Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021 are presented in the table below:


(in Millions)	Total
Balance, December 31, 2020	$	1,468.9

Foreign currency and other adjustments	(5.6)

Balance, December 31, 2021	$	1,463.3


Acquisitions (See Note 5)	130.7
Foreign currency and other adjustments	(4.7)
Balance, December 31, 2022	$	1,589.3

Our fiscal year 2022 annual goodwill and indefinite life impairment test was performed during the third quarter ended September 30, 2022. We determined no goodwill impairment existed and that the fair value was substantially in excess of the carrying value. Additionally, the estimated fair values also exceeded the carrying value for each of our indefinite-lived intangible assets. There were no events or circumstances indicating that goodwill or indefinite-lived intangibles might be impaired as of December 31, 2022.

Our intangible assets, other than goodwill, consist of the following:


		December 31, 2022						December 31, 2021
(in Millions)	Weighted avg. useful life remaining at December 31, 2022	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Intangible assets subject to amortization (finite life)
Customer relationships	14 years	$	1,127.9	$	(351.3)	$	776.6	$	1,147.1	$	(301.3)	$	845.8
Patents	4 years	1.7		(1.4)		0.3		1.8		(1.3)		0.5
Brands (1)	7 years	16.1		(10.6)		5.5		17.1		(9.9)		7.2
Purchased and licensed technologies	13 years	128.4		(42.9)		85.5		60.2		(40.7)		19.5
Other intangibles	1 year	1.8		(1.7)		0.1		2.3		(1.7)		0.6
		$	1,275.9	$	(407.9)	$	868.0	$	1,228.5	$	(354.9)	$	873.6


Intangible assets not subject to amortization (indefinite life)
Crop Protection Brands (2)	$	1,259.0			$	1,259.0	$	1,259.1			$	1,259.1
Brands (1)	370.1				370.1		389.2				389.2
In-process research and development	11.0				11.0		—				—
	$	1,640.1			$	1,640.1	$	1,648.3			$	1,648.3
Total intangible assets	$	2,916.0	$	(407.9)	$	2,508.1	$	2,876.8	$	(354.9)	$	2,521.9

____________________

(1) Represents trademarks, trade names and know-how.

(2) Represents proprietary brand portfolios, consisting of trademarks, trade names and know-how, of our crop protection brands.


	Year Ended December 31,
(in Millions)	2022		2021		2020
Amortization expense	$	60.6	$	62.7	$	61.9

The estimated pre-tax amortization expense for each of the five years ending December 31, 2023 to 2027 is $60.9 million, $59.8 million, $64.1 million, $66.1 million, and $65.7 million, respectively.