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GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
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
CSSUBSTotal
(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 changes12.6 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, 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
 (In millions)
Intangible assets:      
TrademarksIndefinite$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 
202683.5 
202780.6 
202879.0 
202977.9 
Thereafter636.5 
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.