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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill
The changes in the carrying amount of goodwill attributable to each reportable segment for the years ended December 31, 2024 and 2023 are as follows.
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Balance as of December 31, 2022
$4,222.5 $1,841.7 $6,064.2 
Acquisitions509.1 2.4 511.5 
Foreign currency translation and other(1)
21.9 12.1 34.0 
Balance as of December 31, 2023
4,753.5 1,856.2 6,609.7 
Acquisitions263.9 1,404.3 1,668.2 
Foreign currency translation and other(1)
(86.7)(43.1)(129.8)
Balance as of December 31, 2024
$4,930.7 $3,217.4 $8,148.1 
(1)Includes measurement period adjustments.
The Company acquired multiple businesses during the year ended December 31, 2024. The excess of the purchase price over the estimated fair values of intangible assets, identifiable assets and assumed liabilities was recorded as goodwill. The allocation of the purchase price was preliminary for certain of these acquisitions and is subject to refinement based on final fair values of the identified assets acquired and liabilities assumed. The goodwill attributable to these businesses is as follows. 
2024 Acquisitions
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
ILC Dover$— $1,309.8 $1,309.8 
Friulair69.2 — 69.2 
APSCO51.6 — 51.6 
Other acquisitions143.1 94.5 237.6 
$263.9 $1,404.3 $1,668.2 
The Company acquired several businesses during the year ended December 31, 2023. The excess of the purchase price over the estimated fair values of intangible assets, identifiable assets and assumed liabilities was recorded as goodwill. The goodwill attributable to these businesses is as follows. 
2023 Acquisitions
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Air Treatment$279.9 $— $279.9 
Roots106.6 — 106.6 
Other acquisitions122.6 2.4 125.0 
$509.1 $2.4 $511.5 
As of December 31, 2024 and 2023, goodwill included a total of $220.6 million of accumulated impairment losses within the Industrial Technologies and Services segment related to impairments recognized in and prior to 2015.
Goodwill Impairment Tests
Consistent with our accounting policy described in Note 1, we performed our annual goodwill impairment testing as of the first day of our fiscal fourth quarters of 2024, 2023 and 2022. For the years ended December 31, 2024, 2023 and 2022, each reporting unit’s fair value was in excess of its net carrying value, and therefore, no goodwill impairment was recorded.
Other Intangible Assets
Other intangible assets as of December 31, 2024 and 2023 consisted of the following.
December 31, 2024December 31, 2023
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortized intangible assets:
Customer lists and relationships$4,010.1 $(1,830.1)$2,180.0 $3,279.3 $(1,585.4)$1,693.9 
Technology549.1 (243.3)305.8 413.8 (178.9)234.9 
Tradenames63.6 (32.4)31.2 52.2 (27.9)24.3 
Backlog4.3 (4.2)0.1 3.0 (1.3)1.7 
Other128.5 (112.1)16.4 117.1 (104.1)13.0 
Unamortized intangible assets:
Tradenames1,839.3 — 1,839.3 1,643.3 — 1,643.3 
Total other intangible assets$6,594.9 $(2,222.1)$4,372.8 $5,508.7 $(1,897.6)$3,611.1 
Amortization of intangible assets was $373.0 million, $367.5 million and $347.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. Amortization of intangible assets is anticipated to be approximately $375 million in 2025, $315 million in each of 2026 and 2027, $275 million in 2028 and $220 million in 2029 based upon currency exchange rates as of December 31, 2024.
Other Intangible Asset Impairment Tests
Consistent with our accounting policy described in Note 1, we performed our annual indefinite-lived intangible asset impairment testing as of the first day of our fiscal fourth quarters of 2024, 2023 and 2022. For the years ended December 31, 2024, 2023 and 2022, each tradename’s fair value was in excess of its net carrying value, and therefore, no impairment was recorded.
During the fourth quarter of 2024, the Company decided to rationalize a business within the Precision and Science Technologies segment. Consistent with our accounting policy described in Note 1, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate an assets carrying amount may not be recoverable. As a result, the Company recognized an impairment of $13.9 million to reduce the carrying value of a technology asset.