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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 are presented in the table below:
(in Millions)Total
Balance, December 31, 2022$1,589.3 
Foreign currency and other adjustments4.3 
Balance, December 31, 2023$1,593.6 
GSS divestiture allocation (See Note 1)
(71.1)
Foreign currency and other adjustments(15.5)
Balance, December 31, 2024$1,507.0 

Our fiscal year 2024 annual goodwill and indefinite life impairment test was performed during the third quarter ended September 30, 2024. We determined no goodwill impairment existed and that the fair value was 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.
Subsequent to December 31, 2024, the Company has experienced a significant decline in our stock price that, if sustained, could trigger an impairment test of our goodwill. We are evaluating whether this decline represents a triggering event and if an impairment test is required in connection with the preparation of the consolidated financial statements for the first quarter of 2025.
Our intangible assets, other than goodwill, consist of the following:
December 31, 2024December 31, 2023
(in Millions)Weighted avg. useful life remaining at December 31, 2024GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Intangible assets subject to amortization (finite life)
Customer relationships12 years$1,117.5 $(458.9)$658.6 $1,136.7 $(414.2)$722.5 
Patents8 years1.7 (1.7)— 1.8 (1.6)0.2 
Brands (1)
8 years48.3 (19.2)29.1 49.3 (12.9)36.4 
Purchased and licensed technologies12 years125.5 (48.2)77.3 131.1 (46.2)84.9 
Other intangibles7 years2.3 (1.8)0.5 2.3 (1.8)0.5 
$1,295.3 $(529.8)$765.5 $1,321.2 $(476.7)$844.5 
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)
325.6 325.6 350.3 350.3 
In-process research and development 10.6 10.6 11.3 11.3 
$1,595.2 $1,595.2 $1,620.6 $1,620.6 
Total intangible assets$2,890.5 $(529.8)$2,360.7 $2,941.8 $(476.7)$2,465.1 
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(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)202420232022
Amortization expense$65.5 $64.3 $60.6 

The estimated pre-tax amortization expense for each of the five years ending December 31, 2025 to 2029 is $70.3 million, $71.5 million, $71.2 million, $71.7 million, and $70.9 million, respectively.