Goodwill and Other Intangibles Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

The following table summarizes the carrying amount of goodwill, and the changes in the carrying amount of goodwill in the three months ended March 31, 2023, by segment:


(in millions)	Environmental Solutions		Safety & Security Systems		Total
Balance at January 1, 2023	$	343.8	$	109.6	$	453.4
Acquisitions	4.5		—		4.5
Translation adjustments	—		0.5		0.5
Balance at March 31, 2023	$	348.3	$	110.1	$	458.4

The following table summarizes the gross carrying amount and accumulated amortization of intangible assets for each major class of intangible assets:


	March 31, 2023						December 31, 2022
(in millions)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Definite-lived intangible assets:
Customer relationships (a)	$	159.0	$	(55.4)	$	103.6	$	153.7	$	(52.0)	$	101.7
Other (a)	6.0		(3.6)		2.4		5.7		(3.4)		2.3
Total definite-lived intangible assets	165.0		(59.0)		106.0		159.4		(55.4)		104.0
Indefinite-lived intangible assets:
Trade names	102.5		—		102.5		99.9		—		99.9
Other	4.3		—		4.3		4.3		—		4.3
Total indefinite-lived intangible assets	106.8		—		106.8		104.2		—		104.2
Total intangible assets	$	271.8	$	(59.0)	$	212.8	$	263.6	$	(55.4)	$	208.2

(a) Average useful life of customer relationships and other definite-lived intangible assets are estimated to be approximately 12 years and 7 years, respectively. The average useful life across all definite-lived intangible assets is estimated to be approximately 12 years.

The table above includes preliminary estimates of the fair value and useful lives of certain definite and indefinite-lived intangible assets related to the acquisitions of Blasters and TowHaul Corporation (“TowHaul”), which were completed during the first quarter of 2023 and the fourth quarter of 2022, respectively. As further described in Note 2 – Acquisitions, the preliminary measurements of fair value included in the table above are subject to change during the measurement period as the applicable third-party valuations are finalized.

Amortization expense for the three months ended March 31, 2023 and 2022 was $3.6 million and $3.3 million, respectively.

The Company currently estimates that aggregate amortization expense will be approximately $10.7 million for the remainder of 2023, $14.2 million in 2024, $14.2 million in 2025, $14.1 million in 2026, $13.1 million in 2027, and $39.7 million thereafter. Actual amounts of amortization may differ from estimated amounts due to acquisitions completed after the three months ended March 31, 2023, changes in foreign currency rates, measurement period adjustments for the TowHaul and Blasters acquisitions, impairment of intangible assets and other events.