Quarterly report pursuant to Section 13 or 15(d)

Acquired Intangible Assets and Goodwill

v3.23.3
Acquired Intangible Assets and Goodwill
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Acquired Intangible Assets and Goodwill Acquired Intangible Assets and Goodwill
Intangible assets acquired in a business combination are recognized at fair value and amortized over their estimated useful lives. The carrying basis and accumulated amortization of recognized intangible assets at September 30, 2023 and December 31, 2022, are as follows:

Useful Life September 30, 2023 December 31, 2022
Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount
Customer relationships
10-15 years
 $ 408.2  $ 146.7  $ 261.5  $ 408.2  $ 125.6  $ 282.6 
Tradenames and trademarks
 Indefinite 107.4  —  107.4  107.4  —  107.4 
Software development
10-15 years
 20.3  7.1  13.2  20.3  6.1  14.2 
Noncompete agreements
3-8 years
 0.3  0.2  0.1  0.4  0.2  0.2 
Backlog
< 1 year
 —  —  —  41.4  41.4  — 
$ 536.2  $ 154.0  $ 382.2  $ 577.7  $ 173.3  $ 404.4 
Changes to gross carrying amount of recognized intangible assets due to translation adjustments include an immaterial gain and $2.0 loss for the periods ended September 30, 2023 and December 31, 2022, respectively. The amortization of intangible assets is included in the general and administrative expense on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.
Amortization expense was approximately $7.4 for the three month periods ended September 30, 2023 and October 1, 2022, and $22.3 for the nine month periods ended September 30, 2023 and October 1, 2022.
The changes in the carrying amounts of goodwill for the period ended September 30, 2023 were as follows:
Balance as of December 31, 2022 $ 368.2 
Foreign Currency Translation Adjustment (0.1)
Balance as of September 30, 2023 $ 368.1