Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 are presented in the table below:


(in Millions)	Total
Balance, December 31, 2021	$	1,463.3
Acquisitions (See Note 4)	130.7
Foreign currency and other adjustments	(4.7)

Balance, December 31, 2022	$	1,589.3



Foreign currency and other adjustments	4.3
Balance, December 31, 2023	$	1,593.6

Our fiscal year 2023 annual goodwill and indefinite life impairment test was performed during the third quarter ended September 30, 2023. We determined no goodwill impairment existed and that the fair value was substantially in excess of the carrying value. Additionally, no indefinite-lived asset impairment existed and the estimated fair values also exceeded the carrying value for each of our indefinite-lived intangible assets.

Our intangible assets, other than goodwill, consist of the following:


		December 31, 2023						December 31, 2022
(in Millions)	Weighted avg. useful life remaining at December 31, 2023	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Intangible assets subject to amortization (finite life)
Customer relationships	13 years	$	1,136.7	$	(414.2)	$	722.5	$	1,127.9	$	(351.3)	$	776.6
Patents	4 years	1.8		(1.6)		0.2		1.7		(1.4)		0.3
Brands (1)	9 years	49.3		(12.9)		36.4		16.1		(10.6)		5.5
Purchased and licensed technologies	12 years	131.1		(46.2)		84.9		128.4		(42.9)		85.5
Other intangibles	8 years	2.3		(1.8)		0.5		1.8		(1.7)		0.1
		$	1,321.2	$	(476.7)	$	844.5	$	1,275.9	$	(407.9)	$	868.0


Intangible assets not subject to amortization (indefinite life)
Crop Protection Brands (2)	$	1,259.0			$	1,259.0	$	1,259.0			$	1,259.0
Brands (1)	350.3				350.3		370.1				370.1
In-process research and development	11.3				11.3		11.0				11.0
	$	1,620.6			$	1,620.6	$	1,640.1			$	1,640.1
Total intangible assets	$	2,941.8	$	(476.7)	$	2,465.1	$	2,916.0	$	(407.9)	$	2,508.1

____________________

(1) Represents trademarks, trade names and know-how.

(2) Represents proprietary brand portfolios, consisting of trademarks, trade names and know-how, of our crop protection brands.


	Year Ended December 31,
(in Millions)	2023		2022		2021
Amortization expense	$	64.3	$	60.6	$	62.7

The estimated pre-tax amortization expense for each of the five years ending December 31, 2024 to 2028 is $63.7 million, $67.9 million, $69.9 million, $69.5 million, and $69.8 million, respectively.