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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 7 — GOODWILL AND OTHER INTANGIBLE ASSETS The following table summarizes the changes in the carrying amount of goodwill in total and by reportable segment during the years ended December 31, 2024 and 2023:
| Material Handling |  |  | Construction Equipment |  |  | Master Distribution |  |  | Total |
Balance, December 31, 2022 | $ | 13.6 |  |  | $ | 38.0 |  |  | $ | 17.6 |  |  | $ | 69.2 |
Additions |  | 1.1 |  |  |  | 5.4 |  |  |  | — |  |  |  | 6.5 |
Adjustments to purchase price allocations |  | 0.3 |  |  |  | — |  |  |  | 0.7 |  |  |  | 1.0 |
Balance, December 31, 2023 | $ | 15.0 |  |  | $ | 43.4 |  |  | $ | 18.3 |  |  | $ | 76.7 |
Adjustments to purchase price allocations |  | — |  |  |  | 1.4 |  |  |  | — |  |  |  | 1.4 |
Translation adjustments |  | (0.3 | ) |  |  | (0.3 | ) |  |  | — |  |  |  | (0.6 | )
Balance, December 31, 2024 | $ | 14.7 |  |  | $ | 44.5 |  |  | $ | 18.3 |  |  | $ | 77.5 |
The Company reviewed our goodwill for impairment and determined that none of the goodwill was impaired during the years ended December 31, 2024, 2023 and 2022. See Note 2, Summary of Significant Accounting Policies, for more information on the impairment testing. Other intangible assets, net consisted of the following:
| December 31, 2024 |
| Weighted Average Remaining Life (in years) |  |  | Gross carrying amount |  |  | Accumulated amortization |  |  | Net carrying amount |
Customer and supplier relationships |  | 6.6 |  |  | $ | 72.4 |  |  | $ | (24.3 | ) |  | $ | 48.1 |
Other intangibles |  | 3.0 |  |  |  | 14.3 |  |  |  | (7.7 | ) |  |  | 6.6 |
Total |  | 6.1 |  |  | $ | 86.7 |  |  | $ | (32.0 | ) |  | $ | 54.7 |
| December 31, 2023 |
| Weighted Average Remaining Life (in years) |  |  | Gross carrying amount |  |  | Accumulated amortization |  |  | Net carrying amount |
Customer and supplier relationships |  | 7.6 |  |  | $ | 73.6 |  |  | $ | (16.8 | ) |  | $ | 56.8 |
Other intangibles |  | 3.9 |  |  |  | 14.6 |  |  |  | (5.1 | ) |  |  | 9.5 |
Total |  | 7.0 |  |  | $ | 88.2 |  |  | $ | (21.9 | ) |  | $ | 66.3 |
Amortization of intangible assets was $10.1 million, $8.9 million, and $5.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Company reviewed our finite-lived intangible assets for impairment and determined that none of the assets were impaired during the years ended December 31, 2024, 2023 and 2022. See Note 2, Summary of Significant Accounting Policies, for more information on the impairment testing. As of December 31, 2024, estimated amortization expense for intangible assets for each of the next five years and thereafter was as follows:
Years ending December 31, | Amount |
2025 | $ | 9.9 |
2026 |  | 9.7 |
2027 |  | 8.9 |
2028 |  | 8.1 |
2029 |  | 7.3 |
Thereafter |  | 10.8 |
Total | $ | 54.7 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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