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Goodwill and Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2024
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 June 30, 2024 and December 31, 2023:

 

 

 

 

June 30, 2024

 

 

December 31, 2023

 

 

 

Estimated
Useful Life

 

Gross
Carrying
Amount

 

 

Accumulated Amortization

 

 

Gross
Carrying
Amount

 

 

Accumulated Amortization

 

Amortizing intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

2-20 years

 

$

200.1

 

 

$

157.9

 

 

$

183.6

 

 

$

152.1

 

Developed technology

 

13-20 years

 

 

103.1

 

 

 

85.0

 

 

 

101.4

 

 

 

84.4

 

Software

 

5-7 years

 

 

17.5

 

 

 

6.0

 

 

 

15.6

 

 

 

4.6

 

Trademarks and brand names

 

3-20 years

 

 

21.2

 

 

 

3.8

 

 

 

6.2

 

 

 

3.4

 

Non-compete agreements

 

3-5 years

 

 

9.7

 

 

 

4.4

 

 

 

6.1

 

 

 

3.8

 

Other

 

Various

 

 

4.0

 

 

 

0.4

 

 

 

2.8

 

 

 

0.2

 

Total

 

 

 

$

355.6

 

 

$

257.5

 

 

$

315.7

 

 

$

248.5

 

Non-amortizing intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks and brand names

 

Indefinite

 

 

345.3

 

 

 

 

 

 

345.2

 

 

 

 

Total intangible assets

 

 

 

$

700.9

 

 

 

 

 

$

660.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

Indefinite

 

$

193.8

 

 

 

 

 

$

175.5

 

 

 

 

 

 

The net increase in goodwill as of June 30, 2024 compared to December 31, 2023 was due to the acquisition of 3form, net of foreign exchange movements.

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2024

 

 

2023

 

Amortization expense

 

$

9.4

 

 

$

7.1