Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

8. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill as of June 30, 2024 is summarized as follows:


	Americas		MEAP			Consolidated
Balance as of December 31, 2023	$	14.4	$	65.2		$	79.6
Foreign currency impact		—		(0.7	)		(0.7	)
Balance as of June 30, 2024	$	14.4	$	64.5		$	78.9

The gross carrying amount, accumulated impairment and net book value of the Company's goodwill balances by reportable segment as of June 30, 2024 and December 31, 2023, are summarized as follows:


	June 30, 2024							December 31, 2023
	Gross Carrying Amount		Accumulated Impairment Amount			Net Book Value		Gross Carrying Amount		Accumulated Impairment Amount			Net Book Value
Americas	$	180.9	$	(166.5	)	$	14.4	$	180.9	$	(166.5	)	$	14.4
EURAF		82.2		(82.2	)		—		82.2		(82.2	)		—
MEAP		64.5		—			64.5		65.2		—			65.2
Total	$	327.6	$	(248.7	)	$	78.9	$	328.3	$	(248.7	)	$	79.6

The Company performs its annual goodwill impairment test during the fourth quarter, or more frequently if events or changes in circumstances indicate that there might be an impairment of the asset. The Company will continue to monitor changes in

circumstances and test more frequently if those changes indicate that assets might be impaired. The Company determined there was no triggering event during the three and six months ended June 30, 2024.

The gross carrying amount, accumulated amortization, and net book value of the Company’s other intangible assets other than goodwill as of June 30, 2024 and December 31, 2023, are summarized as follows:


	June 30, 2024							December 31, 2023
	Gross Carrying Amount		Accumulated Amortization Amount			Net Book Value		Gross Carrying Amount		Accumulated Amortization Amount			Net Book Value
Definite lived intangible assets:
Customer relationships	$	26.4	$	(12.4	)	$	14.0	$	26.5	$	(11.6	)	$	14.9
Patents		28.7		(28.3	)		0.4		29.2		(28.8	)		0.4
Noncompetition agreements		4.2		(2.4	)		1.8		4.2		(2.0	)		2.2
Trademarks and tradenames		2.2		(1.2	)		1.0		2.2		(1.0	)		1.2
Other intangibles		0.6		(0.6	)		—		0.7		(0.7	)		—
Total	$	62.1	$	(44.9	)	$	17.2	$	62.8	$	(44.1	)	$	18.7
Indefinite lived intangible assets:
Trademarks and tradenames	$	91.0	$	—		$	91.0	$	92.6	$	—		$	92.6
Distribution network		13.9		—			13.9		14.3		—			14.3
Total		104.9		—			104.9		106.9		—			106.9
Total other intangible assets	$	167.0	$	(44.9	)	$	122.1	$	169.7	$	(44.1	)	$	125.6

The Company performs its annual indefinite-lived intangible assets impairment testing during the fourth quarter, or more frequently if events or changes in circumstances indicate that there might be an impairment of the asset. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. The Company determined there was no triggering event during the three and six months ended June 30, 2024.

Definite lived intangible assets and long-lived assets are subject to impairment testing whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The Company determined there was no triggering event during the three and six months ended June 30, 2024.

Other intangible assets with definite lives are amortized over their estimated useful lives. Amortization expense for the three months ended June 30, 2024 and 2023 was $0.8 million and $0.7 million, respectively. Amortization expense for the six months ended June 30, 2024 and 2023 was $1.5 million and $1.7 million, respectively.