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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Our business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. We follow the provisions under ASC Topic 350, “Intangibles – Goodwill and Other” as it relates to the accounting for goodwill in our condensed consolidated financial statements. These provisions require that we, on at least an annual basis, evaluate the fair value of the reporting units to which goodwill is assigned and attributed and compare that fair value to the carrying value of the reporting unit to determine if an impairment has occurred. We perform our annual impairment testing during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment. We believe that there have been no events or circumstances which would more likely than not reduce the fair value for our reporting units below its carrying value. A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit. As of September 30, 2023, we had four reporting units. Intangibles with indefinite useful lives, consisting of trade names, are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment. If the carrying amount of an indefinite lived intangible asset exceeds its fair value, the intangible asset is written down to its fair value. Fair value is calculated using relief from royalty method. We amortize the cost of definite-lived intangibles over their estimated useful lives. We also review all of our definite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Changes to goodwill are as follows:
(in millions) | Aerospace & Electronics | Process Flow Technologies | Engineered Materials | Total
Balance as of December 31, 2022 | $ | 202.3 |  | $ | 317.3 |  | $ | 171.3 |  | $ | 690.9 |
Currency translation | — |  | (1.5) |  | — |  | (1.5) |
Balance as of September 30, 2023 | $ | 202.3 |  | $ | 315.8 |  | $ | 171.3 |  | $ | 689.4 |
As of September 30, 2023, we had $67.4 million of net intangible assets, of which $21.6 million were intangibles with indefinite useful lives. As of December 31, 2022, we had $71.7 million of net intangible assets, of which $21.8 million were intangibles with indefinite useful lives. Changes to intangible assets are as follows:
(in millions) | Nine Months Ended September 30, 2023 |  | Year Ended December 31, 2022
Balance at beginning of period, net of accumulated amortization | $ | 71.7 |  |  | $ | 78.5 |
Amortization expense | (4.2) |  |  | (5.7) |
Currency translation and other | (0.1) |  |  | (1.1) |
Balance at end of period, net of accumulated amortization | $ | 67.4 |  |  | $ | 71.7 |
A summary of intangible assets are as follows:
|  |  | September 30, 2023 |  | December 31, 2022
(in millions) | Weighted Average Amortization Period of Definite Lived Assets (in years) |  | Gross Asset |  | Accumulated Amortization |  | Net |  | Gross Asset |  | Accumulated Amortization |  | Net
Intellectual property rights | 19.0 |  | $ | 69.9 |  |  | $ | 45.4 |  |  | $ | 24.5 |  |  | $ | 70.0 |  |  | $ | 45.1 |  |  | $ | 24.9 |
Customer relationships and backlog | 14.2 |  | 132.5 |  |  | 91.4 |  |  | 41.1 |  |  | 132.6 |  |  | 87.8 |  |  | 44.8 |
Drawings | 40.0 |  | 11.1 |  |  | 10.8 |  |  | 0.3 |  |  | 11.1 |  |  | 10.7 |  |  | 0.4 |
Other | 21.0 |  | 42.6 |  |  | 41.1 |  |  | 1.5 |  |  | 42.4 |  |  | 40.8 |  |  | 1.6 |
Total | 17.5 |  | $ | 256.1 |  |  | $ | 188.7 |  |  | $ | 67.4 |  |  | $ | 256.1 |  |  | $ | 184.4 |  |  | $ | 71.7 |
Future amortization expense associated with intangible assets is expected to be:
(in millions) |
Remainder of 2023 | $ | 1.3 |
2024 | 5.2 |
2025 | 5.2 |
2026 | 5.2 |
2027 | 5.2 |
2028 and after | 23.7 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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