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Goodwill and Purchased Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Goodwill

The following table presents changes in goodwill during the six months ended June 30, 2023 (in millions):

 

Access

 

 

Defense

 

 

Vocational

 

 

Total

 

Net goodwill at December 31, 2022

 

$

865.8

 

 

$

44.4

 

 

$

131.8

 

 

$

1,042.0

 

Foreign currency translation

 

 

3.4

 

 

 

—

 

 

 

0.1

 

 

 

3.5

 

Acquisition

 

 

106.4

 

 

 

—

 

 

 

—

 

 

 

106.4

 

Net goodwill at June 30, 2023

 

$

975.6

 

 

$

44.4

 

 

$

131.9

 

 

$

1,151.9

 
Schedule of Company's Goodwill Allocated to the Reportable Segments

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

 

 

June 30, 2023

 

 

December 31, 2022

 

 

 

Gross

 

 

Accumulated
Impairment

 

 

Net

 

 

Gross

 

 

Accumulated
Impairment

 

 

Net

 

Access

 

$

1,907.7

 

 

$

(932.1

)

 

$

975.6

 

 

$

1,797.9

 

 

$

(932.1

)

 

$

865.8

 

Defense

 

 

44.4

 

 

 

—

 

 

 

44.4

 

 

 

44.4

 

 

 

—

 

 

 

44.4

 

Vocational

 

 

301.3

 

 

 

(169.4

)

 

 

131.9

 

 

 

303.5

 

 

 

(171.7

)

 

 

131.8

 

 

 

$

2,253.4

 

 

$

(1,101.5

)

 

$

1,151.9

 

 

$

2,145.8

 

 

$

(1,103.8

)

 

$

1,042.0

 
Schedule of Purchased Intangible Assets

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

 

 

June 30, 2023

 

 

 

Weighted-
Average
Life

 

 

Gross

 

 

Accumulated
Amortization

 

 

Net

 

Amortizable intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Distribution network

 

 

39.2

 

 

$

55.3

 

 

$

(37.7

)

 

$

17.6

 

Technology-related

 

 

11.0

 

 

 

137.9

 

 

 

(103.6

)

 

 

34.3

 

Customer relationships

 

 

12.4

 

 

 

603.0

 

 

 

(561.2

)

 

 

41.8

 

Other

 

 

10.3

 

 

 

44.1

 

 

 

(17.6

)

 

 

26.5

 

 

 

 

13.8

 

 

 

840.3

 

 

 

(720.1

)

 

 

120.2

 

Non-amortizable trade names

 

 

 

 

 

413.2

 

 

 

—

 

 

 

413.2

 

 

 

 

 

 

$

1,253.5

 

 

$

(720.1

)

 

$

533.4

 

 

 

 

December 31, 2022

 

 

 

Weighted-
Average
Life

 

 

Gross

 

 

Accumulated
Amortization

 

 

Net

 

Amortizable intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Distribution network

 

 

39.2

 

 

$

55.3

 

 

$

(37.0

)

 

$

18.3

 

Technology-related

 

 

12.0

 

 

 

108.3

 

 

 

(104.4

)

 

 

3.9

 

Customer relationships

 

 

12.6

 

 

 

576.6

 

 

 

(557.3

)

 

 

19.3

 

Other

 

 

10.9

 

 

 

50.2

 

 

 

(22.1

)

 

 

28.1

 

 

 

 

14.2

 

 

 

790.4

 

 

 

(720.8

)

 

 

69.6

 

Non-amortizable trade names

 

 

 

 

 

387.4

 

 

 

—

 

 

 

387.4

 

 

 

 

 

 

$

1,177.8

 

 

$

(720.8

)

 

$

457.0