Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

The changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2023 and 2022 are as follows:

	December 31, 2023
(In millions)	Beginning Balance		Acquisitions/ Dispositions(a)	Currency	Ending Balance
Goodwill:
North America	$	477.5	—	0.2	477.7
Latin America	220.3		—	10.5	230.8
Europe	351.1		1.9	11.9	364.9
Rest of World	402.0		(0.5)	(1.1)	400.4
Total Goodwill	$	1,450.9	1.4	21.5	1,473.8

(a)Includes adjustments related to the finalization of valuations in prior year acquisitions ($1.9 million increase in Europe).

	December 31, 2022
(In millions)	Beginning Balance		Acquisitions/ Dispositions(a)	Currency	Ending Balance
Goodwill:
North America	$	474.9	3.1	(0.5)	477.5
Latin America	214.1		2.7	3.5	220.3
Europe	302.5		61.3	(12.7)	351.1
Rest of World	420.2		(0.1)	(18.1)	402.0
Total Goodwill	$	1,411.7	67.0	(27.8)	1,450.9

(a)Includes adjustments related to the finalization of valuations in prior year acquisitions ($0.8 million decrease in North America and $0.1 million decrease in Rest of World ).

Intangible Assets

The following table summarizes our other intangible assets by category:

	December 31, 2023				December 31, 2022
(In millions)	Gross Carrying Amount		Accumulated Amortization	Net Carrying Amount	Gross Carrying Amount		Accumulated Amortization	Net Carrying Amount	Weighted-average amortization period
Customer relationships	$	648.0	(238.9)	409.1	$	639.2	(187.6)	451.6	9.2
Indefinite-lived trade names	9.1		—	9.1	7.9		—	7.9	—
Finite-lived trade names	40.3		(22.5)	17.8	38.9		(16.3)	22.6	3.1
Developed technology	65.3		(13.0)	52.3	60.7		(7.4)	53.3	8.7
Other	4.3		(4.3)	—	4.2		(4.1)	0.1	—
Total	$	767.0	(278.7)	488.3	$	750.9	(215.4)	535.5

Total amortization expense for our finite-lived intangible assets was $57.8 million in 2023 and $52 million in 2022.  Our estimated aggregate amortization expense for finite-lived intangibles recorded at December 31, 2023, for the next five years is as follows:

(In millions)	2024		2025	2026	2027	2028
Amortization expense	$	54.8	54.2	51.9	49.1	46.1