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Goodwill and Other Intangible Assets, net | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets, net | Goodwill and Other Intangible Assets, net Changes in the carrying values of goodwill for the six months ended June 30, 2024, by segment, were as follows (in millions):
| Segment |
| Utility Solutions | Electrical Solutions | Total
BALANCE AT DECEMBER 31, 2023 | $ | 1,897.5 |  | $ | 635.9 |  | $ | 2,533.4 |
Prior year acquisitions(1) | (6.5) |  | — |  | (6.5) |
Foreign currency translation | (11.9) |  | (1.3) |  | (13.2) |
BALANCE AT JUNE 30, 2024 | $ | 1,879.1 |  | $ | 634.6 |  | $ | 2,513.7 |
(1) Refer to Note 2 - Business Acquisitions for additional information. The carrying value of other intangible assets included in Other intangible assets, net in the Condensed Consolidated Balance Sheets is as follows (in millions):
| June 30, 2024 | December 31, 2023
| Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization
Definite-lived: |  |  |  |
Patents, tradenames and trademarks | $ | 233.0 |  | $ | (90.1) |  | $ | 233.7 |  | $ | (84.8) |
Customer relationships, developed technology and other | 1,509.0 |  | (550.0) |  | 1,513.1 |  | (500.1) |
TOTAL DEFINITE-LIVED INTANGIBLES | $ | 1,742.0 |  | $ | (640.1) |  | $ | 1,746.8 |  | $ | (584.9) |
Indefinite-lived: |  |  |  |
Tradenames and other | 33.8 |  | — |  | 34.1 |  | — |
TOTAL OTHER INTANGIBLE ASSETS | $ | 1,775.8 |  | $ | (640.1) |  | $ | 1,780.9 |  | $ | (584.9) |
Amortization expense associated with definite-lived intangible assets was $28.5 million and $18.1 million during the three months ended June 30, 2024 and 2023, respectively, and $57.0 million and $35.9 million during the six months ended June 30, 2024 and 2023, respectively. Future amortization expense associated with these intangible assets is estimated to be $56.6 million for the remainder of 2024, $95.9 million in 2025, $89.8 million in 2026, $85.4 million in 2027, $82.2 million in 2028, and $78.0 million in 2029. The Company amortizes intangible assets with definite lives using either an accelerated method that reflects the pattern in which economic benefits of the intangible assets are consumed and results in higher amortization in the earlier years of the assets useful lives, or using a straight line method. Approximately 85% of the gross value of definite-lived intangible assets follow an accelerated amortization method. The Company completed its annual goodwill impairment test as of April 1, 2024. For each of the Company's reporting units, the Company elected to utilize the quantitative goodwill impairment testing process, as permitted in the accounting guidance, by comparing the estimated fair value of the reporting units to their carrying values. If the estimated fair value exceeds its carrying value, no impairment exists. Goodwill impairment testing requires judgment, including the identification of reporting units, assigning assets and liabilities to reporting units and determining the fair value of each reporting unit. Significant judgment is required to estimate the fair value of reporting units including estimating future cash flows, determining appropriate discount rates and other assumptions, including assumptions about secular economic and market conditions. The Company uses internal discounted cash flow models to estimate fair value. These cash flow estimates are derived from historical experience, third party end market data, and future long-term business plans and include assumptions of future sales growth, gross margin, operating margin, terminal growth rate, and the application of an appropriate discount rate. Significant changes in these estimates and assumptions could materially affect the determination of fair value and/or goodwill impairment for each reporting unit. The Company believes that its estimated aggregate fair value of its reporting units is reasonable when compared to the Company's market capitalization on the valuation date. As of April 1, 2024, the impairment testing resulted in implied fair values for each reporting unit that significantly exceeded such reporting unit's carrying value, including goodwill. The Company did not have any reporting units with zero or negative carrying amounts. The Company completed its annual impairment test of indefinite-lived intangible assets as of April 1, 2024. For the 2024 test, the Company elected to utilize the quantitative impairment testing process as permitted in the accounting guidance, by comparing the estimated fair value of the indefinite-lived intangible assets to their carrying values. If the estimated fair value of the indefinite-lived intangible assets exceeds their carrying value, no impairment exists. The estimated fair value was determined utilizing an income approach (relief from royalty method). Significant judgment is required to estimate the fair value of the indefinite-lived intangible assets including assumptions for future revenues, discount rates, royalty rates, and other assumptions, including assumptions about secular economic and market conditions. Significant changes in these estimates and assumptions could affect the determination of fair value and/or impairment for each indefinite-lived intangible asset. As of April 1, 2024, the impairment testing resulted in estimated fair values for each indefinite-lived intangible asset that significantly exceeded the carrying values and there were no indefinite-lived intangible assets at risk of failing the quantitative impairment test.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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