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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 6. 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, 2022 | $ | 825.5 |  |  | $ | 1,208.9 |  |  | $ | 1,206.5 |  |  | $ | 3,240.9 |
Adjustments to goodwill for acquisitions | — |  |  | 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 |
Adjustments to goodwill for acquisitions | 4.7 |  |  | 147.2 |  |  | — |  |  | 151.9 |
Adjustment to goodwill for divestiture | — |  |  | — |  |  | (58.1) |  |  | (58.1) |
Foreign currency exchange rate changes | (43.5) |  |  | (11.8) |  |  | (20.7) |  |  | (76.0) |
Balance as of December 31, 2024 | $ | 799.3 |  |  | $ | 1,347.0 |  |  | $ | 1,133.8 |  |  | $ | 3,280.1 |
The components of intangible assets are as follows:
|  |  | December 31, 2024 |  | December 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
|  |  | (In millions)
Intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Trademarks | Indefinite |  | $ | 789.7 |  |  | $ | — |  |  | $ | 789.7 |  |  | $ | 793.0 |  |  | $ | — |  |  | $ | 793.0 |
Customer relationships | 10 - 20 |  | 1,502.4 |  |  | (476.4) |  |  | 1,026.0 |  |  | 1,519.9 |  |  | (464.4) |  |  | 1,055.5 |
Distribution agreements | 15 and 19 |  | 29.2 |  |  | (27.7) |  |  | 1.5 |  |  | 29.2 |  |  | (26.0) |  |  | 3.2 |
Trademarks | 5 and 12 |  | 15.5 |  |  | (11.7) |  |  | 3.8 |  |  | 15.5 |  |  | (9.6) |  |  | 5.9 |
Software | 7 |  | 16.0 |  |  | (1.1) |  |  | 14.9 |  |  | — |  |  | — |  |  | — |
|  |  | $ | 2,352.8 |  |  | $ | (516.9) |  |  | $ | 1,835.9 |  |  | $ | 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 $86.1 million, $88.6 million and $92.9 million for the years ended December 31, 2024, 2023 and 2022, 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)
2025 | $ | 88.7 |
2026 | 83.5 |
2027 | 80.6 |
2028 | 79.0 |
2029 | 77.9 |
Thereafter | 636.5 |
Total | $ | 1,046.2 |
The Company performed its annual impairment tests of goodwill and indefinite-lived intangible assets during the fourth quarter of 2024 by comparing the fair values of its reporting units and indefinite-lived intangible assets to their carrying values in an elective quantitative test. As a result of these assessments, the Company determined that the fair values of its reporting units and indefinite-lived intangible assets continue to exceed their respective carrying amounts.

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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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