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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2024
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 six months ended June 30, 2024 are summarized as follows (in millions):
| North America |  | South America |  | Europe/Middle East |  | Asia/Pacific/Africa |  | Unallocated(1) |  | Consolidated
Balance as of December 31, 2023 | $ | 668.2 |  |  | $ | 93.5 |  |  | $ | 458.5 |  |  | $ | 113.2 |  |  | $ | — |  |  | $ | 1,333.4 |
Acquisitions | — |  |  | — |  |  | 8.7 |  |  | — |  |  | 1,803.3 |  |  | 1,812.0 |
Reclassified to held for sale(2) | (524.0) |  |  | (12.8) |  |  | (61.1) |  |  | (110.3) |  |  | — |  |  | (708.2) |
Foreign currency translation | (1.4) |  |  | (11.8) |  |  | (13.0) |  |  | (2.9) |  |  | (0.3) |  |  | (29.4) |
Balance as of June 30, 2024 | $ | 142.8 |  |  | $ | 68.9 |  |  | $ | 393.1 |  |  | $ | — |  |  | $ | 1,803.0 |  |  | $ | 2,407.8 |
____________________________________ (1) Unallocated goodwill relates to the PTx Trimble joint venture transaction. Refer to Note 2 for additional information. (2) Reclassification resulting from the Company's classification of the G&P business as held for sale, $494.6 million is included within “Loss on business held for sale” in the Company’s Condensed Consolidated Statements of Operations and $213.6 million is included within “Assets held for sale” in the Company’s Condensed Consolidated Balance Sheets. Refer to Note 3 for additional information. Goodwill is tested for impairment on an annual basis and more often if indications of impairment exist. The Company conducts its annual impairment analyses as of October 1 st each year. Changes in the carrying amount of acquired intangible assets during the six months ended June 30, 2024 are summarized as follows (in millions):
Gross carrying amounts: | Trademarks and Trade Names |  | Customer Relationships |  | Patents and Technology |  | Other |  | Total
Balance as of December 31, 2023 | $ | 194.3 |  |  | $ | 580.7 |  |  | $ | 148.2 |  |  | $ | 6.3 |  |  | $ | 929.5 |
Acquisitions | 10.7 |  |  | 39.4 |  |  | 453.0 |  |  | 41.9 |  |  | 545.0 |
Reclassified to held for sale(1) | (122.0) |  |  | (417.3) |  |  | (58.7) |  |  | — |  |  | (598.0) |
Foreign currency translation | (3.5) |  |  | (11.6) |  |  | (6.6) |  |  | (0.1) |  |  | (21.8) |
Balance as of June 30, 2024 | $ | 79.5 |  |  | $ | 191.2 |  |  | $ | 535.9 |  |  | $ | 48.1 |  |  | $ | 854.7 |
Accumulated amortization: | Trademarks and Trade Names |  | Customer Relationships |  | Patents and Technology |  | Other |  | Total
Balance as of December 31, 2023 | $ | 114.5 |  |  | $ | 483.4 |  |  | $ | 113.3 |  |  | $ | 1.7 |  |  | $ | 712.9 |
Amortization expense | 5.5 |  |  | 31.6 |  |  | 5.0 |  |  | 3.5 |  |  | 45.6 |
Reclassified to held for sale(1) | (73.9) |  |  | (367.4) |  |  | (48.9) |  |  | — |  |  | (490.2) |
Foreign currency translation | (2.2) |  |  | (23.1) |  |  | 7.6 |  |  | (0.1) |  |  | (17.8) |
Balance as of June 30, 2024 | $ | 43.9 |  |  | $ | 124.5 |  |  | $ | 77.0 |  |  | $ | 5.1 |  |  | $ | 250.5 |
Indefinite-lived intangible assets: | Trademarks and Trade Names
Balance as of December 31, 2023 | $ | 85.9 |
Foreign currency translation | (1.1) |
Balance as of June 30, 2024 | $ | 84.8 |
____________________________________ (1) Reclassification resulting from the Company's classification of the G&P business as held for sale. Refer to Note 3 for additional information. The Company amortizes certain acquired identifiable intangible assets primarily on a straight-line basis over their estimated useful lives, which range from one to 50 years. External-use software, net, developed by the Company and marketed externally, was approximately $0.9 million and $6.3 million as of June 30, 2024 and December 31, 2023, respectively, and classified within “Intangible assets, net.” As of June 30, 2024, $4.5 million of external-use software, net was reclassified to held for sale.

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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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