Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Changes to goodwill are as follows:

(in millions)	Crane Payment Innovations		Crane Currency		Total
Balance as of December 31, 2023	$	626.7	$	214.5	$	841.2
Currency translation	(10.6)		(0.5)		(11.1)
Balance as of March 31, 2024	$	616.1	$	214.0	$	830.1

As of March 31, 2024, we had $297.0 million of net intangible assets, of which $45.5 million were intangibles with indefinite useful lives. As of December 31, 2023, we had $308.9 million of net intangible assets, of which $45.5 million were intangibles with indefinite useful lives.

Changes to intangible assets are as follows:

(in millions)	Three Months Ended March 31, 2024		Year Ended December 31, 2023
Balance at beginning of period, net of accumulated amortization	$	308.9	$	344.9
Amortization expense	(8.9)		(35.9)
Currency translation and other	(3.0)		(0.1)
Balance at end of period, net of accumulated amortization	$	297.0	$	308.9

A summary of intangible assets are as follows:

		March 31, 2024						December 31, 2023
(in millions)	Weighted Average Amortization Period of Finite Lived Assets (in years)	Gross Asset		Accumulated Amortization		Net		Gross Asset		Accumulated Amortization		Net
Intellectual property rights	12.5	$	62.0	$	14.9	$	47.1	$	62.2	$	15.0	$	47.2
Customer relationships and backlog	18.8	497.1		271.5		225.6		504.4		269.5		234.9
Other	10.0	98.7		74.4		24.3		99.8		73.0		26.8
Total	18.0	$	657.8	$	360.8	$	297.0	$	666.4	$	357.5	$	308.9

Future amortization expense associated with intangible assets is expected to be:

(in millions)
Remainder of 2024	$	26.9
2025	30.2
2026	30.0
2027	29.1
2028	26.2
2029 and after	109.1