Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 7 — GOODWILL AND OTHER INTANGIBLE ASSETS

The following table summarizes the changes in the carrying amount of goodwill in total and by reportable segment for the three months ended March 31, 2024:


	Material Handling		Construction Equipment			Master Distribution		Total
Balance, December 31, 2023	$	15.0	$	43.4		$	18.3	$	76.7
Adjustments to purchase price allocations		—		(0.7	)		—		(0.7	)
Balance, March 31, 2024	$	15.0	$	42.7		$	18.3	$	76.0

Goodwill is tested for impairment by reporting unit annually or more frequently if events or circumstances indicate that an impairment may exist. There were no indicators of potential impairment during the three months ended March 31, 2024. See Note 15, Business Combinations, for further information.

The gross carrying amount of intangible assets and accumulated amortization as of March 31, 2024 and December 31, 2023 were as follows:


	March 31, 2024
	Weighted Average Remaining Life (in years)		Gross carrying amount		Accumulated amortization			Net carrying amount
Customer and supplier relationships		7.4	$	73.9	$	(18.7	)	$	55.2
Other intangibles		3.7		14.5		(5.8	)		8.7
Total		6.8	$	88.4	$	(24.5	)	$	63.9

	December 31, 2023
	Weighted Average Remaining Life (in years)		Gross carrying amount		Accumulated amortization			Net carrying amount
Customer and supplier relationships		7.6	$	73.6	$	(16.8	)	$	56.8
Other intangibles		3.9		14.6		(5.1	)		9.5
Total		7.0	$	88.2	$	(21.9	)	$	66.3

Amortization of intangible assets was $2.6 million and $2.2 million for the three months ended March 31, 2024 and 2023, respectively.