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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 6. GOODWILL AND OTHER INTANGIBLE ASSETS As discussed in Note 3, goodwill arises from the purchase price for acquired businesses exceeding the fair value of tangible and intangible assets acquired, less assumed liabilities. We assess the goodwill of each of our reporting units for impairment at least annually as of the first day of the fourth quarter and as “triggering” events occur that indicate that it is more likely than not that an impairment exists. We performed both qualitative and quantitative impairment tests for reporting units, as determined to be appropriate. We estimate the fair value of our reporting units primarily using a market approach, based on multiples of earnings before interest, taxes, depreciation, and amortization (“EBITDA”) determined by current trading market multiples of earnings for companies operating in businesses similar to each of our reporting units, in addition to recent market available sale transactions of comparable businesses. In certain circumstances we also evaluate other factors including results of the estimated fair value utilizing a discounted cash flow analysis (i.e., an income approach), market positions of the businesses, comparability of market sales transactions, and financial and operating performance in order to validate the results of the market approach. If the estimated fair value of the reporting unit is less than its carrying value, we will impair the goodwill for the amount of the carrying value in excess of the fair value. We performed goodwill impairment testing for our reporting units. As of the date of the 2023 annual impairment test, the carrying value of goodwill in each reporting unit ranged from $180.0 million to approximately $5.6 billion. No goodwill impairment charges were recorded for continuing operations for the years ended December 31, 2023, 2022, and 2021. We assessed all “triggering” events subsequent to the performance of the 2023 annual impairment test and, as a result, have not identified any impacts to goodwill. The factors used by management in its impairment analysis are inherently subject to uncertainty. If actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may be overstated and a charge would need to be taken against net earnings. The following is a rollforward of our goodwill by segment ($ in millions):
| Intelligent Operating Solutions |  | Precision Technologies |  | Advanced Healthcare Solutions |  | Total
Balance, December 31, 2021 | $ | 4,126.0 |  |  | $ | 1,840.0 |  |  | $ | 3,186.0 |  |  | $ | 9,152.0 |
Measurement period adjustments for prior year acquisitions | (5.9) |  |  | — |  |  | 3.7 |  |  | (2.2) |
Attributable to current year acquisitions and divestitures | — |  |  | 0.9 |  |  | (3.2) |  |  | (2.3) |
Foreign currency translation and other | (45.7) |  |  | (30.7) |  |  | (22.6) |  |  | (99.0) |
Balance, December 31, 2022 | 4,074.4 |  |  | 1,810.2 |  |  | 3,163.9 |  |  | 9,048.5 |
Attributable to current year acquisitions | 56.7 |  |  | — |  |  | — |  |  | 56.7 |
Foreign currency translation and other | 17.8 |  |  | (0.6) |  |  | (0.7) |  |  | 16.5 |
Balance, December 31, 2023 | $ | 4,148.9 |  |  | $ | 1,809.6 |  |  | $ | 3,163.2 |  |  | $ | 9,121.7 |
Finite-lived intangible assets are amortized over the shorter of their legal or estimated useful lives. The following summarizes the gross carrying value and accumulated amortization for each major category of intangible asset as of December 31 ($ in millions):
| 2023 |  | 2022
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Finite-lived intangibles: |  |  |  |  |  |  |
Patents and technology | $ | 1,139.6 |  |  | $ | (687.1) |  |  | $ | 1,127.3 |  |  | $ | (581.5) |
Customer relationships and other intangibles | 3,568.0 |  |  | (1,573.2) |  |  | 3,542.6 |  |  | (1,317.2) |
Trademarks and trade names | 117.7 |  |  | (19.8) |  |  | 111.1 |  |  | (11.4) |
Total finite-lived intangibles | 4,825.3 |  |  | (2,280.1) |  |  | 4,781.0 |  |  | (1,910.1) |
Indefinite-lived intangibles: |  |  |  |  |  |  |
Trademarks and trade names | 614.6 |  |  | — |  |  | 616.5 |  |  | — |
Total intangibles | $ | 5,439.9 |  |  | $ | (2,280.1) |  |  | $ | 5,397.5 |  |  | $ | (1,910.1) |
Total intangible amortization expense in 2023, 2022, and 2021 was $370 million, $382 million and $321 million, respectively. Based on the intangible assets recorded as of December 31, 2023, amortization expense is estimated to be $373 million during 2024, $369 million during 2025, $353 million during 2026, $326 million during 2027, and $314 million during 2028. We evaluated events or circumstances that may indicate the carrying value of our intangible assets may not be fully recoverable during the year ended December 31, 2023, and recorded no material impairments.

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