GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Acquisitions

There were no material acquisitions in the nine months ended September 30, 2023, and 2022.

Goodwill

The following table summarizes the changes in the carrying amount of goodwill (in millions):


	Amount
Balance as of December 31, 2022	$	348.5
Acquisition activity	—
Translation and other	(0.4)
Balance as of September 30, 2023	$	348.1

Intangible Assets

The following table summarizes the components of gross intangible assets, accumulated amortization, and net intangible assets balances as of September 30, 2023, and December 31, 2022 (in millions):


	September 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Patents and developed technology	$	204.3	$	(175.1)	$	29.2	$	199.1	$	(167.4)	$	31.7
Distribution rights and others	10.7		(8.7)		2.0		11.0		(7.4)		3.6
Customer relationships	31.7		(21.1)		10.6		32.6		(18.1)		14.5
Total intangible assets	$	246.7	$	(204.9)	$	41.8	$	242.7	$	(192.9)	$	49.8

Amortization expense related to intangible assets was $5.1 million and $7.9 million for the three months ended September 30, 2023, and 2022, respectively. Amortization expense related to intangible assets was $15.1 million and $20.2 million for the nine months ended September 30, 2023, and 2022, respectively.

The estimated future amortization expense related to intangible assets as of September 30, 2023, is as follows (in millions):


Fiscal Year	Amount
Remainder of 2023	$	5.0
2024	16.5
2025	11.6
2026	5.0
2027	2.5
2028 and thereafter	1.2
Total	$	41.8

The preceding expected amortization expense is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, measurement-period adjustments to intangible assets, changes in foreign currency exchange rates, impairments of intangible assets, accelerated amortization of intangible assets, and other events.