GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The change in the carrying value of goodwill by segment follows:


	Americas		Asia Pacific		Europe, Middle East & Africa		Total
Balance, December 31, 2021	$	632.0	$	50.9	$	647.2	$	1,330.1
E&I Acquisition(1)	0.2		—		4.3		4.5
Foreign currency translation and other	2.1		(3.8)		(48.2)		(49.9)
Balance, December 31, 2022	$	634.3	$	47.1	$	603.3	$	1,284.7
Acquisition/Divestiture(2)	—		—		24.5		24.5
Foreign currency translation and other	1.0		(0.7)		20.8		21.1
Balance, December 31, 2023	$	635.3	$	46.4	$	648.6	$	1,330.3

(1) Adjustment to the initial purchase price allocation on the E&I Acquisition, refer to "Note 2 - Acquisition" for more information on the E&I Acquisition.

(2) Represents the goodwill acquired in December related to CoolTera Ltd., refer to "Note 2 - Acquisition" for additional information, offset by the write-off of goodwill associated with the disposition of a technical furniture business.

The gross carrying amount and accumulated amortization of identifiable intangible assets by major class follow:


As of December 31, 2023	Gross		Accumulated Amortization		Net
Customer relationships	$	1,768.6	$	(710.7)	$	1,057.9
Developed technology	494.3		(261.2)		233.1
Capitalized software	111.2		(82.6)		28.6
Trademarks	88.9		(35.9)		53.0
Other	45.5		(37.3)		8.2
Total finite-lived identifiable intangible assets	$	2,508.5	$	(1,127.7)	$	1,380.8
Indefinite-lived trademarks	292.1		—		292.1
Total intangible assets	$	2,800.6	$	(1,127.7)	$	1,672.9

As of December 31, 2022	Gross		Accumulated Amortization		Net
Customer relationships	$	1,741.8	$	(573.8)	$	1,168.0
Developed technology	483.4		(215.9)		267.5
Capitalized software	104.7		(68.7)		36.0
Trademarks	87.1		(31.9)		55.2
Other	35.9		(35.9)		—
Total finite-lived identifiable intangible assets	$	2,452.9	$	(926.2)	$	1,526.7
Indefinite-lived trademarks	289.4		—		289.4
Total intangible assets	$	2,742.3	$	(926.2)	$	1,816.1

Total intangible asset amortization expense for the years ended December 31, 2023, 2022 and 2021, was $196.7, $230.4, and $157.9, respectively.

Based on intangible asset balances as of December 31, 2023, expected amortization expense is as follows:


2024		2025		2026		2027		2028
$	197.2	$	197.2	$	187.1	$	154.8	$	142.9

Divestiture

In October 2021, the Company entered into an agreement for approximately €20.0 ($21.7) in cash proceeds for the sale of a heavy industrial UPS business within the Europe, Middle East & Africa segment. As a result of the disposition, the Company adjusted the business to the current fair value, less expected costs to sell, and recorded an $8.7 impairment in “Asset impairments” in the Consolidated Statements of Earnings (Loss). On December 21, 2021, the sale of the heavy industrial UPS business was finalized, which resulted in no additional impairment.

Annual Goodwill Impairment Analysis

The Company performed a qualitative impairment test for all of its reporting units during the fourth quarter of 2023. Based on the results of our qualitative impairment assessment, we concluded that it is more likely than not that the fair value of each reporting unit exceeded their carrying value and, therefore, our goodwill was not impaired as of December 31, 2023