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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill during the years ended December 31, 2023, 2022 and 2021 are summarized as follows (in millions):
| North America |  | South America |  | Europe/ Middle East |  | Asia/ Pacific/Africa |  | Consolidated
Balance as of December 31, 2020 | $ | 593.4 |  |  | $ | 87.5 |  |  | $ | 501.3 |  |  | $ | 124.3 |  |  | $ | 1,306.5 |
Acquisitions | 16.2 |  |  | — |  |  | 0.6 |  |  | — |  |  | 16.8 |
Foreign currency translation | — |  |  | (5.8) |  |  | (32.4) |  |  | (4.3) |  |  | (42.5) |
Balance as of December 31, 2021 | 609.6 |  |  | 81.7 |  |  | 469.5 |  |  | 120.0 |  |  | 1,280.8 |
Acquisition | 59.8 |  |  | — |  |  | — |  |  | — |  |  | 59.8 |
Foreign currency translation | (2.1) |  |  | 4.3 |  |  | (25.2) |  |  | (6.8) |  |  | (29.8) |
Balance as of December 31, 2022 | 667.3 |  |  | 86.0 |  |  | 444.3 |  |  | 113.2 |  |  | 1,310.8 |
Foreign currency translation | 0.9 |  |  | 7.5 |  |  | 14.2 |  |  | — |  |  | 22.6 |
Balance as of December 31, 2023 | $ | 668.2 |  |  | $ | 93.5 |  |  | $ | 458.5 |  |  | $ | 113.2 |  |  | $ | 1,333.4 |
Changes in the carrying amount of acquired intangible assets during 2023 and 2022 are summarized as follows (in millions):
Gross Carrying Amounts | Trademarks and Trade Names |  | Customer Relationships |  | Patents and Technology |  | Land Use Rights |  | Total
Gross carrying amounts: |  |  |  |  |  |  |  |  |
Balance as of December 31, 2021 | $ | 189.0 |  |  | $ | 568.6 |  |  | $ | 139.9 |  |  | $ | 7.0 |  |  | $ | 904.5 |
Acquisitions | 7.1 |  |  | 15.4 |  |  | 15.4 |  |  | — |  |  | 37.9 |
Foreign currency translation | (4.3) |  |  | (9.5) |  |  | (4.7) |  |  | (0.5) |  |  | (19.0) |
Balance as of December 31, 2022 | 191.8 |  |  | 574.5 |  |  | 150.6 |  |  | 6.5 |  |  | 923.4 |
Impairment charge | — |  |  | — |  |  | (5.1) |  |  | — |  |  | (5.1) |
Foreign currency translation | 2.5 |  |  | 6.2 |  |  | 2.7 |  |  | (0.2) |  |  | 11.2 |
Balance as of December 31, 2023 | $ | 194.3 |  |  | $ | 580.7 |  |  | $ | 148.2 |  |  | $ | 6.3 |  |  | $ | 929.5 |
Accumulated Amortization | Trademarks and Trade Names |  | Customer Relationships |  | Patents and Technology |  | Land Use Rights |  | Total
Accumulated amortization: |  |  |  |  |  |  |  |  |
Balance as of December 31, 2021 | $ | 93.1 |  |  | $ | 409.7 |  |  | $ | 94.7 |  |  | $ | 1.5 |  |  | $ | 599.0 |
Amortization expense | 11.7 |  |  | 37.9 |  |  | 10.4 |  |  | 0.1 |  |  | 60.1 |
Foreign currency translation | (1.5) |  |  | (6.8) |  |  | (3.6) |  |  | — |  |  | (11.9) |
Balance as of December 31, 2022 | 103.3 |  |  | 440.8 |  |  | 101.5 |  |  | 1.6 |  |  | 647.2 |
Amortization expense | 10.0 |  |  | 36.8 |  |  | 10.8 |  |  | 0.1 |  |  | 57.7 |
Impairment charge | — |  |  | — |  |  | (1.0) |  |  | — |  |  | (1.0) |
Foreign currency translation | 1.2 |  |  | 5.8 |  |  | 2.0 |  |  | — |  |  | 9.0 |
Balance as of December 31, 2023 | $ | 114.5 |  |  | $ | 483.4 |  |  | $ | 113.3 |  |  | $ | 1.7 |  |  | $ | 712.9 |
Indefinite-Lived Intangible Assets |  | Trademarks and Trade Names
Balance as of December 31, 2021 |  | $ | 86.7 |
Foreign currency translation |  | (1.9) |
Balance as of December 31, 2022 |  | 84.8 |
Foreign currency translation |  | 1.1 |
Balance as of December 31, 2023 |  | $ | 85.9 |
For the years ended December 31, 2023, 2022 and 2021, amortization expense related to acquired intangible assets was $57.7 million, $60.1 million and $60.9 million, respectively. The Company estimates amortization of existing intangible assets will be $57.5 million in 2024, $53.5 million in 2025, $24.9 million in 2026, $20.7 million in 2027, and $15.4 million in 2028. The estimated amounts do not include amortization related to any acquired intangible assets that would be recorded related to the planned Trimble Ag joint venture. External-use software, net, developed by the Company and marketed externally, was approximately $6.3 million and $3.4 million as of December 31, 2023 and 2022, respectively, and classified within “Intangible assets, net.” Amortization expense related to external-use software was approximately $1.8 million for the year ended December 31, 2023 and was classified within “Cost of goods sold.”

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