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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company completes its annual goodwill and indefinite-lived intangible asset impairment test during the fourth quarter of each year, or more frequently if triggering events indicate a possible impairment. The Company continually evaluates financial performance, economic conditions and other recent developments, including rising interest rates and the cost of capital among other factor s, in assessing if a triggering event indicates that the carrying values of goodwill, indefinite-lived, or long-lived assets are impaired. The Company concluded that during the third quarter the ongoing financial, economic or geopolitical conditions did not represent a triggering event. In connection with the Company’s reorganization and the associated change in reportable segments and reporting units during the first quarter of 2023, the Company performed the required impairment assessments directly before and immediately after the change in reporting units and concluded that it was not more likely than not that the fair values of any of the Company’s previous or new reporting units were less than their respective carrying amounts. Changes in the carrying amount of goodwill were as follows. Prior period information has been recast to reflect the Company’s current period reportable segments. See Note 1 of Notes to Condensed Consolidated Financial Statements.
| Americas |  | EMEA |  | Asia/Pacific |  | Global Specialty Businesses |  | Total
Balance as of December 31, 2022 | $ | 215,899 |  | $ | 34,567 |  | $ | 150,375 |  | $ | 114,167 |  | $ | 515,008
Reallocation of reporting units | 63,697 |  |  | 31,711 |  |  | 18,759 |  |  | (114,167) |  |  | —
Balance as of January 1, 2023 | 279,596 |  |  | 66,278 |  |  | 169,134 |  |  | — |  |  | 515,008 |
Currency translation adjustments | 2,561 |  |  | (805) |  |  | (12,307) |  |  | — |  |  | (10,551)
Balance as of September 30, 2023 | $ | 282,157 |  | $ | 65,473 |  | $ | 156,827 |  | $ | — |  | $ | 504,457
Gross carrying amounts and accumulated amortization for definite-lived intangible assets were as follows:
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
| September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022
Customer lists and rights to sell | $ | 824,893 |  | $ | 831,600 |  | $ | 226,956 |  | $ | 191,286 |  | $ | 597,937 |  | $ | 640,314
Trademarks, formulations and product technology | 157,362 |  | 158,564 |  | 52,534 |  | 46,281 |  | 104,828 |  | 112,283
Other | 5,854 |  | 7,576 |  | 5,734 |  | 6,390 |  | 120 |  | 1,186
Total definite-lived intangible assets | $ | 988,109 |  | $ | 997,740 |  | $ | 285,224 |  | $ | 243,957 |  | $ | 702,885 |  | $ | 753,783
The Company amortizes definite-lived intangible assets on a straight-line basis over their useful lives. The Company recorded amortization expense as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Amortization expense | $ | 14,529 |  |  | $ | 14,102 |  |  | $ | 43,734 |  |  | $ | 43,343 |
Estimated annual aggregate amortization expense for the current year and subsequent five years and beyond is as follows:
For the remainder of 2023 | $ | 13,455
For the year ended December 31, 2024 | 56,630
For the year ended December 31, 2025 | 55,942
For the year ended December 31, 2026 | 55,650
For the year ended December 31, 2027 | 55,309
As of September 30, 2023 and December 31, 2022, the Company had indefinite-lived intangible assets for trademarks and tradenames totaling $187.6 million and $189.1 million, respectively.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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