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Note 8 - Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
| 8. | Goodwill and Intangible Assets
For purposes of performing our goodwill impairment analysis, we have identified our reporting units as North America, Latin America, EMEA and APAC. In 2021, the Coatings reporting unit was sold and is no longer considered a reporting unit. We have the option of first analyzing qualitative factors to determine whether it is more likely than not that the fair value of any reporting unit is less than its carrying amount, and in 2021 we performed the qualitative goodwill test on all reporting units except for EMEA, for which we performed a quantitative goodwill test. In 2020, we elected to perform the quantitative goodwill test on all reporting units. Based on our analysis, we determined that there was no goodwill impairment as of December 31, 2021 and 2020. The changes in the carrying amount of goodwill are as follows:
|  |  |  |  |  | Accumulated |  |  |  |  |
|  |  |  |  |  | Impairment |  |  |  |  |
|  | Goodwill |  |  | Losses |  |  | Total |
Balance as of December 31, 2021 |  | $ | 233.9 |  |  | $ | (40.8 | ) |  | $ | 193.1 |
Divestiture |  |  | (1.7 | ) |  |  | — |  |  |  | (1.7 | )
Foreign currency fluctuations |  |  | (13.9 | ) |  |  | 0.9 |  |  |  | (13.0 | )
Balance as of December 31, 2020 |  | $ | 249.5 |  |  | $ | (41.7 | ) |  | $ | 207.8 |
Foreign currency fluctuations |  |  | 14.4 |  |  |  | (1.7 | ) |  |  | 12.7 |
Balance as of December 31, 2019 |  | $ | 235.1 |  |  | $ | (40.0 | ) |  | $ | 195.1 |
The balances of acquired intangible assets, excluding goodwill, are as follows:
|  | Customer |  |  | Trade |  |  |  |  |  |  |  |  |
|  | Lists |  |  | Names |  |  | Technology |  |  | Total |
Balance as of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Original cost |  | $ | 155.4 |  |  | $ | 30.3 |  |  | $ | 17.0 |  |  | $ | 202.7 |
Accumulated amortization |  |  | (80.0 | ) |  |  | (13.9 | ) |  |  | (10.8 | ) |  |  | (104.7 | )
Carrying amount |  | $ | 75.4 |  |  | $ | 16.4 |  |  | $ | 6.2 |  |  | $ | 98.0 |
Weighted-average original life (in years) |  |  | 15 |  |  |  | 11 |  |  |  | 11 |  |  |  |  |
Balance as of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Original cost |  | $ | 166.2 |  |  | $ | 34.4 |  |  | $ | 17.9 |  |  | $ | 218.5 |
Accumulated amortization |  |  | (70.3 | ) |  |  | (12.3 | ) |  |  | (9.7 | ) |  |  | (92.3 | )
Carrying amount |  | $ | 95.9 |  |  | $ | 22.1 |  |  | $ | 8.2 |  |  | $ | 126.2 |
Weighted-average original life (in years) |  |  | 15 |  |  |  | 11 |  |  |  | 11 |  |  |  |  |
In 2021, we divested identified intangible assets, excluding goodwill, with a carrying value of $0.9 million and $1.4 million in the categories of customer lists and trade names, respectively, as a result of the sale of the Coatings business discussed in Note 5. Amortization expense of intangible assets was $20.0 million, $20.8 million and $22.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. Estimated aggregate amortization expense based on the current carrying amount of amortizable intangible assets for each of the five succeeding years is as follows:
2022 |  | $ | 16.9 |
2023 |  |  | 15.4 |
2024 |  |  | 13.9 |
2025 |  |  | 12.5 |
2026 |  |  | 11.1 |
Thereafter |  |  | 28.2 |
Total |  | $ | 98.0 |

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