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Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

(9) Goodwill and Other Intangible Assets

 

We have goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows:

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

Gross

 

 

Accumulated
Amortization

 

 

Net

 

 

Gross

 

 

Accumulated
Amortization

 

 

Net

 

Goodwill(a)

 

$

1,620.1

 

 

$

—

 

 

$

1,620.1

 

 

$

1,628.1

 

 

$

—

 

 

$

1,628.1

 

Intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finite-lived:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

817.2

 

 

$

471.7

 

 

$

345.5

 

 

$

818.9

 

 

$

448.1

 

 

$

370.8

 

Other

 

 

21.2

 

 

 

21.0

 

 

 

0.2

 

 

 

21.3

 

 

 

20.2

 

 

 

1.1

 

 

 

838.4

 

 

 

492.7

 

 

 

345.7

 

 

 

840.2

 

 

 

468.3

 

 

 

371.9

 

Indefinite-lived:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tradenames(b)

 

 

52.0

 

 

 

—

 

 

 

52.0

 

 

 

52.0

 

 

 

—

 

 

 

52.0

 

Reacquired franchise rights

 

 

125.9

 

 

 

—

 

 

 

125.9

 

 

 

125.6

 

 

 

—

 

 

 

125.6

 

 

 

177.9

 

 

 

—

 

 

 

177.9

 

 

 

177.6

 

 

 

—

 

 

 

177.6

 

Total intangible assets

 

$

1,016.3

 

 

$

492.7

 

 

$

523.6

 

 

$

1,017.8

 

 

$

468.3

 

 

$

549.5

 
(a)
Balances were net of accumulated impairment loss of $694.2 as of both September 30, 2023 and December 31, 2022.
(b)
Balances were net of accumulated impairment loss of $139.5 as of both September 30, 2023 and December 31, 2022.

 

Total consolidated amortization expense related to intangible assets for the remainder of 2023 is expected to be $8.5 and in each of the next five years as follows: 2024 - $32.0, 2025 - $30.3, 2026 - $26.8, 2027 - $26.2 and 2028 - $26.2.

 

 

Changes in the carrying value of goodwill by reportable segment and Corporate were as follows:

 

 

 

Americas(a)

 

 

Southern
Europe(b)

 

 

Northern
Europe

 

 

APME

 

 

Corporate(c)

 

 

Total

 

Balance, December 31, 2022

 

$

1,049.6

 

 

$

148.2

 

 

$

234.8

 

 

$

69.5

 

 

$

126.0

 

 

$

1,628.1

 

Currency impact

 

 

(0.2

)

 

 

(1.6

)

 

 

(2.2

)

 

 

(4.0

)

 

 

—

 

 

 

(8.0

)

Balance, September 30, 2023

 

$

1,049.4

 

 

$

146.6

 

 

$

232.6

 

 

$

65.5

 

 

$

126.0

 

 

$

1,620.1

 
(a)
Balances related to the United States were $1,006.5 as of both December 31, 2022 and September 30, 2023.
(b)
Balances related to France were $73.3 and $72.4 as of December 31, 2022 and September 30, 2023, respectively. Balances related to Italy were $3.7 and $3.6 as of December 31, 2022 and September 30, 2023, respectively.
(c)
The majority of the Corporate balance relates to goodwill attributable to our acquisitions of Right Management ($62.1) and Jefferson Wells ($55.5). Jefferson Wells is part of the United States reporting unit. Right Management is allocated to the reporting units of the countries in which Right Management operates. For purposes of monitoring our total assets by segment, we do not allocate the Corporate balances to the respective reportable segments as this is commensurate with how we operate our business. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing.