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GOODWILL AND INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Changes in the Carrying Amount of Goodwill by Segment | The changes in the carrying amount of goodwill by segment were as follows:
(dollars in millions) |  | Electronics |  | Industrial & Specialty |  | Total
Balance at December 31, 2022 |  | $ | 1,304.0 |  |  | $ | 1,108.8 |  | (1) | $ | 2,412.8 |
Transfer of Films business (2) |  | 7.9 |  |  | (7.9) |  |  | — |
Goodwill impairment |  | — |  |  | (80.0) |  |  | (80.0) |
Foreign currency translation and other |  | (13.2) |  |  | 17.1 |  |  | 3.9 |
Balance at December 31, 2023 |  | 1,298.7 |  |  | 1,038.0 |  | (3) | 2,336.7 |
Held for sale (4) |  | — |  |  | (130.4) |  |  | (130.4) |
Foreign currency translation and other |  | (40.6) |  |  | (33.7) |  |  | (74.3) |
Balance at December 31, 2024 |  | $ | 1,258.1 |  |  | $ | 873.9 |  | (1) | $ | 2,132.0 |
(1) Includes accumulated impairment losses of $46.6 million at December 31, 2024 and December 31, 2022, respectively. (2) In the first quarter of 2023, the Company transferred operational responsibility of its Films business from its Graphics Solutions business within its Industrial & Specialty segment to its Electronics segment. Goodwill was reallocated using a relative fair value approach and assessed for impairment both before and after the allocation. See Note 1, Background and Basis of Presentation, to the Consolidated Financial Statements for further information. (3) Includes accumulated impairment losses of $127 million. (4) As a result of the MGS Transaction, MacDermid Graphics Solutions' assets and liabilities, including goodwill, were classified as held for sale in the Consolidated Balance Sheets as of December 31, 2024. Goodwill held for sale includes accumulated impairment losses of $80.0 million. See Note 5, Held for Sale, to the Consolidated Financial Statements for further information regarding the MGS Transaction.
Schedule of Major Components of Intangible Assets | The major components of intangible assets, net were as follows:
|  | December 31, 2024 |  | December 31, 2023
(dollars in millions) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
Customer relationships |  | $ | 830.5 |  |  | $ | (447.8) |  |  | $ | 382.7 |  |  | $ | 978.4 |  |  | $ | (505.9) |  |  | $ | 472.5 |
Developed technology |  | 291.4 |  |  | (233.3) |  |  | 58.1 |  |  | 410.0 |  |  | (316.2) |  |  | 93.8 |
Trade names |  | 92.9 |  |  | (37.0) |  |  | 55.9 |  |  | 95.9 |  |  | (30.9) |  |  | 65.0 |
Reacquired distribution rights |  | 187.0 |  |  | (19.7) |  |  | 167.3 |  |  | 187.0 |  |  | (7.3) |  |  | 179.7 |
Other |  | — |  |  | — |  |  | — |  |  | 0.8 |  |  | (0.5) |  |  | 0.3 |
Indefinite-lived trade name |  | 68.0 |  |  | — |  |  | 68.0 |  |  | 68.0 |  |  | — |  |  | 68.0 |
Total |  | $ | 1,469.8 |  |  | $ | (737.8) |  |  | $ | 732.0 |  |  | $ | 1,740.1 |  |  | $ | (860.8) |  |  | $ | 879.3 |
Schedule of Estimated Future Amortization of Intangible Assets | Estimated future amortization of intangible assets for each of the next five years is as follows:
(dollars in millions) |  | Amortization Expense
2025 |  | $ | 103.0 |
2026 |  | 70.4 |
2027 |  | 68.9 |
2028 |  | 68.8 |
2029 |  | 68.5 |

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