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Goodwill and Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2023
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 September 30, 2023 and December 31, 2022:

 

 

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

Estimated
Useful Life

 

Gross
Carrying
Amount

 

 

Accumulated Amortization

 

 

Gross
Carrying
Amount

 

 

Accumulated Amortization

 

Amortizing intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

2-20 years

 

$

183.5

 

 

$

149.4

 

 

$

182.1

 

 

$

142.0

 

Developed technology

 

13-20 years

 

 

100.8

 

 

 

84.1

 

 

 

93.8

 

 

 

83.3

 

Software

 

5-7 years

 

 

15.6

 

 

 

4.0

 

 

 

9.1

 

 

 

2.6

 

Trademarks and brand names

 

3-15 years

 

 

5.9

 

 

 

3.2

 

 

 

4.0

 

 

 

2.6

 

Non-compete agreements

 

3-5 years

 

 

6.1

 

 

 

3.5

 

 

 

5.8

 

 

 

2.6

 

Other

 

Various

 

 

1.1

 

 

 

0.2

 

 

 

1.1

 

 

 

0.1

 

Total

 

 

 

$

313.0

 

 

$

244.4

 

 

$

295.9

 

 

$

233.2

 

Non-amortizing intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks and brand names

 

Indefinite

 

 

345.2

 

 

 

 

 

 

345.0

 

 

 

 

Total intangible assets

 

 

 

$

658.2

 

 

 

 

 

$

640.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

Indefinite

 

$

174.8

 

 

 

 

 

$

167.3

 

 

 

 

 

The increase in goodwill as of September 30, 2023 compared to December 31, 2022 resulted from the acquisition of BOK. See Note 4 to the Condensed Consolidated Financial Statements for additional details.

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2023

 

 

2022

 

Amortization expense

 

$

11.0

 

 

$

12.8