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Goodwill and Purchased Intangible Assets | 9 Months Ended
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Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Purchased Intangible Assets | 10. Goodwill and Purchased Intangible Assets Goodwill and other indefinite-lived intangible assets are not amortized but are reviewed 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 of its fiscal year. In September 2022, the Company identified a triggering event that indicated a potential impairment of goodwill within one of its reporting units in the Commercial segment. The Company’s impairment test confirmed that the fair value of the reporting unit was below its carrying value. As a result, the Company recorded a $2.1 million goodwill impairment charge in the three months ended September 30, 2022. The Company acquired Maxi-Metal on June 13, 2022. The goodwill and intangible values related to the Maxi-Metal acquisition are based on management’s best estimates as of September 30, 2022. See Note 1 of the Condensed Consolidated Financial Statements for additional information. On March 1, 2022, the Company acquired two patents with a combined value of $3.7 million. The technology-related intangible asset is subject to amortization with an estimated life of 14.3 years. The following table presents changes in goodwill during the nine months ended September 30, 2022 (in millions):
|  | Access Equipment |  |  | Defense |  |  | Fire & Emergency |  |  | Commercial |  |  | Total |
Net goodwill at December 31, 2021 |  | $ | 877.6 |  |  | $ | 44.4 |  |  | $ | 106.1 |  |  | $ | 20.9 |  |  | $ | 1,049.0 |
Foreign currency translation |  |  | (26.9 | ) |  |  | — |  |  |  | (0.5 | ) |  |  | (0.2 | ) |  |  | (27.6 | )
Acquisition |  |  | — |  |  |  | — |  |  |  | 7.4 |  |  |  | — |  |  |  | 7.4 |
Impairment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2.1 | ) |  |  | (2.1 | )
Net goodwill at September 30, 2022 |  | $ | 850.7 |  |  | $ | 44.4 |  |  | $ | 113.0 |  |  | $ | 18.6 |  |  | $ | 1,026.7 |
The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):
|  | September 30, 2022 |  |  | December 31, 2021 |
|  | Gross |  |  | Accumulated Impairment |  |  | Net |  |  | Gross |  |  | Accumulated Impairment |  |  | Net |
Access Equipment |  | $ | 1,782.8 |  |  | $ | (932.1 | ) |  | $ | 850.7 |  |  | $ | 1,809.7 |  |  | $ | (932.1 | ) |  | $ | 877.6 |
Defense |  |  | 44.4 |  |  |  | — |  |  |  | 44.4 |  |  |  | 44.4 |  |  |  | — |  |  |  | 44.4 |
Fire & Emergency |  |  | 115.0 |  |  |  | (2.0 | ) |  |  | 113.0 |  |  |  | 108.1 |  |  |  | (2.0 | ) |  |  | 106.1 |
Commercial |  |  | 188.3 |  |  |  | (169.7 | ) |  |  | 18.6 |  |  |  | 188.5 |  |  |  | (167.6 | ) |  |  | 20.9 |
|  | $ | 2,130.5 |  |  | $ | (1,103.8 | ) |  | $ | 1,026.7 |  |  | $ | 2,150.7 |  |  | $ | (1,101.7 | ) |  | $ | 1,049.0 |
Details of the Company’s total purchased intangible assets are as follows (in millions):
|  | September 30, 2022 |
|  | Weighted- Average Life |  |  | Gross |  |  | Accumulated Amortization |  |  | Net |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Distribution network |  |  | 39.2 |  |  | $ | 55.3 |  |  | $ | (36.6 | ) |  | $ | 18.7 |
Technology-related |  |  | 12.0 |  |  |  | 108.2 |  |  |  | (104.2 | ) |  |  | 4.0 |
Customer relationships |  |  | 12.6 |  |  |  | 576.4 |  |  |  | (555.7 | ) |  |  | 20.7 |
Other |  |  | 11.8 |  |  |  | 23.5 |  |  |  | (21.2 | ) |  |  | 2.3 |
|  |  | 14.4 |  |  |  | 763.4 |  |  |  | (717.7 | ) |  |  | 45.7 |
Non-amortizable trade names |  |  |  |  |  | 419.5 |  |  |  | — |  |  |  | 419.5 |
|  |  |  |  | $ | 1,182.9 |  |  | $ | (717.7 | ) |  | $ | 465.2 |
|  | December 31, 2021 |
|  | Weighted- Average Life |  |  | Gross |  |  | Accumulated Amortization |  |  | Net |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Distribution network |  |  | 39.2 |  |  | $ | 55.4 |  |  | $ | (35.6 | ) |  | $ | 19.8 |
Technology-related |  |  | 11.9 |  |  |  | 104.7 |  |  |  | (104.0 | ) |  |  | 0.7 |
Customer relationships |  |  | 12.6 |  |  |  | 572.6 |  |  |  | (551.3 | ) |  |  | 21.3 |
Other |  |  | 12.1 |  |  |  | 23.6 |  |  |  | (18.5 | ) |  |  | 5.1 |
|  |  | 14.4 |  |  |  | 756.3 |  |  |  | (709.4 | ) |  |  | 46.9 |
Non-amortizable trade names |  |  |  |  |  | 417.1 |  |  |  | — |  |  |  | 417.1 |
|  |  |  |  | $ | 1,173.4 |  |  | $ | (709.4 | ) |  | $ | 464.0 |
The estimated future amortization expense of purchased intangible assets for the remainder of fiscal 2022 and each of the five years succeeding December 31, 2021 are as follows: 2022 (remaining three months) - $2.9 million; 2023 - $6.2 million; 2024 - $5.0 million; 2025 - $4.9 million; 2026 - $4.9 million; and 2027 - $4.9 million.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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