Goodwill and other intangible assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

Goodwill and other intangible assets

Changes in the carrying amount of goodwill, by reportable operating segment, for the years ended December 31, 2020 and 2019 were as follows:

	Americas		EMEA		Asia		OEM		Total
Balance as of December 31, 2018
Goodwill	$	1,881,662	$	480,615	$	211,547	$	4,883	$	2,578,707
Accumulated impairment losses	(332,128)		—		—		—		(332,128)
	1,549,534		480,615		211,547		4,883		2,246,579
Goodwill related to acquisitions	439		189		1,205		—		1,833
Translation and other adjustments	952		(5,032)		973		—		(3,107)
Balance as of December 31, 2019	1,550,925		475,772		213,725		4,883		2,245,305
Goodwill related to acquisitions	149,877		22,364		15,698		107,127		295,066
Translation and other adjustments	(520)		38,092		8,023		—		45,595
Balance as of December 31, 2020	$	1,700,282	$	536,228	$	237,446	$	112,010	$	2,585,966

Intangible assets at December 31, 2020 and 2019 consisted of the following:

	Gross Carrying Amount				Accumulated Amortization
	2020		2019		2020		2019
Customer relationships	$	1,377,943	$	1,021,852	$	(425,692)	$	(367,585)
In-process research and development	29,627		27,940		—		—
Intellectual property	1,458,924		1,351,990		(479,612)		(402,340)
Distribution rights	23,866		23,369		(20,280)		(18,859)
Trade names	619,847		563,315		(65,955)		(50,718)
Non-compete agreements	24,592		22,618		(23,514)		(15,297)
	$	3,534,799	$	3,011,084	$	(1,015,053)	$	(854,799)

As of December 31, 2020, trade names having a carrying value of $239.1 million are considered indefinite-lived. Acquired IPR&D is indefinite-lived until the completion of the related development project, at which point amortization of the carrying value of the technology will commence.

Amortization expense related to intangible assets was $158.7 million, $150.0 million, and $149.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. Estimated annual amortization expense for each of the five succeeding years is as follows:

2021	$	167,000
2022	165,300
2023	160,300
2024	159,100
2025	158,100