Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in goodwill during the years ended December 31, 2023 and 2022, were as follows:


(In thousands)	2023		2022
Balance at January 1	$	620,622	$	636,858

Measurement period adjustment	—		(1,041)

Currency translation	6,912		(15,195)
Balance at December 31	$	627,534	$	620,622

At December 31, 2023, goodwill of $447.6 million and $179.9 million related to the Americas and International reportable segments, respectively.

Changes in intangible assets, net of accumulated amortization, during the years ended December 31, 2023 and 2022, were as follows:


(In thousands)	2023		2022
Net balance at January 1	$	281,853	$	306,948

Amortization expense	(18,085)		(19,137)
Currency translation	2,366		(5,958)
Net balance at December 31	$	266,134	$	281,853


(In millions)		December 31, 2023						December 31, 2022
Intangible Assets:	Weighted Average Useful Life (years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	19	$	181.8	$	(46.5)	$	135.3	$	178.7	$	(35.3)	$	143.4
Distribution agreements	20	66.0		(30.2)		35.8		65.8		(26.9)		38.9
Technology related assets	8	49.9		(32.7)		17.2		49.5		(29.3)		20.2
Patents, trademarks and copyrights	16	34.5		(16.8)		17.7		34.0		(14.8)		19.2
License agreements	5	5.4		(5.4)		—		5.4		(5.3)		0.1
Other	3	3.4		(3.3)		0.1		3.3		(3.2)		0.1
Total	17	$	341.0	$	(134.9)	$	206.1	$	336.7	$	(114.8)	$	221.9

At December 31, 2023, the above intangible assets balance includes a trade name related to the Globe acquisition with an indefinite life totaling $60.0 million.

Intangible asset amortization expense over the next five years is expected to be approximately $17.9 million in 2024, $17.7 million in 2025, $17.3 million in 2026, $17.2 million in 2027, and $17.0 million in 2028.