Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2025

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, 2024	$	1,507.3
Current period additions/adjustments		0.2
Foreign currency effect		25.4
Balance at March 31, 2025	$	1,532.9

Intangible Assets

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


	March 31, 2025							December 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Existing technology and related patents (a)	$	739.4	$	(310.6	)	$	428.8	$	724.5	$	(291.3	)	$	433.2
Customer relationships		558.6		(137.8	)		420.8		550.6		(125.6	)		425.0
Trade names (b)		61.8		(17.9	)		43.9		60.9		(16.1	)		44.8
Other		16.9		(8.7	)		8.2		16.5		(7.0	)		9.5
Intangible assets	$	1,376.7	$	(475.0	)	$	901.7	$	1,352.5	$	(440.0	)	$	912.5

Included in existing technology and related patents, there is in process research and development of $2.9 million and $2.7 million as of March 31, 2025 and December 31, 2024, respectively.

Included in trade names, there are indefinite lived assets of $2.8 million as of March 31, 2025 and December 31, 2024.

For the three months ended March 31, 2025 and 2024, the Company recorded amortization expense of $27.3 million and $16.2 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. During the three months ended March 31, 2025, the Company recognized a de minimis impairment charge to write off a trade name intangible asset which was no longer in use. The impairment charge is included in other charges, net within the consolidated statements of operations. Refer to Note 10, Restructuring and asset impairments for discussion related to the impairment of intangible and other long-lived assets in connection with the Company’s restructuring plans for the three months ended March 31, 2025.