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Goodwill and Identifiable Intangible Assets
9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Identifiable Intangible Assets

5. Goodwill and Identifiable Intangible Assets

We had goodwill of $1,904.2 million and $1,640.7 million as of September 30, 2023 and December 31, 2022, respectively. The change in the net carrying amount of goodwill by segment was as follows:

 

(In millions)

 

Water

 

 

Outdoors

 

 

Security

 

 

Total
Goodwill

 

Goodwill at December 31, 2022(a)

 

$

893.4

 

 

$

651.0

 

 

$

96.3

 

 

$

1,640.7

 

Year-to-date translation adjustments

 

 

0.5

 

 

 

-

 

 

 

0.1

 

 

 

0.6

 

Acquisition-related adjustments

 

 

243.3

 

 

 

0.1

 

 

 

19.5

 

 

 

262.9

 

Goodwill at September 30, 2023(a)

 

$

1,137.2

 

 

$

651.1

 

 

$

115.9

 

 

$

1,904.2

 

 

(a) Net of accumulated impairment losses of $399.5 million in the Outdoors segment.

The gross carrying value and accumulated amortization by class of identifiable intangible assets as of September 30, 2023 and December 31, 2022 were as follows:

 

(In millions)

 

As of September 30, 2023

 

 

As of December 31, 2022

 

 

 

Gross
Carrying
Amounts

 

 

Accumulated
Amortization

 

 

Net
Book
Value

 

 

Gross
Carrying
Amounts

 

 

Accumulated
Amortization

 

 

Net
Book
Value

 

Indefinite-lived tradenames

 

$

553.1

 

 

$

-

 

 

$

553.1

 

 

$

478.1

 

 

$

-

 

 

$

478.1

 

Amortizable intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tradenames

 

 

56.8

 

 

 

(8.5

)

 

 

48.3

 

 

 

47.5

 

 

 

(6.8

)

 

 

40.7

 

Customer and contractual relationships

 

 

1,012.6

 

 

 

(273.5

)

 

 

739.1

 

 

 

662.6

 

 

 

(239.6

)

 

 

423.0

 

Patents/proprietary technology

 

 

137.4

 

 

 

(77.9

)

 

 

59.5

 

 

 

128.5

 

 

 

(69.5

)

 

 

59.0

 

Total

 

 

1,206.8

 

 

 

(359.9

)

 

 

846.9

 

 

 

838.6

 

 

 

(315.9

)

 

 

522.7

 

Total identifiable intangibles

 

$

1,759.9

 

 

$

(359.9

)

 

$

1,400.0

 

 

$

1,316.7

 

 

$

(315.9

)

 

$

1,000.8

 

We had net identifiable intangible assets of $1,400.0 million and $1,000.8 million as of September 30, 2023 and December 31, 2022, respectively. The $443.2 million increase in gross identifiable intangible assets was primarily due to the acquisition of the ASSA Businesses and foreign translation adjustments.

Amortizable identifiable intangible assets, principally customer relationships, are subject to amortization over their estimated useful life, ranging from 5 to 30 years, based on the assessment of a number of factors that may impact useful life, which includes customer attrition rates and other relevant factors.