Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for the six months ended June 30, 2024 were as follows:


	Goodwill		Accumulated Impairment Losses		Total
Balance as of December 31, 2023	$	220.7	$	(33.3)	$	187.4
Additions	9.5		—		9.5
Foreign currency fluctuations	(6.2)		0.3		(5.9)
Balance as of June 30, 2024	$	224.0	$	(33.0)	$	191.0

The additions to goodwill recorded during the first six months of 2024 were related to our acquisition of TCS, as described further in Note 5.

The balances of acquired intangible assets, excluding goodwill, were as follows:


	Customer Lists		Trade Names		Technology		Total
Balance as of June 30, 2024
Original cost	$	159.8	$	28.5	$	16.2	$	204.5
Accumulated amortization	(103.5)		(20.1)		(13.4)		(137.0)
Carrying value	$	56.3	$	8.4	$	2.8	$	67.5
Weighted average original life (in years)	14		10		12

Balance as of December 31, 2023
Original cost	$	150.6	$	29.3	$	16.3	$	196.2
Accumulated amortization	(100.8)		(19.2)		(13.1)		(133.1)
Carrying value	$	49.8	$	10.1	$	3.2	$	63.1
Weighted average original life (in years)	15		11		11

As part of our acquisition of TCS, we acquired customer lists and backlog with a combined fair value of $13.8 million. Further details regarding the preliminary purchase price allocation of TCS are described further in Note 5.

Amortization expense on intangible assets for the three and six months ended June 30, 2024 was $3.9 million and $7.8 million, respectively. Amortization expense on intangible assets for the three and six months ended June 30, 2023 was $3.6 million and $7.5 million, respectively.

Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets for each of the five succeeding years and thereafter is as follows:


Remaining 2024	$	7.8
2025	12.7
2026	11.6
2027	8.5
2028	6.7
Thereafter	20.2
Total	$	67.5