Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for the three months ended March 31, 2024, by reportable business segment, were as follows:


	FMT		HST		FSDP		IDEX
Goodwill	$	805.7	$	1,834.5	$	398.7	$	3,038.9
Accumulated goodwill impairment losses	(20.7)		(149.8)		(30.1)		(200.6)
Balance at January 1, 2024	785.0		1,684.7		368.6		2,838.3
Foreign currency translation	(4.5)		(27.7)		(3.6)		(35.8)

Measurement period adjustments	—		0.5		—		0.5

Balance at March 31, 2024	$	780.5	$	1,657.5	$	365.0	$	2,803.0

ASC 350, Goodwill and Other Intangible Assets (“ASC 350”), 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. 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, 2023, all reporting units had fair values in excess of their carrying values. During the three months ended March 31, 2024, there were no events or circumstances that would have required an interim impairment test.

The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at March 31, 2024 and December 31, 2023:


	At March 31, 2024							At December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Patents	$	2.8	$	(2.1)	$	0.7	12	$	2.7	$	(2.0)	$	0.7
Trade names	169.3		(56.5)		112.8		15	171.9		(54.3)		117.6
Customer relationships	841.9		(239.1)		602.8		13	860.7		(228.7)		632.0
Unpatented technology	228.8		(69.8)		159.0		12	233.5		(66.3)		167.2
Software	4.9		(2.0)		2.9		5	5.3		(1.9)		3.4
Total amortized intangible assets	1,247.7		(369.5)		878.2		13	1,274.1		(353.2)		920.9
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	$	1,338.6	$	(369.5)	$	969.1		$	1,365.0	$	(353.2)	$	1,011.8

The Banjo and Akron Brass trade names 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, 2023, these indefinite-lived intangible assets had fair values in excess of their carrying values. During the three months ended March 31, 2024, 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 $24.6 million and $23.6 million for the three months ended March 31, 2024 and 2023, respectively. Based on the intangible asset balances as of March 31, 2024, expected amortization expense for the remaining nine months of 2024 and for the years 2025 through 2028 is as follows:


	Estimated Amortization
Remainder of 2024	$	72.5
2025	95.3
2026	93.7
2027	90.4
2028	87.3