Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Activity related to goodwill consisted of the following (in millions):

	Year Ended December 31,
	2023		2022
Balance, beginning of year	$	565.2	$	515.2
Purchase price allocations and measurement period adjustments for acquisitions	3.1		60.8
Effect of foreign currency translation adjustments	13.1		(10.8)
Balance, end of year	$	581.4	$	565.2

Intangible Assets

Following is a summary of the Company’s intangible assets that are subject to amortization (in millions):

	Year Ended December 31,
	2023						2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	116.1	$	(47.3)	$	68.8	$	151.9	$	(68.4)	$	83.5
Non-compete agreements	1.1		(0.6)		0.5		1.7		(1.0)		0.7
Customer backlog	—		—		—		2.7		(0.7)		2.0
Trade name	0.8		(0.8)		—		0.9		(0.7)		0.2
Developed software	8.5		(6.7)		1.8		7.8		(5.3)		2.5
Total	$	126.5	$	(55.4)	$	71.1	$	165.0	$	(76.1)	$	88.9

Estimated Useful Lives of Intangible Assets

The estimated useful lives of identifiable intangible assets are as follows:

Customer relationships	5 - 10 years
Non-compete agreements	4 - 5 years
Customer backlog	1 year
Trade name	1 year
Developed software	1 - 7 years

Estimated Annual Amortization Expense

Estimated annual amortization expense for the next five years ended December 31 and thereafter is as follows (in millions):

2024	$	15.7
2025	$	12.2
2026	$	9.6
2027	$	7.3
2028	$	6.2
Thereafter	$	20.1

On January 16, 2024, the Company completed the acquisition of all of the outstanding capital stock of SMEDIX, Inc., a California corporation (“SMEDIX”). Estimated annual amortization expense in the table above excludes any amortization expense related to SMEDIX.