Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

7.Goodwill and Intangible Assets

Goodwill

The following table sets forth the changes in the carrying amount of goodwill (in millions):

Balance at December 31, 2023	$	582.6
Current period additions/adjustments		876.1
Foreign currency effect		(14.9	)
Balance at June 30, 2024	$	1,443.8

Intangible Assets

The following is a summary of intangible assets (in millions):

	June 30, 2024							December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Existing technology and related patents	$	742.0	$	(264.0	)	$	478.0	$	428.3	$	(250.4	)	$	177.9
Customer relationships		586.7		(106.5	)	$	480.2		227.4		(93.5	)		133.9
Trade names		66.9		(12.8	)	$	54.1		28.4		(10.1	)		18.3
Other		16.7		(4.7	)	$	12.0		2.2		(1.8	)		0.4
Intangible assets	$	1,412.3	$	(388.0	)	$	1,024.3	$	686.3	$	(355.8	)	$	330.5

For the three months ended June 30, 2024, and 2023, the Company recorded amortization expense of $25.1 million and $11.2 million, respectively, related to intangible assets subject to amortization. For the six months ended June 30, 2024, and 2023, the Company recorded amortization expense of $41.3 million and $21.9 million, respectively, related to intangible assets subject to amortization.

On a quarterly basis, the Company reviews its goodwill and intangible assets to determine if there have been any triggering events that could indicate an impairment. See Note 14, Other Charges, Net for discussion related to the impairment of other long-lived assets in connection with BCA and other restructuring plans for the three and six months ended June 30, 2024. There were no triggering events noted for the three and six months ended June 30, 2023.