XML 31 R18.htm IDEA: XBRL DOCUMENT v3.22.0.1
Other Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Other Intangible Assets
Note 9.     Other Intangible Assets
The following table analyzes other intangible assets movement for 2021 and 2020.
 
(in millions)
   
2021
     
2020
  
Gross cost at January 1
    $ 298.9      $ 294.8  
Exchange effect
      (3.7 )       4.1  
    
 
 
     
 
 
  
Gross cost at December 31
      295.2        298.9  
    
 
 
     
 
 
  
Accumulated amortization at January 1
      (223.6 )       (181.3 ) 
Amortization expense
      (16.0 )       (20.9 ) 
Impairment
      —          (19.8 ) 
Exchange effect
      1.9        (1.6 ) 
    
 
 
     
 
 
  
Accumulated amortization at December 31
      (237.7 )       (223.6 ) 
    
 
 
     
 
 
  
Net book amount at December 31
    $ 57.5      $ 75.3  
    
 
 
     
 
 
  
Amortization expense
The amortization expense was $16.0 million, $20.9 million and $23.0 million in 2021, 2020 and 2019, respectively. Excluding the impact of foreign exchange translation on the balance sheet, $2.3 million, $2.9 million and $3.4 million of amortization, respectively, was recognized in cost of goods sold, and the remainder was recognized in selling, general and administrative expenses.
During the quarter ended June 30, 2020, the Company performed an impairment review over the assets of each operating segment. This indicated the fair values substantially exceeded the carrying values for all operating segments. Further, the Company also performed an impairment review over each of the businesses within the Oilfield Services segment, as a result of reduction in demand for drilling related products. A discounted cash flow analysis was performed to determine the fair value of the assets. This indicated that the intangible assets arising from the acquisition of Strata Control Services Inc. were impaired. The impaired

assets relate to technology ($10.0 million) and customer relationships ($9.8 million). There was no impairment indicated on the other businesses within the Oilfield Services operating segment.
Other intangible assets at December 31, 2021 were:
 
(in millions)
   
Gross
carrying
amount
 
   
Accumulated
amortization

  
Product rights
    $ 34.0      $ (31.5 )
Brand names
      8.9        (7.2 )
Technology
      55.1        (37.7 )
Customer relationships
      125.3        (90.7 )
Internally developed software
      43.1        (41.8 )
Other
 
 
28.8
 
 
 
(28.8
)
 
    
 
 
     
 
 
  
     $ 295.2      $ (237.7 )
    
 
 
     
 
 
  
Other intangible assets at December 31, 2020 were:
 
(in millions)
  
Gross
carrying
amount
 
  
Accumulated
amortization
 
Product rights
  
$
34.0
 
  
$
(27.7
) 
Brand names
  
 
8.9
 
  
 
(6.6
) 
Technology
  
 
55.1
 
  
 
(35.4
) 
Customer relationships
  
 
128.3
 
  
 
(84.0
) 
Internally developed software
  
 
43.4
 
  
 
(40.7
) 
Other
  
 
29.2
 
  
 
(29.2
) 
 
  
 
 
 
  
 
 
 
 
  
$
298.9
 
  
$
(223.6
) 
 
  
 
 
 
  
 
 
 
Future amortization expense is estimated to be as follows for the next five years:
 
(in millions)
       
2022
    $ 14.5  
2023
    $ 11.2  
2024
    $ 10.4  
2025
    $ 7.4  
2026
    $ 7.3