Goodwill and other intangible assets

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020 were as follows:

	Americas		EMEA		Asia		OEM		Total
Balance as of December 31, 2019
Goodwill	$	1,883,053	$	475,772	$	213,725	$	4,883	$	2,577,433
Accumulated impairment losses	(332,128)		—		—		—		(332,128)
	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
Goodwill disposed	(21,802)		(7,537)		(6,406)		—		(35,745)
Goodwill related to acquisitions	(1,560)		(232)		(163)		—		(1,955)
Translation and other adjustments	(696)		(36,310)		(7,058)		—		(44,064)
Balance as of December 31, 2021	$	1,676,224	$	492,149	$	223,819	$	112,010	$	2,504,202

Intangible assets at December 31, 2021 and 2020 consisted of the following:

	Gross Carrying Amount				Accumulated Amortization
	2021		2020		2021		2020
Customer relationships	$	1,328,611	$	1,377,943	$	(441,059)	$	(425,692)
In-process research and development	28,158		29,627		—		—
Intellectual property	1,440,643		1,458,924		(560,740)		(479,612)
Distribution rights	23,434		23,866		(20,630)		(20,280)
Trade names	549,269		619,847		(59,249)		(65,955)
Non-compete agreements	22,783		24,592		(22,153)		(23,514)
	$	3,392,898	$	3,534,799	$	(1,103,831)	$	(1,015,053)

As of December 31, 2021, trade names having a carrying value of $234.7 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 $165.6 million, $158.7 million, and $150.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. The estimated annual amortization expense for each of the five succeeding years is as follows:

2022	$	160,600
2023	154,800
2024	153,000
2025	151,800
2026	148,800