Goodwill and Identifiable Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

The following table summarizes the activity related to the carrying amount of goodwill by reportable segment since December 31, 2021 (in millions). See Note 15. Segment Reporting for more information on the Company's reportable segments.

	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 adjustment	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 adjustment	—		1.1		1.1
Translation adjustment	1.1		—		1.1
Balance as of December 31, 2023	$	1,075.8	$	818.3	$	1,894.1

___________________

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

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

		December 31, 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
Subject to amortization:
Customer and contractual relationships	7 - 13	$	496.0	$	282.0	$	214.0	$	589.3	$	315.7	$	273.6
Contract Backlog	1 - 3	—		—		—		44.1		36.5		7.6
Non-compete agreements	2 - 7	29.3		18.2		11.1		41.2		25.6		15.6
		525.3		300.2		225.1		674.6		377.8		296.8
Not subject to amortization:
Trademarks		272.8		—		272.8		272.8		—		272.8
		$	798.1	$	300.2	$	497.9	$	947.4	$	377.8	$	569.6

The Company removed gross and accumulated amortization balances related to intangible assets that are fully amortized as of December 31, 2023.

Estimated future amortization expense is as follows (in millions):

2024	$	58.1
2025	48.8
2026	41.8
2027	32.0
2028	21.2
Thereafter	23.2
	$	225.1