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GOODWILL (Notes)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure
The following table sets forth the changes in the carrying value of goodwill by reportable segment for the period presented:
 Nine Months Ended
September 30, 2024
EES
CSSUBSTotal
(In millions)
Beginning balance, January 1$838.1 $1,211.6 $1,212.6 $3,262.3 
Foreign currency exchange rate changes(11.8)(1.8)(5.4)(19.0)
Adjustments to goodwill for acquisitions(1)
3.5 29.0 — 32.5 
Adjustment to goodwill for divestiture(2)
— — (58.1)(58.1)
Ending balance, September 30
$829.8 $1,238.8 $1,149.1 $3,217.7 
(1)    Reflects the preliminary allocation of the purchase price paid to acquire IES and entroCIM, which are part of the EES and CSS segments, respectively, as described in Note 4, “Acquisitions and Divestitures”.
(2)    Reflects the amount of goodwill that was allocated to the WIS business, which was part of the UBS segment, and was sold on April 1, 2024, as described in Note 4, “Acquisitions and Divestitures”.
The components of intangible assets are as follows:
As of
September 30, 2024December 31, 2023
Life (in years)
Gross Carrying Amount (1)
Accumulated Amortization (1)
Net Carrying Amount
Gross Carrying Amount (1)
Accumulated Amortization (1)
Net Carrying Amount
Intangible assets:(In millions)
TrademarksIndefinite$792.2 $— $792.2 $793.0 $— $793.0 
Customer relationships
10 - 20
1,466.0 (468.7)997.3 1,519.9 (464.4)1,055.5 
Distribution agreements
15 and 19
29.2 (27.3)1.9 29.2 (26.0)3.2 
Trademarks
5 and 12
15.5 (11.2)4.3 15.5 (9.6)5.9 
Software
7
16.0 (0.5)15.5 — — — 
$2,318.9 $(507.7)$1,811.2 $2,357.6 $(500.0)$1,857.6 
(1)    Excludes the original cost and related accumulated amortization of fully-amortized intangible assets.
Amortization expense related to intangible assets totaled $21.5 million and $22.1 million for the three months ended September 30, 2024 and 2023, respectively, and $65.3 million and $66.5 million for the nine months ended September 30, 2024 and 2023, 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$22.0 
202585.8 
202680.4 
202777.6 
202875.9 
Thereafter677.3 
Total
$1,019.0