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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 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 | 21.5 |  |  | — |  |  | 21.5 |
Foreign exchange effect and other | (15.5) |  |  | (1.7) |  |  | (17.2) |
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 | 1.7 |  |  | — |  |  | 1.7 |
Foreign exchange effect and other | 7.6 |  |  | 0.9 |  |  | 8.5 |
Balance at December 31, 2023, gross | 217.5 |  |  | 138.9 |  |  | 356.4 |
Accumulated impairment | (23.2) |  |  | (38.6) |  |  | (61.8) |
Balance at December 31, 2023, net | $ | 194.3 |  |  | $ | 100.3 |  |  | $ | 294.6 |
During the year ended December 31, 2023, the Company recognized goodwill of $1.7 million in connection with the MARCO acquisition. During the year ended December 31, 2022, the Company recognized goodwill of $3.5 million in connection with the Steelweld acquisition and $18.0 million in connection with the ProAll acquisition. The goodwill associated with these transactions was attributable primarily to the assembled workforce and expected synergies from the business combinations and assigned to the MP segment. The goodwill recognized for MARCO is expected to be deductible for income tax purposes, while goodwill recognized for Steelweld and ProAll is not expected to be deductible for income tax purposes. See Note D – “Acquisitions and Dispositions” for additional information regarding the acquisitions. Intangible assets, net were comprised of the following (in millions):
|  |  | December 31, 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 |  | $ | 9.6 |  |  | $ | (9.5) |  |  | $ | 0.1 |  |  | $ | 9.3 |  |  | $ | (9.2) |  |  | $ | 0.1 |
Customer Relationships | 17 |  | 35.5 |  |  | (28.7) |  |  | 6.8 |  |  | 34.8 |  |  | (26.8) |  |  | 8.0 |
Land Use Rights | 80 |  | 3.9 |  |  | (0.8) |  |  | 3.1 |  |  | 4.0 |  |  | (0.8) |  |  | 3.2 |
Other | 9 |  | 30.3 |  |  | (24.6) |  |  | 5.7 |  |  | 29.8 |  |  | (23.7) |  |  | 6.1 |
Total definite-lived intangible assets |  |  | $ | 79.3 |  |  | $ | (63.6) |  |  | $ | 15.7 |  |  | $ | 77.9 |  |  | $ | (60.5) |  |  | $ | 17.4 |
During the year ended December 31, 2023, 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 connection with the MARCO acquisition. During the year ended December 31, 2022, the Company recognized customer relationships of $0.6 million with an estimated useful life of three years in connection with the Steelweld acquisition and customer relationships of $3.2 million with an estimated useful life of nine years and trademarks of $3.7 million with an estimated useful life of ten years in connection with the ProAll acquisition. See Note D – “Acquisitions and Dispositions” for additional information regarding these acquisitions.
| For the Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Aggregate Amortization Expense | $ | 2.6 |  |  | $ | 2.6 |  |  | $ | 2.2 |
Estimated aggregate intangible asset amortization expense for each of the next five years is as follows (in millions):
2024 |  | $ | 2.4 |
2025 |  | 2.3 |
2026 |  | 2.1 |
2027 |  | 2.1 |
2028 |  | 1.2 |

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