Goodwill and Other Intangible Assets, net

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, net

Goodwill


	Reporting Units
In millions	Performance Chemicals		Performance Materials		Total
December 31, 2021	$	437.7	$	4.3	$	442.0

Foreign currency translation	(54.4)		—		(54.4)
September 30, 2022	$	383.3	$	4.3	$	387.6

There were no interim triggering events or circumstances indicating that goodwill might be impaired as of September 30, 2022.

Other Intangible Assets


	September 30, 2022						December 31, 2021
In millions	Gross		Accumulated amortization		Net		Gross		Accumulated amortization		Net
Customer contracts and relationships	$	288.7	$	105.0	$	183.7	$	317.8	$	95.0	$	222.8
Brands (1)	69.4		21.5		47.9		81.7		20.3		61.4
Developed technology	60.4		19.8		40.6		72.2		18.8		53.4
Other	—		—		—		0.5		0.5		—
Other intangibles, net (2)	$	418.5	$	146.3	$	272.2	$	472.2	$	134.6	$	337.6

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(1) Represents trademarks, trade names, and know-how.

(2) The majority of our Other intangibles, net are held in British Pound Sterling (GBP) and changes period over period are primarily driven by foreign currency fluctuations between GBP and USD.

Intangible assets subject to amortization were allocated among our business segments as follows:


In millions	September 30, 2022		December 31, 2021
Performance Materials	$	1.7	$	1.9
Performance Chemicals	270.5		335.7
Other intangibles, net	$	272.2	$	337.6

Amortization expense related to our intangible assets is included in Selling, general and administrative expenses on the condensed consolidated statement of operations. During the three and nine months ended September 30, 2022, we recognized amortization expense of $7.9 million and $23.8 million, respectively, and during the three and nine months ended September 30, 2021, we recognized amortization expense of $8.3 million and $25.1 million, respectively.

Based on the current carrying values of intangible assets, estimated pre-tax amortization expense for the next five years is as follows: 2022 - $31.7 million, 2023 - $31.7 million, 2024 - $31.4 million, 2025 - $31.4 million, and 2026 - $31.4 million. The estimated pre-tax amortization expense may fluctuate due to changes in foreign currency exchange rates.