Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for the six months ended June 30, 2023, by reportable business segment, were as follows:


	FMT		HST		FSDP		IDEX
Goodwill	$	800.9	$	1,644.8	$	393.0	$	2,838.7
Accumulated goodwill impairment losses	(20.7)		(149.8)		(30.1)		(200.6)
Balance at January 1, 2023	780.2		1,495.0		362.9		2,638.1
Foreign currency translation	3.4		16.2		3.1		22.7
Acquisitions	—		53.6		—		53.6
Acquisition adjustments	(1.8)		1.8		—		—
Balance at June 30, 2023	$	781.8	$	1,566.6	$	366.0	$	2,714.4

ASC 350, Goodwill and Other Intangible Assets, requires that goodwill be tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. In the first six months of 2023, there were no events or

circumstances that would have required an interim impairment test. Annually, on October 31, goodwill and other acquired intangible assets with indefinite lives are tested for impairment. Based on the results of the Company’s annual impairment test at October 31, 2022, all reporting units had fair values in excess of their carrying values.

The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at June 30, 2023 and December 31, 2022:


	At June 30, 2023							At December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Patents	$	2.9	$	(2.0)	$	0.9	12	$	2.9	$	(1.8)	$	1.1
Trade names	194.5		(79.7)		114.8		15	186.5		(71.4)		115.1
Customer relationships	805.6		(212.4)		593.2		13	772.2		(184.9)		587.3
Unpatented technology	214.3		(60.4)		153.9		12	207.1		(57.8)		149.3
Software	4.9		(1.3)		3.6		5	4.8		(0.7)		4.1
Total amortized intangible assets	1,222.2		(355.8)		866.4			1,173.5		(316.6)		856.9
Indefinite-lived intangible assets:
Banjo trade name	62.1		—		62.1			62.1		—		62.1
Akron Brass trade name	28.8		—		28.8			28.8		—		28.8
Total intangible assets	$	1,313.1	$	(355.8)	$	957.3		$	1,264.4	$	(316.6)	$	947.8

The Banjo trade name and the Akron Brass trade name are indefinite-lived intangible assets which are tested for impairment on an annual basis in accordance with ASC 350 or more frequently if events or changes in circumstances indicate that the assets might be impaired. Based on the results of the Company’s annual impairment test at October 31, 2022, these indefinite-lived intangible assets had fair values in excess of their carrying values. In the first six months of 2023, there were no events or circumstances that would have required an interim impairment test on these indefinite-lived intangible assets.

Amortization of intangible assets was $23.2 million and $46.8 million for the three and six months ended June 30, 2023, respectively. Amortization of intangible assets was $16.9 million and $32.2 million for the three and six months ended June 30, 2022, respectively. Based on the intangible asset balances as of June 30, 2023, expected amortization expense for the remaining six months of 2023 and for the years 2024 through 2027 is as follows:


Maturity of Intangible Assets	Estimated Amortization
2023 (excluding the six months ended June 30, 2023)	$	47.7
2024	91.6
2025	90.2
2026	88.5
2027	84.5