Goodwill

9 Months Ended

Sep. 27, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

The following is a rollforward of the Company’s goodwill ($ in millions):

Balance, December 31, 2018	$	3,325.5
Foreign currency translation	(42.3		)
Balance, September 27, 2019	$	3,283.2

The carrying value of goodwill by segment is summarized as follows ($ in millions):

	September 27, 2019		December 31, 2018
Specialty Products & Technologies	$	1,999.5	$	2,013.8
Equipment & Consumables	1,283.7		1,311.7
Total	$	3,283.2	$	3,325.5

The Company has not identified any “triggering” events which indicate an impairment of goodwill in the nine-month period ended September 27, 2019.

The Company will perform an annual impairment test of goodwill during the fourth quarter. Determining the fair value of a reporting unit for purposes of the goodwill impairment test is judgmental in nature and involves the use of estimates and assumptions. These estimates and assumptions could have a significant impact on whether or not an impairment charge is recognized and also the magnitude of any such charge. Estimates of fair value are primarily determined using discounted cash flows and market multiples from publicly traded comparable companies. These approaches use significant estimates and assumptions including projected future cash flows, discount rate reflecting the inherent risk in future cash flows, perpetual growth rate and determination of appropriate market comparables.

Unforeseen negative changes in future business or other market conditions for any of the Company’s reporting units including margin compression or loss of business, could cause recorded goodwill to be impaired in the future. Also, changes in estimates and assumptions the Company makes in conducting its goodwill assessment could affect the estimated fair value of the Company’s reporting units and could result in a goodwill impairment charge in a future period.