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Goodwill and Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Intangible Assets

The following table details amounts related to our goodwill and intangible assets as of December 31, 2022 and 2021:

 

 

 

 

 

December 31, 2022

 

 

December 31, 2021

 

 

 

Estimated
Useful Life

 

Gross
Carrying
Amount

 

 

Accumulated Amortization

 

 

Gross
Carrying
Amount

 

 

Accumulated Amortization

 

Amortizing intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

2-20 years

 

$

182.1

 

 

$

142.0

 

 

$

196.7

 

 

$

144.8

 

Developed technology

 

13-20 years

 

 

93.8

 

 

 

83.3

 

 

 

92.9

 

 

 

82.6

 

Software

 

7 years

 

 

9.1

 

 

 

2.6

 

 

 

9.1

 

 

 

1.3

 

Trademarks and brand names

 

3-10 years

 

 

4.0

 

 

 

2.6

 

 

 

4.0

 

 

 

2.0

 

Non-compete agreements

 

3-5 years

 

 

5.8

 

 

 

2.6

 

 

 

5.6

 

 

 

1.4

 

Other

 

Various

 

 

1.1

 

 

 

0.1

 

 

 

0.4

 

 

 

0.1

 

Total

 

 

 

$

295.9

 

 

$

233.2

 

 

$

308.7

 

 

$

232.2

 

Non-amortizing intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks and brand names

 

Indefinite

 

 

345.0

 

 

 

 

 

 

344.9

 

 

 

 

Total intangible assets

 

 

 

$

640.9

 

 

 

 

 

$

653.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

Indefinite

 

$

167.3

 

 

 

 

 

$

167.0

 

 

 

 


The increase in goodwill as of December 31, 2022 resulted from the acquisition of GC Products, partially offset by a decrease from foreign exchange movements.

 

 

 

2022

 

 

2021

 

 

2020

 

Amortization expense

 

$

16.3

 

 

$

33.8

 

 

$

22.1

 

Schedule of Expected Annual Amortization Expense

The expected annual amortization expense for the years 2023 through 2027 are as follows:

 

2023

 

$

13.9

 

2024

 

 

13.4

 

2025

 

 

12.7

 

2026

 

 

9.2

 

2027

 

 

3.1