GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The carrying amounts of the Company’s intangible assets, excluding goodwill, are as follows:


(In millions)	March 31, 2025				December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizing intangibles:
Customer relationships	$	301.8	$	(133.8)	$	263.4	$	(128.8)
Patents	7.3		(7.3)		7.2		(7.2)
Technology	10.2		(7.5)		7.5		(7.5)
Trade names	56.4		(8.8)		44.5		(8.1)
Other	2.9		(2.5)		2.8		(2.4)
Total	$	378.6	$	(159.9)	$	325.4	$	(154.0)
Non-amortizing intangibles:
Trade names	42.1		—		41.6		—
Total intangibles	$	420.7	$	(159.9)	$	367.0	$	(154.0)

Amortization expense related to intangible assets for the first quarters ended March 31, 2025 and March 31, 2024 was $5.1 million and $4.8 million, respectively.

The change in the carrying amount of goodwill by reportable segment for the three months ended March 31, 2025 is as follows:


(In millions)
	Water Systems		Energy Systems		Distribution		Consolidated
Balance as of December 31, 2024	$	217.6	$	70.3	$	50.6	$	338.5
Acquisitions	50.7		—		—		50.7
Adjustments to prior year acquisitions	0.1		—		—		0.1
Foreign currency translation	2.1		0.1		—		2.2
Balance as of March 31, 2025	$	270.5	$	70.4	$	50.6	$	391.5