Goodwill and other intangible assets

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 were as follows:

	Americas		EMEA		Asia		OEM		Total
Balance as of December 31, 2020
Goodwill	$	2,032,410	$	536,228	$	237,446	$	112,010	$	2,918,094
Accumulated impairment losses	(332,128)		—		—		—		(332,128)
	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
Goodwill related to acquisitions	53,970		7,281		10,169		—		71,420
Translation and other adjustments	899		(30,906)		(8,885)		—		(38,892)
Balance as of December 31, 2022	$	1,731,093	$	468,524	$	225,103	$	112,010	$	2,536,730

Intangible assets at December 31, 2022 and 2021 consisted of the following:

	Gross Carrying Amount				Accumulated Amortization
	2022		2021		2022		2021
Customer relationships	$	1,328,539	$	1,328,611	$	(497,335)	$	(441,059)
In-process research and development	27,075		28,158		—		—
Intellectual property	1,599,355		1,440,643		(646,643)		(560,740)
Distribution rights	23,115		23,434		(21,090)		(20,630)
Trade names	564,023		549,269		(71,128)		(59,249)
Non-compete agreements	21,429		22,783		(21,175)		(22,153)
	$	3,563,536	$	3,392,898	$	(1,257,371)	$	(1,103,831)

As of December 31, 2022, trade names having a carrying value of $230.3 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 $164.1 million, $165.6 million, and $158.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. The estimated annual amortization expense for each of the five succeeding years is as follows:

2023	$	167,100
2024	165,000
2025	164,100
2026	161,300
2027	158,100