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Goodwill and other intangible assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and other intangible assets | Goodwill and other intangible assets Changes in the carrying amount of goodwill, by reportable operating segment, for the years ended December 31, 2023 and 2022 were as follows:
| Americas |  |  | EMEA |  | Asia |  | OEM |  | Total
Balance as of December 31, 2021 |  |  |  |  |  |  |  |  |  |
Goodwill | $ | 2,008,352 |  |  |  | $ | 492,149 |  |  | $ | 223,819 |  |  | $ | 112,010 |  |  | $ | 2,836,330 |
Accumulated impairment losses | (332,128) |  |  |  | — |  |  | — |  |  | — |  |  | (332,128) |
| 1,676,224 |  |  |  | 492,149 |  |  | 223,819 |  |  | 112,010 |  |  | 2,504,202 |
Goodwill related to acquisitions | 53,970 |  |  |  | 7,281 |  |  | 10,169 |  |  | — |  |  | 71,420 |
Translation and other adjustments | 899 |  |  |  | (30,906) |  |  | (8,885) |  |  | — |  |  | (38,892) |
Balance as of December 31, 2022 | 1,731,093 |  |  |  | 468,524 |  |  | 225,103 |  |  | 112,010 |  |  | 2,536,730 |
Goodwill related to acquisitions | 333,462 |  |  |  | 4,284 |  |  | 19,279 |  |  | — |  |  | 357,025 |
Translation and other adjustments | 3,517 |  |  |  | 14,936 |  |  | 1,847 |  |  | — |  |  | 20,300 |
Balance as of December 31, 2023 | $ | 2,068,072 |  |  |  | $ | 487,744 |  |  | $ | 246,229 |  |  | $ | 112,010 |  |  | $ | 2,914,055 |
Intangible assets at December 31, 2023 and 2022 consisted of the following:
| Gross Carrying Amount |  | Accumulated Amortization
| 2023 |  | 2022 |  | 2023 |  | 2022
Customer relationships | $ | 1,363,839 |  |  | $ | 1,328,539 |  |  | $ | (561,753) |  |  | $ | (497,335) |
In-process research and development | 27,476 |  |  | 27,075 |  |  | — |  |  | — |
Intellectual property | 1,890,957 |  |  | 1,599,355 |  |  | (745,094) |  |  | (646,643) |
Distribution rights | 23,301 |  |  | 23,115 |  |  | (22,048) |  |  | (21,090) |
Trade names | 610,146 |  |  | 564,023 |  |  | (84,864) |  |  | (71,128) |
Non-compete agreements | 21,934 |  |  | 21,429 |  |  | (21,934) |  |  | (21,175) |
| $ | 3,937,653 |  |  | $ | 3,563,536 |  |  | $ | (1,435,693) |  |  | $ | (1,257,371) |
As of December 31, 2023, trade names having a carrying value of $231.3 million are considered indefinite-lived. Acquired IPR&D is indefinite-lived until the completion of the related development project, at which point amortization of the carrying value of the technology will commence. Amortization expense related to intangible assets was $174.0 million, $164.1 million, and $165.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. The estimated annual amortization expense for each of the five succeeding years is as follows:
2024 | $ | 228,000 |
2025 | 218,500 |
2026 | 215,600 |
2027 | 212,800 |
2028 | 208,400 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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