GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

The carrying amounts of the Company’s intangible assets are as follows:

(In millions)	2023				2022
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizing intangibles:
Customer relationships	$	263.7	$	(115.5)	$	251.6	$	(101.5)
Patents	7.3		(7.3)		7.3		(7.3)
Technology	7.5		(7.5)		7.5		(7.4)
Trade names	44.1		(5.8)		41.8		(3.7)
Other	3.4		(2.8)		3.4		(2.7)
Total	$	326.0	$	(138.9)	$	311.6	$	(122.6)
Unamortizing intangibles:
Trade names	42.9		—		42.3		—
Total intangibles	$	368.9	$	(138.9)	$	353.9	$	(122.6)

 

Amortization expense related to intangible assets for the years ended December 31, 2023, 2022, and 2021, was $17.1 million, $17.2 million, and $14.4 million, respectively.

Amortization expense for each of the five succeeding years is projected as follows:

(In millions)	2024		2025		2026		2027		2028
	$	18.5	$	17.7	$	16.7	$	15.3	$	14.7

The change in the carrying amount of goodwill by reportable segment for 2023 and 2022, is as follows:

(In millions)	Water Systems		Fueling Systems		Distribution		Consolidated
Balance as of December 31, 2021	$	213.9	$	70.7	$	45.0	$	329.6
Acquisitions	—		—		1.2		1.2
Adjustments to prior year acquisitions	0.5		—		(0.4)		0.1
Foreign currency translation	(2.5)		(0.4)		—		(2.9)
Balance as of December 31, 2022	$	211.9	$	70.3	$	45.8	$	328.0
Acquisitions	8.0		—		4.8		12.8
Adjustments to prior year acquisitions	0.1		—		—		0.1
Foreign currency translation	1.4		0.1		—		1.5
Balance as of December 31, 2023	$	221.4	$	70.4	50.6		$	342.4