Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table sets forth the changes in the carrying amount of goodwill (in millions):



Balance at December 31, 2023	$	582.6
Current period additions/adjustments		874.0
Foreign currency effect		18.0
Balance at September 30, 2024	$	1,474.6

Intangible Assets

The following is a summary of intangible assets (in millions):


	September 30, 2024							December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Existing technology and related patents	$	768.3	$	(285.3	)	$	483.0	$	428.3	$	(250.4	)	$	177.9
Customer relationships		599.1		(120.6	)		478.5		227.4		(93.5	)		133.9
Trade names		68.6		(14.7	)		53.9		28.4		(10.1	)		18.3
Other		17.4		(6.3	)		11.1		2.2		(1.8	)		0.4
Intangible assets	$	1,453.4	$	(426.9	)	$	1,026.5	$	686.3	$	(355.8	)	$	330.5

For the three months ended September 30, 2024, and 2023, the Company recorded amortization expense of $28.8 million and $11.5 million, respectively, related to intangible assets subject to amortization. For the nine months ended September 30, 2024, and 2023, the Company recorded amortization expense of $70.1 million and $33.4 million, respectively, related to intangible assets subject to amortization.

On a quarterly basis, the Company reviews its goodwill and intangible assets to determine if there have been any triggering events that could indicate an impairment. See Note 15, Other Charges, Net for discussion related to the impairment of intangible and other long-lived assets in connection with the Company’s restructuring plans for the three and nine months ended September 30, 2024.