GOODWILL AND INTANGIBLE ASSETS, NET
 3 Months Ended
Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL
GOODWILL AND INTANGIBLE ASSETS, NET

An analysis of changes in the Company’s goodwill by business segment is as follows (in millions):
 
AWP
 
Construction
 
Cranes
 
MHPS
 
MP
 
Total
Balance at December 31, 2014, gross
$
138.5

 
$
132.8

 
$
217.6

 
$
642.8

 
$
198.1

 
$
1,329.8

Accumulated impairment
(38.6
)
 
(132.8
)
 
(4.2
)
 
—

 
(23.2
)
 
(198.8
)
Balance at December 31, 2014, net
99.9

 
—

 
213.4

 
642.8

 
174.9

 
1,131.0

Foreign exchange effect and other
(1.8
)
 
—

 
(15.2
)
 
(75.1
)
 
(7.4
)
 
(99.5
)
Balance at March 31, 2015, gross
136.7


132.8

 
202.4

 
567.7

 
190.7

 
1,230.3

Accumulated impairment
(38.6
)
 
(132.8
)
 
(4.2
)
 
—

 
(23.2
)
 
(198.8
)
Balance at March 31, 2015, net
$
98.1

 
$
—

 
$
198.2

 
$
567.7

 
$
167.5

 
$
1,031.5



Due to uncertainty and short-term volatility in the materials processing market, the Company reviewed the MP reporting unit at March 31, 2015 to determine if the results would be significantly different from its annual October 1 test. The MP reporting unit’s fair value exceeded its carrying value by approximately 17%. The Company did not find evidence of impairment at March 31, 2015, but will continue to monitor the performance of the MP reporting unit and update the test as circumstances warrant. If the MP reporting unit is unable to achieve its projected cash flows, the outcome of any prospective tests may result in the Company recording goodwill impairment charges in future periods. The amount of goodwill in the MP reporting unit was $167.5 million as of March 31, 2015.

Intangible assets, net were comprised of the following as of March 31, 2015 and December 31, 2014 (in millions):
 
 
 
March 31, 2015
 
December 31, 2014
 
Weighted Average Life
(in years)
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Definite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Technology
6
 
$
52.3

 
$
(35.8
)
 
$
16.5

 
$
58.8

 
$
(38.4
)
 
$
20.4

Customer Relationships
16
 
227.6

 
(75.0
)
 
152.6

 
251.9

 
(78.4
)
 
173.5

Land Use Rights
57
 
18.0

 
(1.9
)
 
16.1

 
18.0

 
(1.8
)
 
16.2

Other
7
 
47.0

 
(37.9
)
 
9.1

 
44.6

 
(38.2
)
 
6.4

Total definite-lived intangible assets
 
 
$
344.9

 
$
(150.6
)
 
$
194.3

 
$
373.3

 
$
(156.8
)
 
$
216.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Indefinite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Tradenames
 
 
$
96.6

 
 
 
 
 
$
108.9

 
 
 
 
Total indefinite-lived intangible assets
 
 
$
96.6

 
 
 
 
 
$
108.9

 

 
 


 
Three Months Ended
March 31,
(in millions)
2015
 
2014
Aggregate Amortization Expense
$
6.3

 
$
9.7



Estimated aggregate intangible asset amortization expense (in millions) for each of the five years below is:
2015
$
26.0

2016
$
24.1

2017
$
19.7

2018
$
15.1

2019
$
14.8