Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

(9) Goodwill and Other Intangible Assets

We have goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows:


	June 30, 2024						December 31, 2023
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Goodwill(a)	$	1,573.2	$	—	$	1,573.2	$	1,586.8	$	—	$	1,586.8
Intangible assets:
Finite-lived:
Customer relationships	$	819.4	$	498.0	$	321.4	$	824.9	$	486.0	$	338.9
Other		21.2		21.2		—		21.5		21.2		0.3
		840.6		519.2		321.4		846.4		507.2		339.2
Indefinite-lived:
Tradenames(b)		52.0		—		52.0		52.0		—		52.0
Reacquired franchise rights		126.4		—		126.4		128.4		—		128.4
		178.4		—		178.4		180.4		—		180.4
Total intangible assets	$	1,019.0	$	519.2	$	499.8	$	1,026.8	$	507.2	$	519.6

(a)

Balances were net of accumulated impairment loss of $749.3 as of both June 30, 2024 and December 31, 2023.

(b)

Balances were net of accumulated impairment loss of $139.5 as of both June 30, 2024 and December 31, 2023.

Total consolidated amortization expense related to intangible assets for the remainder of 2024 is expected to be $16.2 and in each of the next five years as follows: 2025 - $30.3, 2026 - $26.8, 2027 - $26.2, 2028 - $26.2 and 2029 - $26.2.

Changes in the carrying value of goodwill by reportable segment and Corporate were as follows:


	Americas(a)			Southern Europe(b)			Northern Europe			APME			Corporate(c)		Total
Balance, December 31, 2023	$	1,050.4		$	154.7		$	188.0		$	67.7		$	126.0	$	1,586.8
Currency impact		(1.5	)		(6.0	)		(3.0	)		(3.1	)		—		(13.6	)
Balance, June 30, 2024	$	1,048.9		$	148.7		$	185.0		$	64.6		$	126.0	$	1,573.2

(a)

Balances related to the United States were $1,005.8 as of both December 31, 2023 and June 30, 2024. Effective January 1, 2024, our segment reporting was realigned to include our Puerto Rico business within Other Americas. Accordingly, United States is now adjusted to exclude Puerto Rico. All previously reported results have been restated to conform to the current year presentation.

(b)

Balances related to France were $75.6 and $73.4 as of December 31, 2023 and June 30, 2024, respectively. Balances related to Italy were $3.8 and $3.7 as of December 31, 2023 and June 30, 2024, respectively.

(c)

The majority of the Corporate balance relates to goodwill attributable to our acquisitions of Right Management ($62.1) and Jefferson Wells ($55.5). Jefferson Wells is part of the United States reporting unit. Right Management is allocated to the reporting units of the countries in which Right Management operates. For purposes of monitoring our total assets by segment, we do not allocate the Corporate balances to the respective reportable segments as this is commensurate with how we operate our business. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing.