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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 | 5. GOODWILL AND INTANGIBLE ASSETS The following table sets forth the changes in the carrying value of goodwill by reportable segment for the periods presented:
| EES |  | CSS |  | UBS |  | Total
(In millions) |  |  |  |  |  |  |
Balance as of December 31, 2021 | $ | 861.0 |  |  | $ | 1,121.7 |  |  | $ | 1,225.7 |  |  | $ | 3,208.3 |
Adjustments to goodwill for acquisitions(1) | — |  |  | 97.4 |  |  | — |  |  | 97.4 |
Foreign currency exchange rate changes | (35.5) |  |  | (10.2) |  |  | (19.1) |  |  | (64.8) |
Balance as of December 31, 2022 | $ | 825.5 |  |  | $ | 1,208.9 |  |  | $ | 1,206.5 |  |  | $ | 3,240.9 |
Adjustments to goodwill for acquisitions(1) | — |  |  | 0.9 |  |  | — |  |  | 0.9 |
Foreign currency exchange rate changes | 12.6 |  |  | 1.8 |  |  | 6.1 |  |  | 20.5 |
Balance as of December 31, 2023 | $ | 838.1 |  |  | $ | 1,211.6 |  |  | $ | 1,212.6 |  |  | $ | 3,262.3 |
(1) Adjustments to goodwill reflect the preliminary allocation of the purchase price paid to acquire Rahi Systems, which is part of the CSS segment, and adjustments to the assets acquired and liabilities assumed since their initial measurement, as disclosed in Note 6, “Acquisitions and Disposals”. The components of intangible assets are as follows:
|  |  | December 31, 2023 |  | December 31, 2022
| Life (in years) |  | Gross Carrying Amount (1) |  | Accumulated Amortization (1) |  | Net Carrying Amount |  | Gross Carrying Amount (1) |  | Accumulated Amortization (1) |  | Net Carrying Amount
|  |  | (In millions)
Intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Trademarks | Indefinite |  | $ | 793.0 |  |  | $ | — |  |  | $ | 793.0 |  |  | $ | 792.1 |  |  | $ | — |  |  | $ | 792.1 |
Customer relationships | 10 - 20 |  | 1,519.9 |  |  | (464.4) |  |  | 1,055.5 |  |  | 1,516.0 |  |  | (377.6) |  |  | 1,138.3 |
Distribution agreements | 15 and 19 |  | 29.2 |  |  | (26.0) |  |  | 3.2 |  |  | 29.2 |  |  | (24.4) |  |  | 4.8 |
Trademarks | 5 and 12 |  | 15.5 |  |  | (9.6) |  |  | 5.9 |  |  | 15.5 |  |  | (7.4) |  |  | 8.1 |
|  |  | $ | 2,357.6 |  |  | $ | (500.0) |  |  | $ | 1,857.6 |  |  | $ | 2,352.8 |  |  | $ | (409.4) |  |  | $ | 1,943.4 |
(1)Excludes the original cost and related accumulated amortization of fully-amortized intangible assets. Amortization expense related to intangible assets totaled $88.6 million, $92.9 million and $119.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. The following table sets forth the remaining estimated amortization expense for intangible assets for the next five years and thereafter:
For the year ending December 31, | (In millions)
2024 | $ | 86.3 |
2025 | 83.2 |
2026 | 77.8 |
2027 | 74.9 |
2028 | 73.2 |
Thereafter | 669.2 |
The Company performed its annual impairment tests of goodwill and indefinite-lived intangible assets during the fourth quarter of 2023 by assessing qualitative factors to determine whether it was more likely than not that the fair values of its reporting units and indefinite-lived intangible assets were less than their respective carrying amounts. In performing this qualitative assessment, the Company assessed relevant events and circumstances, including macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, other relevant events such as changes in key personnel, changes in the composition or carrying amount of the net assets of a reporting unit, and changes in share price. As a result of this assessment, the Company determined that it was more likely than not that the fair values of its reporting units and indefinite-lived intangible assets continued to exceed their respective carrying amounts and, therefore, a quantitative impairment test was not necessary. The annual impairment tests of goodwill and indefinite-lived intangible assets involve the assessment of factors, events and circumstances at a point in time that are subject to change. As a result, there can be no assurance that the fair values of the Company's reporting units and indefinite-lived intangible assets will exceed their carrying values in the future, and that goodwill and indefinite-lived intangible assets will be fully recoverable.

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