Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

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

Balance as of December 31, 2022	$	1,916.3
Acquisitions	35.6
Translation and other adjustments	0.7
Balance as of December 31, 2023	1,952.6
Acquisitions	144.7
Translation and other adjustments	(2.6)
Balance as of December 31, 2024	$	2,094.7

The changes in the carrying amount of goodwill for the year ended December 31, 2024 were driven primarily by the Company’s recent acquisitions. See Note 3 for additional information.

Intangible Assets

The amortizable intangible asset lives generally range from 1 to 20 years. The following table summarizes intangible assets by category (in millions, except time periods):

	December 31,				Weighted-Average Remaining Life1
	2024		2023		(Years)
Amortizable intangible assets:
Customer relationships and other	$	1,410.5	$	1,238.9	16.1
Trademarks	—		5.6		—
Total amortizable intangible assets	1,410.5		1,244.5		16.1
Accumulated amortization	(936.7)		(850.8)
Total amortizable intangible assets, net	473.8		393.7
Indefinite-lived trademarks	15.3		9.8
Total intangibles, net	$	489.1	$	403.5

1.As of December 31, 2024.

Amortization expense relating to the above-listed intangible assets for the years ended December 31, 2024, 2023, and 2022 was $91.9 million, $85.0 million, and $84.1 million, respectively.

The following table summarizes the estimated future amortization expense for intangible assets (in millions):

Year Ending December 31,
2025	$	83.8
2026	72.6
2027	61.5
2028	50.5
2029	41.4
Thereafter	164.0
Total future amortization expense	$	473.8