Goodwill and other indefinite-lived intangible assets are not amortized but are assessed for impairment annually or more frequently if potential interim indicators exist that could result in impairment. The Company performs its annual impairment test in the fourth quarter.

During the 2023 annual impairment review, the estimated fair value of the Pratt Miller reporting unit exceeded its carrying value by approximately 10%. During the three months ended June 30, 2024, the Company assessed Pratt Miller for impairment as a result of unfavorable performance compared to forecast and adverse market conditions related to mobility and motorsports leading to a decline in the Company's expectations for future performance. The Company used a combination of the income and market approaches. A weighted-average cost of capital of 13.0% (14.0% at October 1, 2023) and a terminal growth rate of 3.0% (3.0% at October 1, 2023) were used by the Company to estimate the fair value of the reporting unit. Under the market approach, the Company derived the fair value of the reporting unit based on an earnings multiple of comparable publicly traded companies. Changes in estimates or the application of alternative assumptions could have produced significantly different results, or could result in additional impairments in the future. As a result of the assessment, the Company recorded an impairment charge of $38.7 million within "Intangible asset impairments" in the Condensed Consolidated Statement of Income. After giving effect to the impairment charge, the remaining goodwill allocated to Pratt Miller was $5.7 million.

The following table presents changes in goodwill during the six months ended June 30, 2024 (in millions):


	Access			Defense			Vocational		Total
Net goodwill at December 31, 2023	$	979.9		$	44.4		$	392.1	$	1,416.4
Impairment		—			(38.7	)		—		(38.7	)
Foreign currency translation		(8.7	)		—			—		(8.7	)
Acquisition		—			—			1.7		1.7
Net goodwill at June 30, 2024	$	971.2		$	5.7		$	393.8	$	1,370.7

The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):


	June 30, 2024							December 31, 2023
	Gross		Accumulated Impairment			Net		Gross		Accumulated Impairment			Net
Access	$	1,903.3	$	(932.1	)	$	971.2	$	1,912.0	$	(932.1	)	$	979.9
Defense		44.4		(38.7	)		5.7		44.4		—			44.4
Vocational		563.2		(169.4	)		393.8		561.5		(169.4	)		392.1
	$	2,510.9	$	(1,140.2	)	$	1,370.7	$	2,517.9	$	(1,101.5	)	$	1,416.4

Pratt Miller's purchased intangibles were also assessed for impairment. The Company used the relief-from-royalty and multiple-period excess earnings approaches to estimate the fair value of a trade name and customer relationship asset, respectively. As a result of the assessments, the Company recorded impairment charges of $8.8 million related to the trade name and $4.1 million related to the customer relationship within "Intangible asset impairments" in the Condensed Consolidated Statement of Income. After giving effect to the impairment charges, Pratt Miller's remaining amortizable purchased intangible assets were $19.2 million.

Details of the Company’s total purchased intangible assets are as follows (in millions):


	June 30, 2024							December 31, 2023
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Amortizable intangible assets:
Customer relationships	$	814.5	$	(589.7	)	$	224.8	$	819.5	$	(574.6	)	$	244.9
Trade names		109.1		(13.7	)		95.4		118.6		(7.5	)		111.1
Technology-related		165.6		(113.1	)		52.5		166.5		(108.2	)		58.3
Distribution network		55.3		(39.1	)		16.2		55.3		(38.4	)		16.9
Other		37.4		(29.3	)		8.1		37.5		(25.2	)		12.3
		1,181.9		(784.9	)		397.0		1,197.4		(753.9	)		443.5
Non-amortizable trade names		386.6		—			386.6		386.7		—			386.7
	$	1,568.5	$	(784.9	)	$	783.6	$	1,584.1	$	(753.9	)	$	830.2

Amortization of purchased intangible assets was $15.7 million and $31.3 million (including $2.1 million and $4.2 million recognized in "Cost of sales" in the Condensed Consolidated Statements of Income) for the three and six months ended June 30, 2024, respectively.