The following table presents amounts related to our goodwill and intangible assets as of June 30, 2025 and December 31, 2024:
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June 30, 2025 |
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December 31, 2024 |
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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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$ |
198.1 |
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$ |
171.0 |
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$ |
194.7 |
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$ |
163.9 |
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Developed technology |
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10-20 years |
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109.7 |
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87.0 |
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114.8 |
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85.9 |
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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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5.0 |
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23.6 |
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4.3 |
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Software |
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5-7 years |
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19.7 |
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9.5 |
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19.7 |
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7.8 |
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Non-compete agreements |
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3-5 years |
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12.6 |
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7.0 |
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15.9 |
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5.6 |
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Other |
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Various |
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7.5 |
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1.9 |
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9.0 |
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0.5 |
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Total |
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$ |
371.2 |
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$ |
281.4 |
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$ |
377.7 |
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$ |
268.0 |
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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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345.5 |
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345.3 |
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Total intangible assets |
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$ |
716.7 |
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$ |
723.0 |
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Goodwill |
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Indefinite |
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$ |
208.5 |
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$ |
203.2 |
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The increase in goodwill as of June 30, 2025 compared to December 31, 2024 was due to changes in the purchase price allocation for Zahner and foreign exchange movements. The following table presents the amortization expense related to our intangible assets for the three and six months ended June 30, 2025 and 2024:
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Amortization expense |
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$ |
6.5 |
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$ |
5.3 |
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$ |
13.2 |
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$ |
9.4 |
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