Goodwill and Intangibles

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

Goodwill and Intangibles

The following table provides information related to the goodwill and intangible assets as of September 30, 2024 and December 31, 2023 (in millions):

	September 30,		December 31,
	2024		2023
Goodwill	$	39.6	$	40.0
Definite-lived intangibles	26.2		28.6
Indefinite-lived intangibles	0.7		0.7
Balance	$	66.5	$	69.3

The following table summarizes information related to the Company's definite-lived intangible assets as of September 30, 2024 (in millions):

	Amortization Period  (Years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted Average Useful Life
Client lists	10 yrs	$	26.1	$	5.2	$	20.9	8.6
Trademarks	10 yrs	6.2		0.9		5.3		8.6
Total		$	32.3	$	6.1	$	26.2	8.6

The following table summarizes information related to the Company's definite-lived intangible assets as of December 31, 2023 (in millions):

	Amortization Period  (Years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted Average Useful Life
Client lists	10 yrs	$	26.1	$	3.3	$	22.8	9.3
Trademarks	10 yrs	6.2		0.4		5.8		9.4
Total		$	32.3	$	3.7	$	28.6	9.3

In the third quarter of 2024, the Company recorded $0.8 million of intangible amortization expense related to the May 2023 Indoff acquisition. For the nine months ended September 30, 2024, the Company recorded $2.4 million of intangible amortization expense, of which $2.3 million related to the prior year's acquisition of Indoff. The estimated amortization for future years ending December 31 is as follows (in millions):

2024 remainder	$	0.8
2025	3.0
2026	3.0
2027	3.0
2028	3.0
Thereafter	$	13.4
Total	$	26.2