Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

Acquisitions

There were no material acquisitions in 2023, 2022, or 2021.

Goodwill

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


	Amount
Balance as of December 31, 2021	$	343.6
Acquisition activity	6.5
Translation and other	(1.6)
Balance as of December 31, 2022	348.5
Acquisition activity	—
Translation and other	0.2
Balance as of December 31, 2023	$	348.7

The Company completed its annual goodwill impairment test and determined that no impairment existed. As of December 31, 2023, there has been no impairment of goodwill.

Intangible Assets

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


	December 31, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Patents and developed technology	$	206.3	$	(178.4)	$	27.9	$	199.1	$	(167.4)	$	31.7
Distribution rights and others	10.8		(9.2)		1.6		11.0		(7.4)		3.6
Customer relationships	32.5		(22.9)		9.6		32.6		(18.1)		14.5
Total intangible assets	$	249.6	$	(210.5)	$	39.1	$	242.7	$	(192.9)	$	49.8

Amortization expense related to intangible assets was $20.2 million, $27.8 million, and $27.4 million for the years ended December 31, 2023, 2022, and 2021, respectively.

The estimated future amortization expense related to intangible assets as of December 31, 2023, is as follows (in millions):


Fiscal Year	Amount
2024	$	16.9
2025	12.0
2026	5.3
2027	2.9
2028	1.3
2029 and thereafter	0.7
Total	$	39.1

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.