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Goodwill and Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of changes in the carrying amount of 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

 

Summary of 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