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

Based on our management structure, we have four reporting units, which are equal to our operating segments:

•North America

•Latin America

•Europe

•Rest of World

We performed a goodwill impairment test on these reporting units as of October 1, 2024 and elected to forego the optional qualitative assessment and performed a quantitative goodwill impairment assessment instead. As a result of the evaluation, we concluded that goodwill was not impaired, and the fair value of each reporting unit exceeded its carrying value for all reporting units.

We completed these goodwill impairment tests, as well as the tests in the previous two years, with no impairment charges required.

The changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2024 and 2023 are as follows:

	December 31, 2024
(In millions)	Beginning Balance		Acquisitions/ Dispositions	Currency	Ending Balance
Goodwill:
North America	$	477.7	9.4	(0.6)	486.5
Latin America	230.8		3.3	(25.6)	208.5
Europe	364.9		2.0	(18.8)	348.1
Rest of World	400.4		—	(8.6)	391.8
Total Goodwill	$	1,473.8	14.7	(53.6)	1,434.9

	December 31, 2023
(In millions)	Beginning Balance		Acquisitions/ Dispositions(a)	Currency	Ending Balance
Goodwill:
North America	$	477.5	—	0.2	477.7
Latin America	220.3		—	10.5	230.8
Europe	351.1		1.9	11.9	364.9
Rest of World	402.0		(0.5)	(1.1)	400.4
Total Goodwill	$	1,450.9	1.4	21.5	1,473.8

(a)Includes adjustments related to the finalization of valuations in prior year acquisitions ($1.9 million increase in Europe).

Intangible Assets

The following table summarizes our other intangible assets by category:

	December 31, 2024				December 31, 2023
(In millions)	Gross Carrying Amount		Accumulated Amortization	Net Carrying Amount	Gross Carrying Amount		Accumulated Amortization	Net Carrying Amount	Weighted-average amortization period
Customer relationships	$	627.7	(271.2)	356.5	$	648.0	(238.9)	409.1	8.4
Indefinite-lived trade names	7.4		—	7.4	9.1		—	9.1	—
Finite-lived trade names	39.7		(27.7)	12.0	40.3		(22.5)	17.8	2.2
Developed technology	64.8		(18.4)	46.4	65.3		(13.0)	52.3	7.7
Other	4.0		(4.0)	—	4.3		(4.3)	—	—
Total	$	743.6	(321.3)	422.3	$	767.0	(278.7)	488.3

Total amortization expense for our finite-lived intangible assets was $58.3 million in 2024 and $57.8 million in 2023. Our estimated aggregate amortization expense for finite-lived intangibles recorded at December 31, 2024, for the next five years is as follows:

(In millions)	2025		2026	2027	2028	2029
Amortization expense	$	53.3	51.0	48.1	45.1	44.8