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Goodwill and Intangible Assets (Tables)
3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Intangible Assets

The following table details amounts related to our goodwill and intangible assets as of March 31, 2024 and December 31, 2023:

 

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

Estimated
Useful Life

 

Gross
Carrying
Amount

 

 

Accumulated Amortization

 

 

Gross
Carrying
Amount

 

 

Accumulated Amortization

 

Amortizing intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

2-20 years

 

$

183.5

 

 

$

154.7

 

 

$

183.6

 

 

$

152.1

 

Developed technology

 

13-20 years

 

 

101.7

 

 

 

84.7

 

 

 

101.4

 

 

 

84.4

 

Software

 

5-7 years

 

 

15.6

 

 

 

5.3

 

 

 

15.6

 

 

 

4.6

 

Trademarks and brand names

 

3-20 years

 

 

6.2

 

 

 

3.5

 

 

 

6.2

 

 

 

3.4

 

Non-compete agreements

 

3-5 years

 

 

5.9

 

 

 

3.9

 

 

 

6.1

 

 

 

3.8

 

Other

 

Various

 

 

2.8

 

 

 

0.2

 

 

 

2.8

 

 

 

0.2

 

Total

 

 

 

$

315.7

 

 

$

252.3

 

 

$

315.7

 

 

$

248.5

 

Non-amortizing intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks and brand names

 

Indefinite

 

 

345.2

 

 

 

 

 

 

345.2

 

 

 

 

Total intangible assets

 

 

 

$

660.9

 

 

 

 

 

$

660.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

Indefinite

 

$

175.3

 

 

 

 

 

$

175.5

 

 

 

 

 

The decrease in goodwill as of March 31, 2024 compared to December 31, 2023 was due to foreign exchange movements.

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

Amortization expense

 

$

4.1

 

 

$

3.5