Goodwill (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill Excluding Non Goodwill Intangibles [Abstract]

The following table reflects changes in the carrying amount of goodwill for the six months ended June 30, 2022:


In thousands	Device Solutions		Networked Solutions		Outcomes		Total Company
Goodwill balance at January 1, 2022	$	39,377	$	918,005	$	141,593	$	1,098,975
Adjustment to goodwill acquired	—		(23)		—		(23)
Goodwill impairment	(38,480)		—		—		(38,480)
Effect of change in exchange rates	(897)		(20,318)		(3,097)		(24,312)
Goodwill balance at June 30, 2022	$	—	$	897,664	$	138,496	$	1,036,160

On October 12, 2021, we acquired SELC Group Limited (SELC), from Sensus Metering Systems (LUXCO3) S.ár.l. During the six months ended June 30, 2022, an adjustment was recorded to the goodwill acquired.

As the result of increases in raw material, component, labor and other costs, coupled with a decrease in forecasted revenue within the Device Solutions operating segment and reporting unit, which we determined during the second quarter of 2022, we performed an interim goodwill impairment test. At the conclusion of the test, a goodwill impairment of $38.5 million was recognized in our Corporate unallocated segment as of June 30, 2022. No interim impairment test was determined to be necessary for the Networked Solutions or Outcomes reporting units. Refer to Note 1: Summary of Significant Accounting Policies in Part II, Item 8: Financial Statements and Supplementary Data of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 for a description of our reporting units and our method used to determine the fair values of our reporting units and to determine the amount of any goodwill impairment.