Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule in the Changes of the Carrying Amount of Goodwill, by Reportable Segment and Other Operating Segments

The changes in the carrying amount of goodwill, for the year ended December 31, 2021, were as follows:

	December 31, 2020		Goodwill Resulting from Business Combinations (1)		Impairments (2)		Foreign Currency Translation		December 31, 2021
HVAC reportable segment
Gross goodwill	$	492.2	$	46.0	$	—	$	(9.3)	$	528.9
Accumulated impairments	(340.6)		—		—		6.5		(334.1)
Goodwill	151.6		46.0		—		(2.8)		194.8
Detection and Measurement reportable segment
Gross goodwill	351.5		78.7		—		(5.3)		424.9
Accumulated impairments	(134.5)		—		(28.2)		0.3		(162.4)
Goodwill	217.0		78.7		(28.2)		(5.0)		262.5
Total
Gross goodwill	843.7		124.7		—		(14.6)		953.8
Accumulated impairments	(475.1)		—		(28.2)		6.8		(496.5)
Goodwill	$	368.6	$	124.7	$	(28.2)	$	(7.8)	$	457.3

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(1) Reflects (i) goodwill acquired with the Sealite, ECS and Cincinnati Fan acquisitions of $47.7, $25.9 and $46.0, respectively, (ii) and increase in ULC's goodwill during 2021 of $3.1 resulting from revisions to the valuation of certain assets and liabilities and income tax accounts, and (iii) an increase in Sensors & Software's goodwill of $2.0 resulting from revisions to the valuation of certain assets and liabilities and income tax accounts. As indicated in Note 1, the acquired assets, including goodwill, and liabilities assumed in the Sealite, ECS and Cincinnati Fan acquisitions have been recorded at estimates of fair value and are subject to change upon completion of acquisition accounting.

(2) As indicated in Note 1, we concluded during the third quarter of 2021 that the operating and financial milestones related to the ULC contingent consideration would not be achieved, resulting in the reversal of the related liability of $24.3, with the offset to “Other operating expenses, net.” We also concluded that the lack of achievement of these milestones, along with lower than anticipated future cash flows, were indicators of potential impairment related to ULC’s goodwill and indefinite-lived intangible assets. As such, we tested ULC’s goodwill and indefinite-lived intangible assets for impairment during the quarter. Based on such testing, we determined that the carrying value of ULC’s net assets exceeded the implied fair value of the business. As a result, we recorded an impairment charge to “Other operating expenses, net” of $24.3 during the third quarter, with $23.3 related to goodwill and the remainder to trademarks. In connection with our annual impairment analysis of ULC's goodwill and indefinite-lived intangibles, during the fourth quarter of 2021, we determined that the carrying value of ULC's net assets exceeded the implied fair value of the business by $5.2. As a result, we recorded impairment charges of $4.9 and $0.3 related to the business's goodwill and trademarks, respectively.

The changes in the carrying amount of goodwill, for the year ended December 31, 2020, were as follows:

	December 31, 2019		Goodwill Resulting from Business Combinations (1)		Impairments		Foreign Currency Translation		December 31, 2020
HVAC reportable segment
Gross goodwill	$	480.0	$	0.8	$	—	$	11.4	$	492.2
Accumulated impairments	(332.5)		—		—		(8.1)		(340.6)
Goodwill	147.5		0.8		—		3.3		151.6
Detection and Measurement reportable segment
Gross goodwill	304.1		42.7		—		4.7		351.5
Accumulated impairments	(133.6)		—		—		(0.9)		(134.5)
Goodwill	170.5		42.7		—		3.8		217.0
Total
Gross goodwill	784.1		43.5		—		16.1		843.7
Accumulated impairments	(466.1)		—		—		(9.0)		(475.1)
Goodwill	$	318.0	$	43.5	$	—	$	7.1	$	368.6

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(1) Reflects goodwill acquired with the ULC and Sensors & Software acquisitions of $37.3 and $5.4, respectively, and a net increase in Patterson-Kelley's goodwill during 2020 of $0.4 resulting from revisions to the valuation of certain liabilities and tangible assets and an increase in SGS's goodwill during the first half of 2020 of $0.4 resulting from revisions to the valuation of certain income tax accounts.

Schedule of Identifiable Intangible Assets

Identifiable intangible assets were as follows:

	December 31, 2021						December 31, 2020
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets with determinable lives:(1)
Customer relationships	$	188.2	$	(26.7)	$	161.5	$	103.4	$	(16.2)	$	87.2
Technology	80.1		(11.9)		68.2		54.4		(6.8)		47.6
Patents	4.5		(4.5)		—		4.5		(4.5)		—
Other	31.6		(18.0)		13.6		18.8		(12.5)		6.3
	304.4		(61.1)		243.3		181.1		(40.0)		141.1
Trademarks with indefinite lives (2)	172.2		—		172.2		163.9		—		163.9
Total	$	476.6	$	(61.1)	$	415.5	$	345.0	$	(40.0)	$	305.0

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(1)The identifiable intangible assets associated with the Sealite, ECS and Cincinnati Fan acquisitions consist of customer backlog of $1.9, $0.8 and $4.3, respectively, customer relationships of $12.1, $12.6 and $61.7, respectively, technology of $6.6, $5.8 and $14.4, respectively, and definite-lived trademarks of $0.0, $1.2 and $4.7, respectively.

(2)Changes during 2021 related primarily to the acquisition of Sealite trademarks of $11.6 and, as previously discussed, the impairment charges of $1.3 related to ULC's trademarks during the third and fourth quarters of 2021.