Goodwill and other intangible assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill, by Reporting Segment

Changes in the carrying amount of goodwill, by reportable operating segment, for the years ended December 31, 2023 and 2022 were as follows:

	Americas		EMEA		Asia		OEM		Total
Balance as of December 31, 2021
Goodwill	$	2,008,352	$	492,149	$	223,819	$	112,010	$	2,836,330
Accumulated impairment losses	(332,128)		—		—		—		(332,128)
	1,676,224		492,149		223,819		112,010		2,504,202
Goodwill related to acquisitions	53,970		7,281		10,169		—		71,420
Translation and other adjustments	899		(30,906)		(8,885)		—		(38,892)
Balance as of December 31, 2022	1,731,093		468,524		225,103		112,010		2,536,730
Goodwill related to acquisitions	333,462		4,284		19,279		—		357,025
Translation and other adjustments	3,517		14,936		1,847		—		20,300
Balance as of December 31, 2023	$	2,068,072	$	487,744	$	246,229	$	112,010	$	2,914,055

Components of Intangible Assets

Intangible assets at December 31, 2023 and 2022 consisted of the following:

	Gross Carrying Amount				Accumulated Amortization
	2023		2022		2023		2022
Customer relationships	$	1,363,839	$	1,328,539	$	(561,753)	$	(497,335)
In-process research and development	27,476		27,075		—		—
Intellectual property	1,890,957		1,599,355		(745,094)		(646,643)
Distribution rights	23,301		23,115		(22,048)		(21,090)
Trade names	610,146		564,023		(84,864)		(71,128)
Non-compete agreements	21,934		21,429		(21,934)		(21,175)
	$	3,937,653	$	3,563,536	$	(1,435,693)	$	(1,257,371)

Estimated Annual Amortization Expense

Amortization expense related to intangible assets was $174.0 million, $164.1 million, and $165.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. The estimated annual amortization expense for each of the five succeeding years is as follows:

2024	$	228,000
2025	218,500
2026	215,600
2027	212,800
2028	208,400