Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Rollforward of Goodwill

The following is a rollforward of the Company’s goodwill by segment ($ in millions):

	Specialty Products & Technologies						Equipment & Consumables						Total
	Gross		Accumulated Impairment Charges		Total		Gross		Accumulated Impairment Charges		Total		Gross		Accumulated Impairment Charges		Total
Balance at December 31, 2023	$	2,007.0	$	(134.5)	$	1,872.5	$	1,497.5	$	(77.8)	$	1,419.7	$	3,504.5	$	(212.3)	$	3,292.2
Impairment charges	—		(707.8)		(707.8)		—		(252.7)		(252.7)		—		(960.5)		(960.5)
Foreign currency translation	(54.0)		—		(54.0)		(15.8)		—		(15.8)		(69.8)		—		(69.8)
Balance at December 31, 2024	$	1,953.0	$	(842.3)	$	1,110.7	$	1,481.7	$	(330.5)	$	1,151.2	$	3,434.7	$	(1,172.8)	$	2,261.9

Schedule of Acquired Finite-Lived Intangible Assets

The following summarizes the gross carrying value, accumulated amortization and accumulated impairment losses, for each major category of intangible asset ($ in millions):

	As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Losses		Net Carrying Amount
Finite-lived intangibles:
Patents and technology	$	376.0	$	(235.6)	$	(87.2)	$	53.2
Customer relationships and other intangibles	881.6		(714.9)		(5.0)		161.7
Trademarks and trade names	189.3		(90.9)		—		98.4
Total finite-lived intangibles	1,446.9		(1,041.4)		(92.2)		313.3
Indefinite-lived intangibles:
Trademarks and trade names	483.7		—		(147.1)		336.6
Total intangibles	$	1,930.6	$	(1,041.4)	$	(239.3)	$	649.9

	As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Losses		Net Carrying Amount
Finite-lived intangibles:
Patents and technology	$	439.5	$	(269.1)	$	—	$	170.4
Customer relationships and other intangibles	928.1		(706.9)		—		221.2
Trademarks and trade names	225.5		(115.8)		—		109.7
Total finite-lived intangibles	1,593.1		(1,091.8)		—		501.3
Indefinite-lived intangibles:
Trademarks and trade names	498.7		—		(46.0)		452.7
Total intangibles	$	2,091.8	$	(1,091.8)	$	(46.0)	$	954.0

Schedule of Acquired Indefinite-Lived Intangible Assets

The following summarizes the gross carrying value, accumulated amortization and accumulated impairment losses, for each major category of intangible asset ($ in millions):

	As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Losses		Net Carrying Amount
Finite-lived intangibles:
Patents and technology	$	376.0	$	(235.6)	$	(87.2)	$	53.2
Customer relationships and other intangibles	881.6		(714.9)		(5.0)		161.7
Trademarks and trade names	189.3		(90.9)		—		98.4
Total finite-lived intangibles	1,446.9		(1,041.4)		(92.2)		313.3
Indefinite-lived intangibles:
Trademarks and trade names	483.7		—		(147.1)		336.6
Total intangibles	$	1,930.6	$	(1,041.4)	$	(239.3)	$	649.9

	As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Losses		Net Carrying Amount
Finite-lived intangibles:
Patents and technology	$	439.5	$	(269.1)	$	—	$	170.4
Customer relationships and other intangibles	928.1		(706.9)		—		221.2
Trademarks and trade names	225.5		(115.8)		—		109.7
Total finite-lived intangibles	1,593.1		(1,091.8)		—		501.3
Indefinite-lived intangibles:
Trademarks and trade names	498.7		—		(46.0)		452.7
Total intangibles	$	2,091.8	$	(1,091.8)	$	(46.0)	$	954.0

Summary of Intangible Asset Amortization

Based on the intangible assets recorded as of December 31, 2024, amortization expense is estimated as follows for the next five years and thereafter ($ in millions):

Years Ending December 31,
2025	$	72.2
2026	58.9
2027	48.7
2028	46.9
2029	17.8
Thereafter	68.8
	$	313.3