Goodwill

3 Months Ended

Apr. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

A summary of the changes in the carrying amount of goodwill, by operating segment, in the three months ended April 1, 2023, is shown below (in millions):


	Seating		E-Systems		Total
Balance at January 1, 2023	$	1,261.1	$	399.5	$	1,660.6

Foreign currency translation and other	5.7		0.4		6.1
Balance at April 1, 2023	$	1,266.8	$	399.9	$	1,666.7

Goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates that an impairment is more likely than not to have occurred. In conducting its annual impairment testing, the Company may first perform a qualitative assessment of whether it is more likely than not that

a reporting unit's fair value is less than its carrying amount. If not, no further goodwill impairment testing is required. If it is more likely than not that a reporting unit's fair value is less than its carrying amount, or if the Company elects not to perform a qualitative assessment of a reporting unit, the Company then compares the fair value of the reporting unit to the related net book value. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. The annual goodwill impairment assessment is completed as of the first day of the Company's fourth quarter.

There was no impairment of goodwill in the first three months of 2023 and 2022. The Company will, however, continue to assess the impact of significant industry and other events on its recorded goodwill.