Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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.”