OTHER INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2021

Intangible Assets, Net (Excluding Goodwill) [Abstract]

OTHER INTANGIBLE ASSETS, NET

9. OTHER INTANGIBLE ASSETS, NET

Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, and trademarks. Intangible assets are amortized over useful lives that generally range between 1 and 20 years.

The following tables present the cumulative composition of the Corporation’s intangible assets as of December 31, 2021 and December 31, 2020, respectively.

	2021						2020
(In thousands)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Technology (2)	$	274,615	$	(164,077)	$	110,538	$	280,595	$	(148,064)	$	132,531
Customer related intangibles (2)	568,720		(270,816)		297,904		573,722		(239,798)		333,924
Programs (1)	144,000		(27,000)		117,000		144,000		(19,800)		124,200
Other intangible assets	49,559		(36,924)		12,635		51,493		(32,518)		18,975
Total	$	1,036,894	$	(498,817)	$	538,077	$	1,049,810	$	(440,180)	$	609,630

(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program.

(2) During the year ended December 31, 2020, the Corporation recognized an impairment loss of $18 million pertaining to technology and customer-related intangibles of its industrial valve business in Germany, which was classified as held for sale during the fourth quarter of 2020.

During the year ended December 31, 2020, the Corporation acquired intangible assets of $204.4 million as a result of the Corporation's PacStar, IADS, and Dyna-Flo acquisitions, which included Customer-related intangibles of $159.9 million, Technology of $34.6 million, and Other intangible assets of $9.9 million. The weighted average amortization periods for these aforementioned intangible assets are 16.4 years, 8.9 years, and 7.1 years, respectively. During the year ended December 31, 2021, the Corporation did not acquire any intangible assets. However, as a result of finalizing the purchase price allocation related to the Corporation's acquisition of PacStar, approximately $12 million of intangible assets were reclassified to goodwill during 2021.

Amortization expense for the years ended December 31, 2021, 2020, and 2019 was $60 million, $61 million, and $45 million, respectively. The estimated future amortization expense of intangible assets over the next five years is as follows:

(In millions)
2022	$	55
2023	$	52
2024	$	48
2025	$	45
2026	$	44