Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table sets forth the changes in the carrying amount of goodwill (in millions):



Balance at December 31, 2022	$	457.6
Current period additions/adjustments		105.0
Foreign currency effect		(1.5	)
Balance at September 30, 2023	$	561.1

Intangible Assets

The following is a summary of intangible assets (in millions):


	September 30, 2023							December 31, 2022
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Existing technology and related patents	$	381.7	$	(235.5	)	$	146.2	$	354.7	$	(219.0	)	$	135.7
Customer relationships		212.6		(85.8	)		126.8		192.3		(72.1	)		120.2
Trade names		27.4		(9.0	)		18.4		22.3		(7.4	)		14.9
Other		2.0		(1.5	)		0.5		1.0		(0.9	)		0.1
Intangible assets	$	623.7	$	(331.8	)	$	291.9	$	570.3	$	(299.4	)	$	270.9

For the three months ended September 30, 2023, and 2022, the Company recorded amortization expense of $11.5 million and $8.9 million, respectively, related to intangible assets subject to amortization. For the nine months ended September 30, 2023, and 2022, the Company recorded amortization expense of $33.4 million and $27.5 million, respectively, related to intangible assets subject to amortization.

On a quarterly basis, the Company reviews its goodwill and intangible assets to determine if there have been any triggering events that could indicate an impairment. In connection with certain restructuring activities in the third quarter of 2023, the Company performed impairment assessments of its long-lived assets comparing the carrying values to the sum of their undiscounted future cash flows. The Company also performed an impairment test of the goodwill related to the Software Reporting Unit. Based on the results of these analyses, the Company determined there were no impairments to its long-lived assets, including its intangibles assets and goodwill.

There were no events noted for the nine months ended September 30, 2022 that could indicate an impairment of goodwill and intangible assets.