GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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.

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.


	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

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