Goodwill and Identifiable Assets (Notes)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

Goodwill and Identifiable Intangible Assets

The following table summarizes the activity related to the carrying amount of goodwill by segment since December 31, 2021 (in millions).

	Commercial		Federal Government		Total
Balance as of December 31, 2021	$	829.3	$	740.2	$	1,569.5
2022 acquisitions	246.4		85.5		331.9
Purchase price adjustments	0.4		(8.5)		(8.1)
Translation adjustment	(1.4)		—		(1.4)
Balance as of December 31, 2022	1,074.7		817.2		1,891.9
Purchase price adjustments	—		1.1		1.1
Translation adjustment	1.0		—		1.0
Balance as of June 30, 2023	$	1,075.7	$	818.3	$	1,894.0

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Approximately $250.7 million of the goodwill for the 2022 acquisitions is deductible for income tax purposes.

Acquired identifiable intangible assets consisted of the following (in millions):

		June 30, 2023						December 31, 2022
	Estimated Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer and contractual relationships	1 - 13	$	589.3	$	345.6	$	243.7	$	589.3	$	315.7	$	273.6
Contract backlog	1 - 3	44.1		40.3		3.8		44.1		36.5		7.6
Non-compete agreements	1 - 7	41.2		28.0		13.2		41.2		25.6		15.6
		674.6		413.9		260.7		674.6		377.8		296.8
Not subject to amortization:
Trademarks		272.8		—		272.8		272.8		—		272.8
Total		$	947.4	$	413.9	$	533.5	$	947.4	$	377.8	$	569.6

Estimated future amortization expense follows (in millions): 

Remainder of 2023	$	35.7
2024	58.1
2025	48.8
2026	41.8
2027	32.0
Thereafter	44.3
	$	260.7