XML 25 R13.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Goodwill and Other Intangible Assets, net
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets, net Goodwill and Other Intangible Assets, net
Changes in the carrying values of goodwill for the three months ended March 31, 2024, by segment, were as follows (in millions):
 Segment 
 Utility SolutionsElectrical SolutionsTotal
BALANCE AT DECEMBER 31, 2023$1,897.5 $635.9 $2,533.4 
Prior year acquisitions(1)
4.8 — 4.8 
Foreign currency translation (4.2)(1.3)(5.5)
BALANCE AT MARCH 31, 2024$1,898.1 $634.6 $2,532.7 
 (1) Refer to Note 2 - Business Acquisitions for additional information.

The carrying value of other intangible assets included in Other intangible assets, net in the Condensed Consolidated Balance Sheets is as follows (in millions):
 March 31, 2024December 31, 2023
 Gross AmountAccumulated
Amortization		Gross AmountAccumulated
Amortization
Definite-lived:    
Patents, tradenames and trademarks$233.3 $(87.4)$233.7 $(84.8)
Customer relationships, developed technology and other1,510.0 (524.8)1,513.1 (500.1)
TOTAL DEFINITE-LIVED INTANGIBLES$1,743.3 $(612.2)$1,746.8 $(584.9)
Indefinite-lived:  
Tradenames and other34.0 — 34.1 — 
TOTAL OTHER INTANGIBLE ASSETS$1,777.3 $(612.2)$1,780.9 $(584.9)
 
Amortization expense associated with definite-lived intangible assets was $28.5 million and $17.8 million during the three months ended March 31, 2024 and 2023, respectively. Future amortization expense associated with these intangible assets is estimated to be $84.8 million for the remainder of 2024, $95.5 million in 2025, $90.3 million in 2026, $85.7 million in 2027, $82.2 million in 2028, and $78.0 million in 2029. The Company amortizes intangible assets with definite lives using either an accelerated method that reflects the pattern in which economic benefits of the intangible assets are consumed and results in higher amortization in the earlier years of the assets useful lives, or using a straight line method. Approximately 85% of the gross value of definite-lived intangible assets follow an accelerated amortization method.