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Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The changes in the net carrying value of goodwill for the years ended December 31, 2023 and 2022 consisted of the following (in millions):
Net carrying amount as of December 31, 2021
$254.1 
Elkay Merger (1)527.2 
Purchase accounting adjustments (1)(1.3)
Currency translation adjustments(3.0)
Net carrying amount as of December 31, 2022
$777.0 
Purchase accounting adjustments (1)19.0 
Net carrying amount as of December 31, 2023
$796.0 
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(1)Refer to Note 3, Acquisitions for additional information regarding acquisitions.
Total cumulative goodwill impairment charges as of December 31, 2023 and 2022 were $337.1 million.
The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of December 31, 2023 and December 31, 2022 consisted of the following (in millions):
December 31, 2023
Weighted Average Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Intangible assets subject to amortization:
Patents9 years$26.4 $(22.8)$3.6 
Customer relationships (including distribution network)16 years1,070.4 (348.8)721.6 
Tradenames19 years156.8 (16.7)140.1 
Intangible assets not subject to amortization - trademarks and tradenames87.1 — 87.1 
Total intangible assets, net16 years$1,340.7 $(388.3)$952.4 
December 31, 2022
Weighted Average Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Intangible assets subject to amortization:
Patents9 years$25.5 $(22.5)$3.0 
Customer relationships (including distribution network)16 years1,069.5 (298.2)771.3 
Tradenames19 years156.8 (8.5)148.3 
Intangible assets not subject to amortization - trademarks and tradenames87.1 — 87.1 
Total intangible assets, net16 years$1,338.9 $(329.2)$1,009.7 
Intangible asset amortization expense totaled $58.7 million, $34.0 million and $23.5 million for the years ended December 31, 2023, 2022, and 2021, respectively. There were no acquired intangibles in 2023. Customer relationships and tradenames acquired during the year ended December 31, 2022 were assigned a weighted-average useful life of 16 years and 20 years, respectively.
The Company expects to recognize amortization expense on intangible assets subject to amortization of $58.8 million in 2024, $58.8 million in 2025, $58.6 million in 2026, $58.6 million in 2027, and $58.6 million in 2028.