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Goodwill And Other Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill And Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS
The Company performed its annual goodwill and indefinite-lived intangible impairment test on the first day of the fourth quarter of 2023.
As to goodwill, the Company used a combination of techniques, including an income approach and a market-based approach in performing its annual impairment test in order to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value amount. The Company’s reporting units are the financial components of operating segments which constitute businesses for which discrete financial information is available and regularly reviewed by segment management. The Company estimates the fair values of its reporting units by using various valuation methods including an income-based or a market-based approach. When using an income approach, a discounted cash flow model with inputs developed using both internal and market-based data is utilized. The Company's significant assumptions in the discounted cash flow models vary amongst, and are specific to, each reporting unit which include, but are not limited to, discount rates, revenue growth rates assumptions (including perpetual growth rates) and operating margin percentages. These assumptions were developed in light of current market conditions and future expectations which include, but were not limited to, impact of competition, new product development and future economic conditions. In evaluating the estimates derived by the market-based approach, the Company makes judgments about the relevance and reliability of the multiples by considering factors unique to the Company’s reporting units, including operating results, business plans, economic projections, anticipated future cash flows, business trends and the Company’s market capitalization. As a result of the Company’s annual goodwill impairment test during 2023, the Company recorded a pre-tax goodwill impairment charge related to its Specialty Products & Technologies segment of $134.5 million and $77.8 million related to its Equipment & Consumables segment. The reduction in value is primarily due to significant increases in discount rates utilized in valuing these reporting units, adverse macroeconomic factors such as higher cost of borrowing and inflationary pressures, geopolitical factors, and lower forecast of operating results which contributed to reduced expectation of future cash flows.

The Company uses the relief from royalty method to estimate the fair value of its indefinite-lived intangible assets. The Company's significant assumptions vary amongst, and are specific to, each underlying indefinite-lived intangible asset which includes, but are not limited to, discount rates, revenue growth rates assumptions (including perpetual growth rates) and royalty rates. As a result of the Company’s annual indefinite-lived intangible impairment test during 2023, the Company recorded an impairment charge of $46.0 million related to certain indefinite-lived trade names within the Specialty Products & Technologies segment. The reduction in value is primarily due to higher discount rates and reduction in projected cash flows as discussed above.

These impairment charges described above are recorded in the Goodwill and intangible asset impairment line within the Consolidated Statements of Operations.

There were no goodwill impairment charges recorded for the years ended December 31, 2022 and 2021. Any deviation in actual financial results compared to the forecasted financial results or valuation assumptions used in the annual tests, a decline in equity valuations, increases in interest rates, or changes in the use of intangible assets, among other factors, could have a material adverse effect to the fair value of either the reporting units or indefinite-lived intangible assets and could result in future impairment charges. There can be no assurance that the Company’s future asset impairment testing will not result in a material charge to earnings.

The following is a rollforward of the Company’s goodwill by segment ($ in millions):
Specialty Products & TechnologiesEquipment & ConsumablesTotal
Balance, December 31, 2022$2,047.8 $1,448.8 $3,496.6 
Impairment charges(134.5)(77.8)(212.3)
Reclassification (44.0)44.0 — 
Foreign currency translation3.2 4.7 7.9 
Balance, December 31, 2023$1,872.5 $1,419.7 $3,292.2 

Finite-lived intangible assets are amortized over the shorter of their legal or estimated useful life. The following summarizes the gross carrying value, accumulated amortization and accumulated impairment losses, for each major category of intangible asset as of December 31 ($ in millions): 
2023
Gross
Carrying
Amount		Accumulated
Amortization		Accumulated Impairment LossesNet Carrying Amount
Finite-lived intangibles:
Patents and technology$439.5 $(269.1)$— $170.4 
Customer relationships and other intangibles928.1 (706.9)— 221.2 
Trademarks and trade names225.5 (115.8)— 109.7 
Total finite-lived intangibles1,593.1 (1,091.8)— 501.3 
Indefinite-lived intangibles:
Trademarks and trade names498.7 — (46.0)452.7 
Total intangibles$2,091.8 $(1,091.8)$(46.0)$954.0 
2022
Gross
Carrying
Amount		Accumulated
Amortization		Net Carrying Amount
Finite-lived intangibles:
Patents and technology$432.2 $(236.4)$195.8 
Customer relationships and other intangibles924.1 (648.7)275.4 
Trademarks and trade names224.8 (100.2)124.6 
Total finite-lived intangibles1,581.1 (985.3)595.8 
Indefinite-lived intangibles:
Trademarks and trade names490.9 — 490.9 
Total intangibles$2,072.0 $(985.3)$1,086.7 
Total intangible amortization expense in 2023, 2022 and 2021 was $99.6 million, $106.0 million and $81.5 million, respectively. Based on the intangible assets recorded as of December 31, 2023, amortization expense is estimated as follows for the next five years and thereafter ($ in millions):

Years Ending December 31,
2024$87.5 
202587.0
202678.6
202774.8
202872.0
Thereafter101.4 
$501.3