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GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended
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Sep. 30, 2023
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, 2022, gross | $ | 208.2 |  |  | $ | 138.0 |  |  | $ | 346.2 |
Accumulated impairment | (23.2) |  |  | (38.6) |  |  | (61.8) |
Balance at December 31, 2022, net | 185.0 |  |  | 99.4 |  |  | 284.4 |
Acquisitions | 0.3 |  |  | — |  |  | 0.3 |
Foreign exchange effect and other | 0.3 |  |  | (0.2) |  |  | 0.1 |
Balance at September 30, 2023, gross | 208.8 |  |  | 137.8 |  |  | 346.6 |
Accumulated impairment | (23.2) |  |  | (38.6) |  |  | (61.8) |
Balance at September 30, 2023, net | $ | 185.6 |  |  | $ | 99.2 |  |  | $ | 284.8 |
In connection with the MARCO acquisition, the Company recognized goodwill of $0.3 million in April 2023. The goodwill associated with the transaction was attributable primarily to the assembled workforce and expected synergies from the business combination. The goodwill was assigned to the MP segment and is expected to be deductible for income tax purposes. See Note D – “Acquisitions” for additional information regarding the acquisition.
Schedule of Intangible Assets by Class | Intangible assets, net were comprised of the following (in millions):
|  |  | September 30, 2023 |  | December 31, 2022
| 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 |  | $ | 9.2 |  |  | $ | (9.1) |  |  | $ | 0.1 |  |  | $ | 9.3 |  |  | $ | (9.2) |  |  | $ | 0.1 |
Customer Relationships | 17 |  | 34.9 |  |  | (28.0) |  |  | 6.9 |  |  | 34.8 |  |  | (26.8) |  |  | 8.0 |
Land Use Rights | 80 |  | 3.9 |  |  | (0.8) |  |  | 3.1 |  |  | 4.0 |  |  | (0.8) |  |  | 3.2 |
Other | 9 |  | 29.9 |  |  | (24.2) |  |  | 5.7 |  |  | 29.8 |  |  | (23.7) |  |  | 6.1 |
Total definite-lived intangible assets |  |  | $ | 77.9 |  |  | $ | (62.1) |  |  | $ | 15.8 |  |  | $ | 77.9 |  |  | $ | (60.5) |  |  | $ | 17.4 |
In connection with the MARCO acquisition, the Company recognized customer relationships of $0.2 million with an estimated useful life of four years and trademarks of $0.3 million with an estimated useful life of ten years in April 2023. See Note D – “Acquisitions” for additional information regarding the acquisition.
Finite-lived Intangible Assets Amortization Expense |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Aggregate Amortization Expense | $ | 0.6 |  |  | $ | 0.7 |  |  | $ | 2.0 |  |  | $ | 1.9 |
Schedule of Intangible Assets Amortization Expense | Estimated aggregate intangible asset amortization expense for each of the next five years is as follows (in millions):
2023 | $ | 2.5 |
2024 | 2.3 |
2025 | 2.2 |
2026 | 2.0 |
2027 | 2.0 |

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