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GOODWILL AND INTANGIBLE ASSETS, NET (Tables) | 6 Months Ended
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Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of changes in goodwill by business segment | An analysis of changes in the Company’s goodwill by business segment is as follows (in millions):
| MP |  | AWP |  | Total
Balance at December 31, 2021, gross | $ | 202.2 |  |  | $ | 139.7 |  |  | $ | 341.9 |
Accumulated impairment | (23.2) |  |  | (38.6) |  |  | (61.8) |
Balance at December 31, 2021, net | 179.0 |  |  | 101.1 |  |  | 280.1 |
Acquisitions | 3.0 |  |  | — |  |  | 3.0 |
Foreign exchange effect and other | (13.9) |  |  | (1.8) |  |  | (15.7) |
Balance at June 30, 2022, gross | 191.3 |  |  | 137.9 |  |  | 329.2 |
Accumulated impairment | (23.2) |  |  | (38.6) |  |  | (61.8) |
Balance at June 30, 2022, net | $ | 168.1 |  |  | $ | 99.3 |  |  | $ | 267.4 |
In connection with the Steelweld acquisition, the Company recognized goodwill of $3.0 million during the period. The goodwill was assigned to the MP reporting unit and attributable primarily to the assembled workforce and expected synergies from the business combination. The goodwill is not expected to be deductible for income tax purposes. See Note A – “Basis of Presentation” for additional information regarding the Steelweld acquisition.
Schedule of intangible assets by class | Intangible assets, net were comprised of the following (in millions):
|  |  | June 30, 2022 |  | December 31, 2021
| Weighted Average Life (in years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Definite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Technology | 7 |  | $ | 9.1 |  |  | $ | (9.0) |  |  | $ | 0.1 |  |  | $ | 9.8 |  |  | $ | (9.7) |  |  | $ | 0.1 |
Customer Relationships | 19 |  | 31.6 |  |  | (25.7) |  |  | 5.9 |  |  | 31.9 |  |  | (25.4) |  |  | 6.5 |
Land Use Rights | 80 |  | 4.1 |  |  | (0.8) |  |  | 3.3 |  |  | 4.4 |  |  | (0.8) |  |  | 3.6 |
Other | 8 |  | 25.9 |  |  | (23.2) |  |  | 2.7 |  |  | 26.3 |  |  | (23.1) |  |  | 3.2 |
Total definite-lived intangible assets |  |  | $ | 70.7 |  |  | $ | (58.7) |  |  | $ | 12.0 |  |  | $ | 72.4 |  |  | $ | (59.0) |  |  | $ | 13.4 |
In connection with the Steelweld acquisition, the Company recognized customer relationships of $0.6 million with an estimated useful life of three years during the period. See Note A – “Basis of Presentation” for additional information regarding the Steelweld acquisition.
Finite-lived Intangible Assets Amortization Expense |
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Aggregate Amortization Expense | $ | 0.6 |  |  | $ | 0.5 |  |  | $ | 1.2 |  |  | $ | 0.9 |
Schedule of intangible assets amortization expense | Estimated aggregate intangible asset amortization expense for each of the next five years is as follows (in millions):
2022 | $ | 2.4 |
2023 | 1.9 |
2024 | 1.7 |
2025 | 1.5 |
2026 | 1.3 |

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