Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill during the years ended December 31, 2024, 2023 and 2022 are summarized as follows (in millions):


	North America		South America		Europe/ Middle East		Asia/ Pacific/Africa		Consolidated






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
Acquisitions	955.6		32.5		592.4		20.4		1,600.9
Divestiture(1)	(523.9)		(12.4)		(61.4)		(113.2)		(710.9)
Impairment charge	(354.1)		—		—		—		(354.1)

Foreign currency translation	(3.0)		(18.7)		(27.2)		—		(48.9)
Balance as of December 31, 2024	$	742.8	$	94.9	$	962.3	$	20.4	$	1,820.4

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(1) Divestiture resulting from the Company's sale of the majority of the G&P business, $507.3 million is included within “Loss on sale of business” in the Company’s Consolidated Statements of Operations and $203.6 million was divested. Refer to Note 3 for additional information.

Changes in the carrying amount of acquired intangible assets during 2024 and 2023 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, 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
Acquisitions	6.5		47.3		526.0		44.8		624.6
Divestiture	(122.7)		(434.4)		(59.2)		—		(616.3)

Foreign currency translation	(3.0)		(14.5)		(10.3)		(0.2)		(28.0)
Balance as of December 31, 2024	$	75.1	$	179.1	$	604.7	$	50.9	$	909.8


Accumulated Amortization	Trademarks and Trade Names		Customer Relationships		Patents and Technology		Other		Total

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
Amortization expense	7.4		23.0		37.2		13.4		81.0
Divestiture	(74.2)		(383.7)		(49.3)		—		(507.2)

Foreign currency translation	(2.1)		(13.1)		(6.2)		(0.2)		(21.6)
Balance as of December 31, 2024	$	45.6	$	109.6	$	95.0	$	14.9	$	265.1


Indefinite-Lived Intangible Assets	Trademarks and Trade Names

Balance as of December 31, 2022	$	84.8
Foreign currency translation	1.1
Balance as of December 31, 2023	85.9
Foreign currency translation	(2.1)
Balance as of December 31, 2024	$	83.8

For the years ended December 31, 2024, 2023 and 2022, amortization expense related to acquired intangible assets was $81.0 million, $57.7 million and $60.1 million, respectively. The Company estimates amortization of existing intangible assets will be $61.3 million in 2025, $61.0 million in 2026, $58.9 million in 2027, $57.0 million in 2028, and $54.3 million in 2029. External-use software, net, developed by the Company and marketed externally, was approximately $0.4 million and $6.3 million as of December 31, 2024 and 2023, respectively, and classified within “Intangible assets, net.” Additionally, $4.6 million of external-use software, net was divested as part of the sale of the majority of the Company's G&P business.