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Goodwill & Intangibles
9 Months Ended
Sep. 29, 2019
Goodwill and Intangibles  
Goodwill & Intangibles

5. Goodwill & Intangibles

The Company operates in three geographic segments: Americas, Europe, and APMEA. During the third quarter ended September 29, 2019, the Company completed an acquisition within the Americas segment resulting in $38.3 million of goodwill. The acquisition is not considered material to the Company’s consolidated financial statements. The changes in the carrying amount of goodwill by geographic segment are as follows:

September 29, 2019

Gross Balance

Accumulated Impairment Losses

Net Goodwill

Acquired

Foreign

Balance

During

Currency

Balance

Balance

Impairment

Balance

January 1,

the

Translation

September 29,

January 1,

Loss During

September 29,

September 29,

    

2019

    

Period

    

and Other

    

2019

    

2019

    

the Period

    

2019

    

2019

(in millions)

Americas

$

438.1

38.3

$

0.3

$

476.7

$

(24.5)

$

(24.5)

$

452.2

Europe

 

243.7

 

 

(5.0)

 

238.7

 

(129.7)

 

 

(129.7)

 

109.0

APMEA

 

30.1

 

 

(1.1)

 

29.0

 

(12.9)

 

 

(12.9)

 

16.1

Total

$

711.9

38.3

$

(5.8)

$

744.4

$

(167.1)

$

(167.1)

$

577.3

December 31, 2018

Gross Balance

Accumulated Impairment Losses

Net Goodwill

Acquired

Foreign

Balance

During

Currency

Balance

Balance

Impairment

Balance

January 1,

the

Translation

December 31,

January 1,

Loss During

December 31,

December 31,

    

2018

    

Period

    

and Other

    

2018

    

2018

    

the Period

    

2018

    

2018

(in millions)

Americas

$

437.4

$

1.5

$

(0.8)

$

438.1

$

(24.5)

$

$

(24.5)

$

413.6

Europe

 

249.3

 

 

(5.6)

 

243.7

 

(129.7)

 

 

(129.7)

 

114.0

APMEA

 

30.9

 

 

(0.8)

 

30.1

 

(12.9)

 

 

(12.9)

 

17.2

Total

$

717.6

$

1.5

$

(7.2)

$

711.9

$

(167.1)

$

$

(167.1)

$

544.8

Intangible assets include the following:

September 29, 2019

December 31, 2018

Gross

Net

Gross

Net

Carrying

Accumulated

Carrying

Carrying

Accumulated

Carrying

    

Amount

    

Amortization

    

Amount

    

Amount

    

Amortization

    

Amount

(in millions)

Patents

$

16.1

$

(15.8)

$

0.3

$

16.1

$

(15.8)

$

0.3

Customer relationships

 

232.3

 

(154.0)

 

78.3

 

232.9

 

(146.9)

 

86.0

Technology

 

56.8

 

(30.5)

 

26.3

 

54.6

 

(27.3)

 

27.3

Trade names

 

25.8

 

(12.7)

 

13.1

 

26.1

 

(11.5)

 

14.6

Other

 

4.3

 

(3.6)

 

0.7

 

4.3

 

(3.5)

 

0.8

Total amortizable intangibles

 

335.3

 

(216.6)

 

118.7

 

334.0

 

(205.0)

 

129.0

Indefinite-lived intangible assets

 

35.5

 

 

35.5

 

36.2

 

 

36.2

$

370.8

$

(216.6)

$

154.2

$

370.2

$

(205.0)

$

165.2

Aggregate amortization expense for amortized intangible assets for the third quarters ended September 29, 2019 and September 30, 2018 was $3.8 million and $4.5 million, respectively, and for the first nine months of 2019 and 2018 was $11.6 million and $15.2 million, respectively. As a result of the acquisition completed in the third quarter of 2019, the Company recorded $2.2 million of intangible assets related to developed technology.