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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 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 nine months ended September 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 |  |  | — |  |  | 1,731.3 |  |  | 1,740.0 |
Reclassified to held for sale(2) | (524.1) |  |  | (13.1) |  |  | (62.1) |  |  | (116.5) |  |  | — |  |  | (715.8) |
Foreign currency translation | (0.8) |  |  | (10.2) |  |  | 5.0 |  |  | 3.3 |  |  | 3.5 |  |  | 0.8 |
Balance as of September 30, 2024 | $ | 143.3 |  |  | $ | 70.2 |  |  | $ | 410.1 |  |  | $ | — |  |  | $ | 1,734.8 |  |  | $ | 2,358.4 |
____________________________________ (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, $497.8 million is included within “Loss on business held for sale” in the Company’s Condensed Consolidated Statements of Operations and $218.0 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 nine months ended September 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 | 6.1 |  |  | 39.9 |  |  | 359.3 |  |  | 44.8 |  |  | 450.1 |
Reclassified to held for sale(1) | (124.6) |  |  | (420.6) |  |  | (60.0) |  |  | — |  |  | (605.2) |
Foreign currency translation | (0.4) |  |  | (3.6) |  |  | (2.2) |  |  | 0.1 |  |  | (6.1) |
Balance as of September 30, 2024 | $ | 75.4 |  |  | $ | 196.4 |  |  | $ | 445.3 |  |  | $ | 51.2 |  |  | $ | 768.3 |
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 | 6.4 |  |  | 20.8 |  |  | 19.9 |  |  | 7.3 |  |  | 54.4 |
Reclassified to held for sale(1) | (75.0) |  |  | (370.2) |  |  | (50.0) |  |  | — |  |  | (495.2) |
Foreign currency translation | (0.8) |  |  | (3.2) |  |  | (1.7) |  |  | — |  |  | (5.7) |
Balance as of September 30, 2024 | $ | 45.1 |  |  | $ | 130.8 |  |  | $ | 81.5 |  |  | $ | 9.0 |  |  | $ | 266.4 |
Indefinite-lived intangible assets: | Trademarks and Trade Names
Balance as of December 31, 2023 | $ | 85.9 |
Foreign currency translation | 0.3 |
Balance as of September 30, 2024 | $ | 86.2 |
____________________________________ (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 $0.7 million and $6.3 million as of September 30, 2024 and December 31, 2023, respectively, and classified within “Intangible assets, net.” As of September 30, 2024, $4.6 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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