Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Note 6: Goodwill and Other Intangible Assets

The following table summarizes the changes in the carrying amount of goodwill by segment (in millions):


	Americas		EMEA		APAC		Total
Balance as of December 31, 2022	$	1,516.8	$	305.9	$	242.8	$	2,065.5
Dispositions	—		(0.7)		(1.6)		(2.3)
Effect of movements in exchange rates and other	1.5		15.6		0.6		17.7
Balance as of December 31, 2023	$	1,518.3	$	320.8	$	241.8	$	2,080.9
Dispositions	(44.4)		—		—		(44.4)
Effect of movements in exchange rates and other	(4.7)		(11.4)		(22.1)		(38.2)
Balance as of December 31, 2024	$	1,469.2	$	309.4	$	219.7	$	1,998.3

Portions of goodwill are denominated in currencies other than the U.S. dollar; therefore, a portion of the movements in the reported book value of these balances is attributable to movements in foreign currency exchange rates.

The Company identified four reporting units: Americas, C&W Services, EMEA and APAC. The Americas and C&W Services reporting units comprise the Americas reportable segment. For the year ended December 31, 2024, the Company considered qualitative and quantitative factors while performing the annual impairment assessment of goodwill as of October 1, 2024. The Company performed a qualitative, Step Zero, assessment for the C&W Services, EMEA and APAC reporting units and concluded it was not more likely than not that the RU was impaired. In performing Step One of the goodwill impairment analysis over its Americas reporting unit, the Company relied on both an income approach, using a discounted cash flow (“DCF”) model, and market approach, using market multiples obtained from quoted prices of comparable companies, to determine the estimated fair value of the

reporting unit. The DCF analysis incorporated significant judgments related to the selection of certain assumptions used to present value the estimated future cash flows, specifically, the discount rate, forecasted revenue growth rates, and forecasted profitability margins.

For the years ended December 31, 2024, 2023 and 2022, the annual impairment assessment of goodwill has been completed resulting in no impairment charges, as the estimated fair value of each of the identified reporting units was in excess of its carrying value when Step One was performed, and we concluded it was not more likely than not that the identified reporting units were impaired when Step Zero was performed. It is possible that our determination that goodwill for a reporting unit is not impaired could change in the future if current economic conditions or other conditions deteriorate or the operating performance or future prospects for a particular reporting unit declines.

The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions):


		As of December 31, 2024
	Useful Life (in years)	Gross Value		Accumulated Amortization		Net Value
C&W trade name	Indefinite	$	546.0	$	—	$	546.0
Customer relationships	5 - 15	1,248.9		(1,104.8)		144.1
Other intangible assets	n/a	15.2		(15.2)		—
Total intangible assets		$	1,810.1	$	(1,120.0)	$	690.1

		As of December 31, 2023
	Useful Life (in years)	Gross Value		Accumulated Amortization		Net Value
C&W trade name	Indefinite	$	546.0	$	—	$	546.0
Customer relationships	2 - 15	1,375.2		(1,115.7)		259.5
Other intangible assets	5	15.3		(14.9)		0.4
Total intangible assets		$	1,936.5	$	(1,130.6)	$	805.9

Amortization expense was $45.9 million, $64.2 million and $64.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. The estimated annual future amortization expense for each of the years ending December 31, 2025 through December 31, 2029 is $38.7 million, $35.1 million, $25.1 million, $14.0 million and $12.2 million, respectively.

No material impairments of intangible assets were recorded during the years ended December 31, 2024, 2023 and 2022.

During the year ended December 31, 2024, the Company disposed of customer relationships, net of $67.2 million in relation to the sale of a non-core Services business. Refer to Note 7: Disposition for additional information.