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Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill and other intangible assets result from the Company’s acquisition of existing businesses. In accordance with accounting standards related to business combinations, goodwill and indefinite-lived intangibles are not amortized; however, certain finite-lived identifiable intangible assets, primarily customer relationships and acquired technology, are amortized over their estimated useful lives. The Company assesses both goodwill and indefinite-lived intangible assets for impairment as of the first day of the fourth quarter annually or more frequently if events or changes in circumstances indicate the asset might be impaired. During the nine months ended September 27, 2024, the Company identified indicators of a "more likely than not" impairment related to its various reporting units within the Specialty Products & Technologies and Equipment & Consumables segments.

The Company used the income approach in performing a goodwill impairment test in order to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value amount. The Company’s reporting units are the financial components of operating segments which constitute businesses for which discrete financial information is available and regularly reviewed by segment management. The income approach uses a discounted cash flow model with inputs developed using both internal and market-based data. The Company's significant assumptions in the discounted cash flow models vary amongst, and are specific to, each reporting unit which include, but are not limited to, discount rates, revenue growth rates assumptions (including perpetual growth rates) and operating margin percentages. These assumptions were developed in light of current market conditions and future expectations which include, but were not limited to, impact of competition, new product development and future economic conditions. As a result of this impairment test, the Company recorded a pre-tax goodwill impairment charge of $707.8 million related to its Specialty Products & Technologies segment and $252.7 million related to its Equipment & Consumables segment during the nine months ended September 27, 2024. The reduction in value was primarily due to adverse macroeconomic factors such as a sustained suppressed stock price, higher cost of borrowing and inflationary pressures, geopolitical factors, and lower forecast of operating results which contributed to reduced expectations of future cash flows as mentioned above.

The Company used the relief from royalty method to estimate the fair value of its indefinite-lived intangible assets. The Company's significant assumptions vary amongst, and are specific to, each underlying indefinite-lived intangible asset which include, but are not limited to, revenue growth rates assumptions (including perpetual growth rates), discount rates and royalty rates. The Company recorded an impairment charge of $101.1 million related to certain indefinite-lived trade names within the Specialty Products & Technologies segment during the nine months ended September 27, 2024. The reduction in value was primarily due to a reduction in projected cash flows due to the factors discussed above.

Any deviation in actual financial results compared to the forecasted financial results or valuation assumptions used in the impairment tests, a decline in equity valuations, increases in interest rates, or changes in the use of intangible assets, among other factors, could have a material adverse effect on the fair value of either the reporting units or indefinite-lived intangible assets and could result in future impairment charges. There can be no assurance that the Company’s future asset impairment testing will not result in a material charge to earnings. These impairment charges described above were recorded in the goodwill and intangible asset impairment line within the Condensed Consolidated Statements of Operations during the nine months ended September 27, 2024.

There were no goodwill impairment charges recorded for the three month period ended September 27, 2024 nor the three or nine month periods ended September 29, 2023.
The following is a rollforward of the Company’s goodwill by segment ($ in millions):
Specialty Products & TechnologiesEquipment & ConsumablesTotal
GrossAccumulated Impairment ChargesTotalGrossAccumulated Impairment ChargesTotalGrossAccumulated Impairment ChargesTotal
Balance at December 31, 2023$2,007.0 $(134.5)$1,872.5 $1,497.5 $(77.8)$1,419.7 $3,504.5 $(212.3)$3,292.2 
Impairment charges— (707.8)(707.8)— (252.7)(252.7)— (960.5)(960.5)
Foreign currency translation0.4 — 0.4 1.7 — 1.7 2.1 — 2.1 
Balance at September 27, 2024$2,007.4 $(842.3)$1,165.1 $1,499.2 $(330.5)$1,168.7 $3,506.6 $(1,172.8)$2,333.8 

Additionally, management reviews the carrying amounts of other finite-lived intangible assets whenever events or circumstances indicate that the carrying amounts of an asset may not be recoverable. Impairment indicators include, among other factors, cash flow deficits, historic or anticipated declines in revenue or operating profit, and adverse legal or regulatory developments. If it is determined that such indicators are present and the review indicates that the assets will not be fully recoverable based on undiscounted estimated cash flows, their carrying values are reduced to estimated fair market value. Estimated fair market value is determined primarily using projected cash flows discounted at a rate commensurate with the risk involved. For the purposes of identifying and measuring impairment, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. During the nine months ended September 27, 2024, the Company recorded an impairment charge of $92.2 million related to developed technology and customer relationships within the Equipment & Consumables segment. The reduction in value was primarily due to a reduction in projected cash flows due to the factors discussed above.
Finite-lived intangible assets are amortized over the shorter of their legal or estimated useful life. The following summarizes the gross carrying value, accumulated amortization and accumulated impairment losses, for each major category of intangible asset ($ in millions): 
As of September 27, 2024
Gross
Carrying
Amount		Accumulated
Amortization		Accumulated Impairment LossesNet Carrying Amount
Finite-lived intangibles:
Patents and technology$390.3 $(239.4)$(87.2)$63.7 
Customer relationships and other intangibles912.5 (727.9)(5.0)179.6 
Trademarks and trade names190.9 (89.5)— 101.4 
Total finite-lived intangibles1,493.7 (1,056.8)(92.2)344.7 
Indefinite-lived intangibles:
Trademarks and trade names498.5 — (147.1)351.4 
Total intangibles$1,992.2 $(1,056.8)$(239.3)$696.1 
As of December 31, 2023
Gross
Carrying
Amount		Accumulated
Amortization		Accumulated Impairment LossesNet Carrying Amount
Finite-lived intangibles:
Patents and technology$439.5 $(269.1)$— $170.4 
Customer relationships and other intangibles928.1 (706.9)— 221.2 
Trademarks and trade names225.5 (115.8)— 109.7 
Total finite-lived intangibles1,593.1 (1,091.8)— 501.3 
Indefinite-lived intangibles:
Trademarks and trade names498.7 — (46.0)452.7 
Total intangibles$2,091.8 $(1,091.8)$(46.0)$954.0