The following table details amounts related to our goodwill and intangible assets as of December 31, 2024 and 2023:
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December 31, 2024 |
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December 31, 2023 |
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Estimated
Useful Life |
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Gross
Carrying
Amount |
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Accumulated Amortization |
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Gross
Carrying
Amount |
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Accumulated Amortization |
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Amortizing intangible assets |
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Customer relationships |
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2-20 years |
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$ |
194.7 |
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$ |
163.9 |
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$ |
183.6 |
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$ |
152.1 |
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Developed technology |
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10-20 years |
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114.8 |
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85.9 |
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101.4 |
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84.4 |
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Software |
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5-7 years |
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19.7 |
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7.8 |
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15.6 |
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4.6 |
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Trademarks and brand names |
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3-20 years |
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23.6 |
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4.3 |
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6.2 |
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3.4 |
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Non-compete agreements |
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3-5 years |
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15.9 |
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5.6 |
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6.1 |
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3.8 |
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Trade secrets |
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15 years |
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5.3 |
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- |
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- |
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- |
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Other |
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Various |
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3.7 |
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0.5 |
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2.8 |
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0.2 |
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Total |
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$ |
377.7 |
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$ |
268.0 |
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$ |
315.7 |
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$ |
248.5 |
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Non-amortizing intangible assets |
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Trademarks and brand names |
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Indefinite |
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345.3 |
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345.2 |
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Total intangible assets |
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$ |
723.0 |
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$ |
660.9 |
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Goodwill |
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Indefinite |
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$ |
203.2 |
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$ |
175.5 |
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The increase in goodwill as of December 31, 2024 compared to December 31, 2023 resulted from the acquisitions of 3form and Zahner, partially offset by foreign exchange movements.
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2024 |
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2023 |
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2022 |
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Amortization expense |
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$ |
19.9 |
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$ |
15.3 |
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$ |
16.3 |
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