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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
In connection with the Company’s reorganization and the associated change in reportable segments and reporting units during the first quarter of 2023, the Company reallocated goodwill previously held by the former Global Specialty Businesses segment to the remaining business segments as of January 1, 2023. Changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 were as follows:
AmericasEMEAAsia/PacificGlobal Specialty BusinessesTotal
Balance as of December 31, 2021$214,023 $135,520 $162,458 $119,193 $631,194 
Goodwill additions1,853 251 — (59)2,045 
Goodwill impairments— (93,000)— — (93,000)
Currency translation and other adjustments23 (8,204)(12,083)(4,967)(25,231)
Balance as of December 31, 2022215,899 34,567 150,375 114,167 515,008 
Reallocation of reporting units63,697 31,711 18,759 (114,167)— 
Balance as of January 1, 2023279,596 66,278 169,134 — 515,008 
Currency translation and other adjustments3,507 (338)(5,659)— (2,490)
Balance as of December 31, 2023$283,103 $65,940 $163,475 $— $512,518 
Gross carrying amounts and accumulated amortization for definite-lived intangible assets as of December 31, 2023 and 2022 were as follows:
Gross Carrying
Amount		Accumulated
Amortization		Net Book Value
202320222023202220232022
Customer lists and rights to sell$841,562 $831,600 $243,872 $191,286 $597,690 $640,314 
Trademarks, formulations and product technology161,613 158,564 55,879 46,281 105,734 112,283 
Other5,892 7,576 5,776 6,390 116 1,186 
Total definite-lived intangible assets$1,009,067 $997,740 $305,527 $243,957 $703,540 $753,783 
The Company recorded $58.2 million, $57.5 million and $59.9 million of amortization expense during the years ended December 31, 2023, 2022 and 2021, respectively. Amortization is recorded within SG&A in the Company’s Consolidated Statements of Operations. Estimated annual aggregate amortization expense for the subsequent five years is as follows:
For the year ended December 31, 2024$57,839 
For the year ended December 31, 202557,150 
For the year ended December 31, 202656,854 
For the year ended December 31, 202756,513 
For the year ended December 31, 202856,047 
The Company has four indefinite-lived intangible assets totaling $193.2 million as of December 31, 2023, including $192.1 million of indefinite-lived intangible assets for trademarks and tradename associated with the Combination. Comparatively, the Company had four indefinite-lived intangible assets for trademarks and tradename totaling $189.1 million as of December 31, 2022.
The Company completes its annual goodwill and indefinite-lived intangible asset impairment test during the fourth quarter of each year, or more frequently if triggering events indicate a possible impairment in one or more of its reporting units. During the fourth quarter of 2022, the Company recorded a non-cash impairment charge of $93.0 million to write down the carrying value of the EMEA reporting unit Goodwill to its estimated fair values. In connection with the Company’s reorganization and the associated change in reportable segments and reporting units during the first quarter of 2023, the Company performed the required impairment assessments directly before and immediately after the change in reporting units and concluded that it was not more likely than not that the fair values of any of the Company’s previous or new reporting units were less than their respective carrying amounts. Additionally, the Company completed its annual impairment assessment as of October 1, 2023 and concluded no impairment existed. See Note 23 for additional information.
The Company continually evaluates financial performance, economic conditions and other recent developments in assessing if a triggering event indicates that the carrying values of goodwill, indefinite-lived, or long-lived assets might be impaired. Notwithstanding the results of the Company’s impairment assessments during 2023, if the Company is unable to maintain the actions aimed at improving the financial performance of the EMEA reporting unit, or interest rates continue to rise, which leads to an increase in the cost of capital, then these conditions could result in a triggering event for the EMEA reporting unit. This assessment could result in an impairment of the EMEA reporting unit’s remaining goodwill, indefinite-lived intangible assets, or long-lived assets.