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 were as follows:

In millions
	North America		International		Total
Balance as of December 31, 2021	$	2,470.8	$	344.9	$	2,815.7
Acquisition	1.7		—		1.7
Changes due to foreign currency fluctuations and other	—		(32.5)		(32.5)
Balance as of December 31, 2022	2,472.5		312.4		2,784.9
Divestitures	—		(43.6)		(43.6)
Changes due to foreign currency fluctuations and other	—		14.3		14.3
Balance as of December 31, 2023	$	2,472.5	$	283.1	$	2,755.6

Accumulated non-cash impairment charges by segment were as follows:

In millions
	December 31,
	2023		2022
North America	$	134.8	$	134.8
International (1)	—		175.6
Total	$	134.8	$	310.4

(1)Change due to International divestitures in 2023. See Note 4 – Restructuring, Divestitures, and Asset Impairments for further information

Goodwill Impairment Assessment

The Company performed its annual goodwill impairment assessment as of October 1, 2023, 2022, and 2021, respectively, and determined no reporting units' carrying values were in excess of their estimated fair value.

The fair value of reporting units, used in both the annual and any interim goodwill impairment assessments in 2023, 2022, and 2021, are classified as Level 3 measurements within the fair value hierarchy due to significant unobservable inputs such as discount rates, projections of revenue, cost of revenue and operating expense growth rates, long-term growth rates and income tax rates. The fair value methodology is described further in Note 1 – Basis of Presentation and Summary of Significant Accounting Policies.

Other Intangible Assets

The values of other intangible assets were as follows:

In millions
	December 31,
	2023						2022
	Gross Carrying Amount		Accumulated Amortization		Net Value		Gross Carrying Amount		Accumulated Amortization		Net Value
Amortizable intangibles:
Customer relationships	$	1,230.4	$	911.9	$	318.5	$	1,242.2	$	807.6	$	434.6
Covenants not-to-compete	2.6		2.6		—		2.6		2.6		—
Operating permits	10.3		10.1		0.2		12.3		11.9		0.4
Tradenames	1.1		0.6		0.5		1.1		0.6		0.5
Other	1.8		0.6		1.2		1.8		0.6		1.2
Indefinite-lived intangibles:
Operating permits	58.6		—		58.6		67.2		—		67.2
Tradenames	307.5		—		307.5		307.2		—		307.2
Total	$	1,612.3	$	925.8	$	686.5	$	1,634.4	$	823.3	$	811.1

The changes in the carrying amount of intangible assets were as follows:

In millions
	Total
Balance as of December 31, 2021	$	964.5
Acquisition	1.2
Divestitures	(12.6)
Amortization	(124.0)
Changes due to foreign currency fluctuations	(15.5)
Balance as of December 31, 2022	811.1
Divestitures	(16.3)
Impairments	(3.1)
Amortization	(112.0)
Changes due to foreign currency fluctuations	6.8
Balance as of December 31, 2023	$	686.5

Our estimated intangible asset amortization expense for each of the next five years is as follows for the years ending December 31:

In millions
2024	$	110.3
2025	89.5
2026	28.1
2027	22.7
2028	17.5