Goodwill and Other Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

Goodwill

The change in the carrying amount of goodwill for the period is as follows:


	Year Ended December 31,
(in millions)	2023		2022
Goodwill at beginning of the year	$	51.7	$	39.8
Acquisition (Note 11)	—		12.0
Foreign currency translation	—		(0.1)
Goodwill at end of the year	$	51.7	$	51.7

Intangible Assets, Net

The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows:


	As of December 31,
	2023						2022
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Customer relationships	$	43.2	$	(30.9)	$	12.3	$	43.2	$	(27.5)	$	15.7
Internal-use software	43.1		(13.9)		29.2		34.8		(12.0)		22.8
Developed technology(1)	27.4		(3.0)		24.4		27.4		(1.0)		26.4
Patents(1)	36.2		(3.4)		32.8		11.0		(0.4)		10.6
Total intangible assets	$	149.9	$	(51.2)	$	98.7	$	116.4	$	(40.9)	$	75.5

(1) Includes intangible assets acquired in December 2022. See Note 19 for additional information.

Amortization expense for intangible assets was $10.2 million, $7.2 million, and $6.8 million for the years ended December 31, 2023, 2022, and 2021, respectively.

In February 2023, the Company paid Bigfoot Biomedical, Inc. $25.1 million, including transaction costs, to acquire patent assets related to pump-based automated insulin delivery technologies. The acquired patent assets have a useful life of 11 years.

Amortization expense associated with the intangible assets included on the Company’s consolidated balance sheet as of December 31, 2023 is expected to be as follows:


Years Ending December 31,	(in millions)
2024	$	9.8
2025	$	13.4
2026	$	13.2
2027	$	12.0
2028	$	11.0