GOODWILL AND INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

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.

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.


	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

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