Goodwill & Intangibles

3 Months Ended

Mar. 27, 2022

Goodwill & Intangibles

Goodwill & Intangibles

4. Goodwill & Intangibles

The Company operates in three geographic segments: Americas, Europe, and APMEA. The changes in the carrying amount of goodwill by geographic segment are as follows:

	March 27, 2022
	Gross Balance								Accumulated Impairment Losses						Net Goodwill
			Acquired		Foreign
	Balance		During		Currency		Balance		Balance		Impairment		Balance
	January 1,		the		Translation		March 27,		January 1,		Loss During		March 27,		March 27,
	2022		Period		and Other		2022		2022		the Period		2022		2022
	(in millions)
Americas	$	490.9		—	$	0.1	$	491.0	$	(24.5)		—	$	(24.5)	$	466.5
Europe		242.9		—		(3.5)		239.4		(129.7)		—		(129.7)		109.7
APMEA		34.0		—		0.4		34.4		(12.9)		—		(12.9)		21.5
Total	$	767.8		—	$	(3.0)	$	764.8	$	(167.1)		—	$	(167.1)	$	597.7

	December 31, 2021
	Gross Balance								Accumulated Impairment Losses						Net Goodwill
			Acquired		Foreign
	Balance		During		Currency		Balance		Balance		Impairment		Balance
	January 1,		the		Translation		December 31,		January 1,		Loss During		December 31,		December 31,
	2021		Period		and Other		2021		2021		the Period		2021		2021
	(in millions)
Americas	$	482.5	$	8.4	$	—	$	490.9	$	(24.5)	$	—	$	(24.5)	$	466.4
Europe		252.1		—		(9.2)		242.9		(129.7)		—		(129.7)		113.2
APMEA		34.9		—		(0.9)		34.0		(12.9)		—		(12.9)		21.1
Total	$	769.5	$	8.4	$	(10.1)	$	767.8	$	(167.1)	$	—	$	(167.1)	$	600.7

Goodwill and indefinite-lived intangible assets are tested for impairment at least annually or more frequently if events or circumstances indicate that it is “more likely than not” that they might be impaired, such as from a change in business conditions. The Company performs its annual goodwill and indefinite-lived intangible assets impairment assessment in the fourth quarter of each year. At the most recent annual impairment test which occurred in the fourth quarter of 2021, the Company performed qualitative fair value assessments, including an evaluation of certain key assumptions for all seven of its reporting units. The Company concluded that the fair value of all seven reporting units exceeded their carrying values at that time.

Intangible assets include the following:

	March 27, 2022						December 31, 2021
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount
	(in millions)
Patents	$	16.1	$	(16.1)	$	—	$	16.1	$	(16.1)	$	—
Customer relationships		237.7		(175.0)		62.7		237.5		(173.1)		64.4
Technology		57.4		(41.8)		15.6		58.6		(40.7)		17.9
Trade names		26.8		(17.2)		9.6		26.8		(16.9)		9.9
Other		4.3		(3.8)		0.5		4.3		(3.8)		0.5
Total amortizable intangibles		342.3		(253.9)		88.4		343.3		(250.6)		92.7
Indefinite-lived intangible assets		35.4		—		35.4		35.9		—		35.9
	$	377.7	$	(253.9)	$	123.8	$	379.2	$	(250.6)	$	128.6

Aggregate amortization expense for amortized intangible assets for the first quarters ended March 27, 2022 and March 28, 2021 was $3.1 million and $3.8 million, respectively.