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Goodwill & Intangibles

9 Months Ended

Sep. 26, 2021

4. Goodwill & Intangibles

The Company operates in three geographic segments: Americas, Europe, and APMEA. The changes in the carrying amount of goodwill by geographic segment are as follows:

September 26, 2021

Gross Balance

Accumulated Impairment Losses

Net Goodwill

Acquired

Foreign

Balance

During

Currency

Balance

Impairment

Balance

January 1,

the

Translation

September 26,

January 1,

Loss During

September 26,

2021

Period

and Other

2021

the Period

2021

(in millions)

Americas

482.5

—

482.5

(24.5)

—

(24.5)

458.0

Europe

252.1

—

(5.4)

246.7

(129.7)

—

(129.7)

117.0

APMEA

34.9

—

(0.5)

34.4

(12.9)

—

(12.9)

21.5

Total

769.5

—

(5.9)

763.6

(167.1)

—

(167.1)

596.5


	December 31, 2020
	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,
	2020		Period		and Other		2020		2020		the Period		2020		2020

	(in millions)
Americas	$	476.8	$	5.5	$	0.2	$	482.5	$	(24.5)	$	—	$	(24.5)	$	458.0
Europe		241.4		—		10.7		252.1		(129.7)		—		(129.7)		122.4
APMEA		30.0		3.9		1.0		34.9		(12.9)		—		(12.9)		22.0
Total	$	748.2	$	9.4	$	11.9	$	769.5	$	(167.1)	$	—	$	(167.1)	$	602.4

Goodwill and indefinite-lived intangible assets are tested for impairment at least annually or more frequently if events or circumstances indicate that it is “more likely than not” that they might be impaired, such as from a change in business conditions. The Company performs its annual goodwill and indefinite-lived intangible assets impairment assessment in the fourth quarter of each year. At the most recent annual impairment test which occurred in the fourth quarter of 2020, the Company performed qualitative fair value assessments, including an evaluation of certain key assumptions for all seven of its reporting units. The Company concluded that the fair value of all seven reporting units exceeded their carrying values at that time.

Intangible assets include the following:


	September 26, 2021						December 31, 2020
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount

	(in millions)
Patents	$	16.1	$	(16.1)	$	—	$	16.1	$	(16.0)	$	0.1
Customer relationships		235.8		(171.6)		64.2		236.2		(165.8)		70.4
Technology		58.1		(39.6)		18.5		58.0		(36.4)		21.6
Trade names		26.9		(16.5)		10.4		27.0		(15.1)		11.9
Other		4.3		(3.7)		0.6		4.3		(3.7)		0.6
Total amortizable intangibles		341.2		(247.5)		93.7		341.6		(237.0)		104.6
Indefinite-lived intangible assets		36.5		—		36.5		37.2		—		37.2
	$	377.7	$	(247.5)	$	130.2	$	378.8	$	(237.0)	$	141.8

Aggregate amortization expense for amortized intangible assets for the third quarters ended September 26, 2021 and September 27, 2020 was $3.2 million and $3.8 million, respectively, and for the first nine months of 2021 and 2020 was $10.5 million and $11.4 million, respectively.