combination for the years ended December 31, 2022, 2021 and 2020, respectively. Amortization expense for intangible assets is estimated to be approximately $54.9 million in 2023, $49.0 million in 2024, $47.5 million in 2025, $45.9 million in 2026 and $44.5 million in 2027. Substantially all amortization expense for intangible assets was recorded in Cost of product sold on the Consolidated Statements of Income.