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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill for 2023 and 2022, by reportable business segment, were as follows:
| FMT |  | HST |  | FSDP |  | Total
Goodwill | $ | 701.7 |  |  | $ | 1,264.3 |  |  | $ | 402.3 |  |  | $ | 2,368.3 |
Accumulated goodwill impairment losses | (20.7) |  |  | (149.8) |  |  | (30.1) |  |  | (200.6) |
Balance at January 1, 2022 | 681.0 |  |  | 1,114.5 |  |  | 372.2 |  |  | 2,167.7 |
Foreign currency translation | (8.4) |  |  | (11.5) |  |  | (9.3) |  |  | (29.2) |
Acquisitions | 112.9 |  |  | 391.1 |  |  | — |  |  | 504.0 |
Measurement period adjustments | 0.3 |  |  | 0.9 |  |  | — |  |  | 1.2 |
Divestitures | (5.6) |  |  | — |  |  | — |  |  | (5.6) |
Balance at December 31, 2022 | 780.2 |  |  | 1,495.0 |  |  | 362.9 |  |  | 2,638.1 |
Foreign currency translation | 6.6 |  |  | 38.6 |  |  | 5.7 |  |  | 50.9 |
Acquisitions | — |  |  | 156.7 |  |  | — |  |  | 156.7 |
Measurement period adjustments | (1.8) |  |  | 5.4 |  |  | — |  |  | 3.6 |
Divestitures | — |  |  | (11.0) |  |  | — |  |  | (11.0) |
Balance at December 31, 2023 | $ | 785.0 |  |  | $ | 1,684.7 |  |  | $ | 368.6 |  |  | $ | 2,838.3 |
Goodwill represents the purchase price in excess of the net amount assigned to the assets acquired and liabilities assumed and was tested for impairment at each of the Company’s reporting units as determined in accordance with ASC 350 as of October 31, 2023, the Company’s annual impairment test date, with no impairment noted. In assessing the fair value of the reporting units, the Company considers both the market approach and the income approach. Under the market approach, the fair value of the reporting unit is determined by the respective trailing 12 month earnings before interest, income taxes, depreciation and amortization (“EBITDA”) and the forward looking 2024 EBITDA (50% each), based on multiples of comparable public companies. The market approach is dependent on a number of significant management assumptions including forecasted EBITDA and selected market multiples. Under the income approach, the fair value of the reporting unit is determined based on the present value of estimated future cash flows. The income approach is dependent on a number of significant management assumptions including estimates of operating results, capital expenditures, net working capital requirements, long-term growth rates and discount rates. Weighting was equally attributed to both the market and the income approaches (50% each) in arriving at the fair value of the reporting units. In 2023 and 2022, there were no events or circumstances that would have required an interim impairment test. The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at December 31, 2023 and 2022:
| At December 31, 2023 |  |  |  | At December 31, 2022
| Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Weighted Average Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Patents | $ | 2.7 |  |  | $ | (2.0) |  |  | $ | 0.7 |  |  | 12 |  | $ | 2.9 |  |  | $ | (1.8) |  |  | $ | 1.1 |
Trade names | 171.9 |  |  | (54.3) |  |  | 117.6 |  |  | 15 |  | 186.5 |  |  | (71.4) |  |  | 115.1 |
Customer relationships | 860.7 |  |  | (228.7) |  |  | 632.0 |  |  | 13 |  | 772.2 |  |  | (184.9) |  |  | 587.3 |
Unpatented technology | 233.5 |  |  | (66.3) |  |  | 167.2 |  |  | 12 |  | 207.1 |  |  | (57.8) |  |  | 149.3 |
Software | 5.3 |  |  | (1.9) |  |  | 3.4 |  |  | 5 |  | 4.8 |  |  | (0.7) |  |  | 4.1 |
Total amortized intangible assets | 1,274.1 |  |  | (353.2) |  |  | 920.9 |  |  | 13 |  | 1,173.5 |  |  | (316.6) |  |  | 856.9 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Banjo trade name | 62.1 |  |  | — |  |  | 62.1 |  |  |  |  | 62.1 |  |  | — |  |  | 62.1 |
Akron Brass trade name | 28.8 |  |  | — |  |  | 28.8 |  |  |  |  | 28.8 |  |  | — |  |  | 28.8 |
Total intangible assets | $ | 1,365.0 |  |  | $ | (353.2) |  |  | $ | 1,011.8 |  |  |  |  | $ | 1,264.4 |  |  | $ | (316.6) |  |  | $ | 947.8 |
The Banjo and Akron Brass trade names are indefinite-lived intangible assets that were also tested for impairment as of October 31, 2023, with no impairments noted. These indefinite-lived intangible assets are tested for impairment on an annual basis in accordance with ASC 350 or more frequently if events or changes in circumstances indicate that the assets might be impaired. The Company uses the relief-from-royalty method, a form of the income approach, to determine the fair value of these trade names. The relief-from-royalty method is dependent on a number of significant management assumptions, including estimates of revenues, royalty rates and discount rates. In 2023 and 2022, there were no events or circumstances that would have required an interim impairment test. Amortization of intangible assets was $94.9 million, $69.0 million and $56.4 million in 2023, 2022 and 2021, respectively. Based on the intangible asset balances as of December 31, 2023, expected amortization expense for the years 2024 through 2028 is as follows:
Maturity of Intangible Assets |  | Estimated Amortization
2024 |  | $ | 98.8 |
2025 |  | 97.3 |
2026 |  | 95.7 |
2027 |  | 92.4 |
2028 |  | 89.4 |

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