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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets 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 reallocated goodwill previously held by the former Global Specialty Businesses segment to the remaining business segments as of January 1, 2023. Changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 were as follows:
| Americas |  | EMEA |  | Asia/Pacific |  | Global Specialty Businesses |  | Total
Balance as of December 31, 2021 | $ | 214,023 |  |  | $ | 135,520 |  |  | $ | 162,458 |  |  | $ | 119,193 |  |  | $ | 631,194 |
Goodwill additions | 1,853 |  |  | 251 |  |  | — |  |  | (59) |  |  | 2,045 |
Goodwill impairments | — |  |  | (93,000) |  |  | — |  |  | — |  |  | (93,000) |
Currency translation and other adjustments | 23 |  |  | (8,204) |  |  | (12,083) |  |  | (4,967) |  |  | (25,231) |
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 and other adjustments | 3,507 |  |  | (338) |  |  | (5,659) |  |  | — |  |  | (2,490) |
Balance as of December 31, 2023 | $ | 283,103 |  |  | $ | 65,940 |  |  | $ | 163,475 |  |  | $ | — |  |  | $ | 512,518 |
Gross carrying amounts and accumulated amortization for definite-lived intangible assets as of December 31, 2023 and 2022 were as follows:
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Customer lists and rights to sell | $ | 841,562 |  |  | $ | 831,600 |  |  | $ | 243,872 |  |  | $ | 191,286 |  |  | $ | 597,690 |  |  | $ | 640,314 |
Trademarks, formulations and product technology | 161,613 |  |  | 158,564 |  |  | 55,879 |  |  | 46,281 |  |  | 105,734 |  |  | 112,283 |
Other | 5,892 |  |  | 7,576 |  |  | 5,776 |  |  | 6,390 |  |  | 116 |  |  | 1,186 |
Total definite-lived intangible assets | $ | 1,009,067 |  |  | $ | 997,740 |  |  | $ | 305,527 |  |  | $ | 243,957 |  |  | $ | 703,540 |  |  | $ | 753,783 |
The Company recorded $58.2 million, $57.5 million and $59.9 million of amortization expense during the years ended December 31, 2023, 2022 and 2021, respectively. Amortization is recorded within SG&A in the Company’s Consolidated Statements of Operations. Estimated annual aggregate amortization expense for the subsequent five years is as follows:
For the year ended December 31, 2024 | $ | 57,839 |
For the year ended December 31, 2025 | 57,150 |
For the year ended December 31, 2026 | 56,854 |
For the year ended December 31, 2027 | 56,513 |
For the year ended December 31, 2028 | 56,047 |
The Company has four indefinite-lived intangible assets totaling $193.2 million as of December 31, 2023, including $192.1 million of indefinite-lived intangible assets for trademarks and tradename associated with the Combination. Comparatively, the Company had four indefinite-lived intangible assets for trademarks and tradename totaling $189.1 million as of December 31, 2022. 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 in one or more of its reporting units. During the fourth quarter of 2022, the Company recorded a non-cash impairment charge of $93.0 million to write down the carrying value of the EMEA reporting unit Goodwill to its estimated fair values. 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. Additionally, the Company completed its annual impairment assessment as of October 1, 2023 and concluded no impairment existed. See Note 23 for additional information. The Company continually evaluates financial performance, economic conditions and other recent developments in assessing if a triggering event indicates that the carrying values of goodwill, indefinite-lived, or long-lived assets might be impaired. Notwithstanding the results of the Company’s impairment assessments during 2023, if the Company is unable to maintain the actions aimed at improving the financial performance of the EMEA reporting unit, or interest rates continue to rise, which leads to an increase in the cost of capital, then these conditions could result in a triggering event for the EMEA reporting unit. This assessment could result in an impairment of the EMEA reporting unit’s remaining goodwill, indefinite-lived intangible assets, or long-lived assets.

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