Goodwill and Identifiable Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

As of March 31, 2022, we have not yet finalized the purchase accounting related to acquisitions completed after March 31, 2021 and the amounts recorded represent preliminary values. During the three months ended March 31, 2022, we made purchase accounting adjustments impacting goodwill, deferred income taxes and property, plant and equipment. We expect to finalize our purchase accounting during the measurement period which will be no later than one year following the acquisition date.

Goodwill

The following table shows changes in the carrying amount of goodwill from December 31, 2021 to March 31, 2022 by reportable segment:


	Performance Coatings		Mobility Coatings		Total
Balance at December 31, 2021	$	1,513.4	$	79.3	$	1,592.7
Purchase accounting adjustments	1.8		—		1.8
Foreign currency translation	(19.4)		(0.7)		(20.1)
Balance at March 31, 2022	$	1,495.8	$	78.6	$	1,574.4

Identifiable Intangible Assets

The following tables summarize the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class:


March 31, 2022	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average amortization periods (years)
Technology	$	570.7	$	(431.9)	$	138.8	10.2
Trademarks—indefinite-lived	264.1		—		264.1		Indefinite
Trademarks—definite-lived	132.8		(46.0)		86.8		14.4
Customer relationships	1,129.2		(381.9)		747.3		19.2
Other	14.1		(13.6)		0.5		5.0
Total	$	2,110.9	$	(873.4)	$	1,237.5


December 31, 2021	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average amortization periods (years)
Technology	$	575.3	$	(420.9)	$	154.4	10.2
Trademarks—indefinite-lived	266.7		—		266.7		Indefinite
Trademarks—definite-lived	134.5		(43.8)		90.7		14.4
Customer relationships	1,131.8		(366.6)		765.2		19.2
Other	14.5		(13.3)		1.2		5.0
Total	$	2,122.8	$	(844.6)	$	1,278.2

The estimated amortization expense related to the fair value of acquired intangible assets for the remainder of 2022 and each of the succeeding five years is:


Remainder of 2022	$	96.2
2023	89.6
2024	84.8
2025	84.2
2026	83.7
2027	82.6