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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the nine months ended September 30, 2024, by reportable business segment, were as follows:
| FMT |  | HST |  | FSDP |  | IDEX
Goodwill | $ | 805.7 |  |  | $ | 1,834.5 |  |  | $ | 398.7 |  |  | $ | 3,038.9 |
Accumulated goodwill impairment losses | (20.7) |  |  | (149.8) |  |  | (30.1) |  |  | (200.6) |
Balance at January 1, 2024 | 785.0 |  |  | 1,684.7 |  |  | 368.6 |  |  | 2,838.3 |
Foreign currency translation | 0.3 |  |  | 5.2 |  |  | 1.3 |  |  | 6.8 |
Acquisitions | — |  |  | 480.3 |  |  | — |  |  | 480.3 |
Measurement period adjustments | — |  |  | 2.2 |  |  | — |  |  | 2.2 |
Divestitures | (11.6) |  |  | — |  |  | — |  |  | (11.6) |
Balance at September 30, 2024 | $ | 773.7 |  |  | $ | 2,172.4 |  |  | $ | 369.9 |  |  | $ | 3,316.0 |
ASC 350, Goodwill and Other Intangible Assets (“ASC 350”), requires that goodwill be tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. Annually, on October 31, goodwill and other acquired intangible assets with indefinite lives are tested for impairment. Based on the results of the Company’s annual impairment test at October 31, 2023, all reporting units had fair values in excess of their carrying values. During the nine months ended September 30, 2024, 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 September 30, 2024 and December 31, 2023:
| September 30, 2024 |  | December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Patents | $ | 2.7 |  |  | $ | (2.1) |  |  | $ | 0.6 |  |  | $ | 2.7 |  |  | $ | (2.0) |  |  | $ | 0.7 |
Trade names | 207.0 |  |  | (58.2) |  |  | 148.8 |  |  | 171.9 |  |  | (54.3) |  |  | 117.6 |
Customer relationships | 1,109.0 |  |  | (266.3) |  |  | 842.7 |  |  | 860.7 |  |  | (228.7) |  |  | 632.0 |
Unpatented technology | 336.2 |  |  | (82.3) |  |  | 253.9 |  |  | 233.5 |  |  | (66.3) |  |  | 167.2 |
Software | 15.6 |  |  | (3.1) |  |  | 12.5 |  |  | 5.3 |  |  | (1.9) |  |  | 3.4 |
Total amortized intangible assets | 1,670.5 |  |  | (412.0) |  |  | 1,258.5 |  |  | 1,274.1 |  |  | (353.2) |  |  | 920.9 |
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 | $ | 1,761.4 |  |  | $ | (412.0) |  |  | $ | 1,349.4 |  |  | $ | 1,365.0 |  |  | $ | (353.2) |  |  | $ | 1,011.8 |
The Banjo and Akron Brass trade names are indefinite-lived intangible assets which 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. Based on the results of the Company’s annual impairment test at October 31, 2023, these indefinite-lived intangible assets had fair values in excess of their carrying values. During the nine months ended September 30, 2024, there were no events or circumstances that would have required an interim impairment test on these indefinite-lived intangible assets. Amortization of intangible assets was $26.5 million and $75.0 million for the three and nine months ended September 30, 2024, respectively. Amortization of intangible assets wa s $23.8 million and $70.6 million for the three and nine months ended September 30, 2023, respectively. Based on the intangible asset balances as of September 30, 2024, expected amortization expense for the remaining three months of 2024 and for the years 2025 through 2028 is as follows:
|  | Estimated Amortization
Remainder of 2024 |  | $ | 32.6 |
2025 |  | 128.1 |
2026 |  | 126.4 |
2027 |  | 122.7 |
2028 |  | 119.5 |

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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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