Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The Company performed its annual goodwill impairment test as of October 1 and determined that no impairment existed for the years ended December 31, 2022 and 2021.

The following summarizes the Company's goodwill (in millions):


	Years Ended December 31,
	2022		2021
Balance at the beginning of the period:
Goodwill	$	906.5	$	775.4
Accumulated impairment losses	(675.0)		(674.9)
	231.5		100.5

Additions	189.5		131.1
Currency translation	(2.3)		(0.1)

Balance at the end of the period:
Goodwill	1,087.6		906.5
Accumulated impairment losses	(668.9)		(675.0)
	$	418.7	$	231.5

Intangible Assets

The Company performed its annual impairment test of indefinite-lived intangible assets as of October 1 and assessed finite-lived intangible assets for impairment triggers and determined that no impairment existed for the years ended December 31, 2022 and 2021.

Intangible assets, net, consisted of the following major classes (in millions):


	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Finite-lived intangible assets:
Customer-related and non-compete agreements	$	180.7	$	(38.3)	$	142.4
Internally developed software(a)	57.3		(38.6)		18.7
Total	238.0		(76.9)		161.1
Indefinite-lived intangible assets:
Trade name	270.3		—		270.3
Total intangible assets, net	$	508.3	$	(76.9)	$	431.4

(a) Includes capitalized costs of $2.5 million yet to be placed into service.


	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Finite-lived intangible assets:
Customer-related and non-compete agreements	$	113.7	$	(15.0)	$	98.7
Internally developed software(a)	49.6		(30.5)		19.1
Total	163.3		(45.5)		117.8
Indefinite-lived intangible assets:
Trade name	270.9		—		270.9
Total intangible assets, net	$	434.2	$	(45.5)	$	388.7

(a) Includes capitalized costs of $7.4 million yet to be placed into service.

For all intangible assets acquired during the year ended December 31, 2022, customer relationships have a weighted-average useful life of 7.5 years and non-compete agreements and other have a weighted-average useful life of 5.0 years.

Amortization of intangible assets for the years ended December 31, 2022, 2021 and 2020 was approximately $31.4 million, $12.4 million and $8.0 million, respectively. Based on the amortizable assets in-service as of December 31, 2022, the Company expects amortization expense to be approximately $34.4 million in 2023, $23.7 million in 2024, $20.4 million in 2025, $19.7 million in 2026, $11.6 million in 2027, and $48.8 million thereafter.