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Supplemental Balance Sheet Information | 6 Months Ended
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Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information Accounts Receivable Accounts receivable consist of the following (in millions):
| June 30, 2024 |  | December 31, 2023
Accounts receivable | $ | 128.1 |  |  | $ | 134.0 |
Income tax receivable | 0.1 |  |  | 14.1 |
Allowances and doubtful accounts: |  |  |
Doubtful accounts | (4.6) |  |  | (5.1) |
Sales discounts | (0.6) |  |  | (0.2) |
Accounts receivable, net | $ | 123.0 |  |  | $ | 142.8 |
Losses on receivables are estimated based on known troubled accounts and historical experience. Receivables are considered impaired and written off when it is probable that payments due will not be collected. We incurred no expense for uncollectible accounts for the three months ended June 30, 2024 and $0.1 million of expense for the six months ended June 30, 2024, compared to $0.4 million and $0.6 million for the three and six months ended June 30, 2023, respectively. Inventories Inventories at the lower of cost (determined on the FIFO method) or net realizable value consists of the following (in millions):
| June 30, 2024 |  |  |  |  |  | December 31, 2023
Raw materials | $ | 49.6 |  |  |  |  |  |  | $ | 50.3 |
Work in process | 24.2 |  |  |  |  |  | 19.8
Finished goods | 86.2 |  |  |  |  |  | 88.5
Supplies and other | 3.9 |  |  |  |  |  | 4.6
Total Inventory | $ | 163.9 |  |  |  |  |  |  | $ | 163.2 |
We had no expense for inventory write-offs and obsolescence in the three months ended June 30, 2024 and $1.5 million of expense for inventory write-offs and obsolescence in the six months ended June 30, 2024, compared to $2.4 million and $3.4 million in the three and six months ended June 30, 2023, respectively. Property, Plant and Equipment Property, plant and equipment consists of the following (in millions):
| June 30, 2024 |  | December 31, 2023
Land | $ | 1.3 |  |  | $ | 1.3 |
Buildings and leasehold improvements | 37.2 |  |  | 38.0 |
Machinery and equipment | 184.9 |  |  | 182.8 |
Construction in progress | 16.5 |  |  | 18.0 |
| 239.9 |  |  | 240.1 |
Less accumulated depreciation | (129.2) |  |  | (122.9) |
Total | $ | 110.7 |  |  | $ | 117.2 |
Depreciation expense was $5.0 million and $10.3 million for the three and six months ended June 30, 2024, respectively, compared to $4.5 million and $9.4 million for the three and six months ended June 30, 2023, respectively. Goodwill and Intangible Assets The changes in the carrying amount of goodwill are as follows (in millions):
| Goodwill
Balance, December 31, 2023 | $ | 796.1 |
Currency translation adjustment | (1.7) |
Balance, June 30, 2024 | $ | 794.4 |
Intangible assets subject to amortization consist of the following (in millions):
| June 30, 2024 |  | December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Trademarks | $ | 41.6 |  |  | $ | (29.4) |  |  | $ | 12.2 |  |  | $ | 42.0 |  |  | $ | (28.8) |  |  | $ | 13.2 |
Patents and acquired technologies | 248.5 |  |  | (176.7) |  |  | 71.8 |  |  | 248.6 |  |  | (171.9) |  |  | 76.7 |
Other | 207.2 |  |  | (65.0) |  |  | 142.2 |  |  | 207.7 |  |  | (58.1) |  |  | 149.6 |
Total | $ | 497.3 |  |  | $ | (271.1) |  |  | $ | 226.2 |  |  | $ | 498.3 |  |  | $ | (258.8) |  |  | $ | 239.5 |
Amortization expense for intangible assets is included in “Cost of products sold” and “Selling and general expenses” and was $6.3 million and $12.4 million for the three and six months ended June 30, 2024, respectively, compared to $5.8 million and $11.6 million for the three and six months ended June 30, 2023, respectively. As of June 30, 2024 we had unrealized currency translation adjustments of $0.3 million related to our acquired intangibles from the acquisition of Diros. Amortization expense for the remainder of 2024, the following four years and thereafter is estimated as follows (in millions):
|  | Amount
Remainder of 2024 |  | $ | 13.1 |
2025 |  | 25.0 |
2026 |  | 24.5 |
2027 |  | 22.8 |
2028 |  | 22.6 |
Thereafter |  | 118.2 |
Total |  | $ | 226.2 |
Accrued Expenses Accrued expenses consist of the following (in millions):
| June 30, 2024 |  | December 31, 2023
Accrued rebates and customer incentives | $ | 21.8 |  |  | $ | 17.7 |
Accrued salaries and wages | 25.8 |  |  | 31.5 |
Accrued taxes and other | 6.1 |  |  | 16.7 |
Other | 25.8 |  |  | 27.3 |
Total | $ | 79.5 |  |  | $ | 93.2 |
Other Long-Term Liabilities Other long-term liabilities consist of the following (in millions):
| June 30, 2024 |  | December 31, 2023
Accrued compensation and benefits | $ | 6.6 |  |  | $ | 5.9 |
Other | 3.9 |  |  | 4.1 |
Total | $ | 10.5 |  |  | $ | 10.0 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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