Goodwill

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill in 2024 and 2023, in total and by segment, are summarized in the table below (in millions):


Segment:	Balance at December 31, 2022 (1)		Goodwill reallocation (2)		Goodwill related to divested entities (3)		Goodwill from business acquisition (4)		Balance at December 31, 2023		Goodwill Adjustment (5)		Balance at December 31, 2024
Home Comfort Solutions	$	26.1	$	—	$	—	$	—	$	26.1	$	—	$	26.1
Building Climate Solutions	61.1		94.5		—		40.4		196.0		(2.1)		193.9
Historical Refrigeration segment	99.1		(99.1)		—		—		—		—		—
Corporate and Other	—		4.6		(4.6)		—		—				—
	$	186.3	$	—	$	(4.6)	$	40.4	$	222.1	$	(2.1)	$	220.0

(1) The goodwill balances in the table above are presented net of accumulated impairment charges of $32.7 million, all of which relate to impairments in periods prior to 2022.

(2) As discussed in Note 3, we recast our segment presentation to present our Heatcraft Worldwide Refrigeration business as a component of our Building Climate Solutions segment and our European portfolio as a component of Corporate and Other. Since there is no longer a Refrigeration segment, we allocated goodwill to each segment based upon the relative fair value of the business.

(3) There was $4.6 million of goodwill related to our European portfolio. As part of the loss on assets held for sale that was recorded in the third quarter of 2023, we recorded an impairment of $2.3 million for a portion of the goodwill transferred. The remaining goodwill was included in the balance of disposed net assets.

(4) On October 25, 2023, we announced the acquisition of AES. In connection with this acquisition, $40.4 million of goodwill was recorded and included in the Building Climate Solutions reporting unit. AES is included in the Building Climate Solutions segment. See Note 17 for additional information on the AES acquisition.

(5) As discussed in Note 17, in the first and fourth quarters of 2024 we made adjustments to our purchase price allocation of AES that resulted in a $2.1 million reduction of goodwill.

A qualitative review of impairment indicators was performed in 2024 for the Home Comfort Solutions and Building Climate Solutions segments. No impairment charges were recorded in 2024, 2023 or 2022, except to the extent of respective goodwill impaired in connection with the disposition of our European operations.