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Goodwill and Purchased Intangible Assets | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Purchased Intangible Assets | 11. 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. The Company acquired AeroTech on August 1, 2023 and Hinowa on January 31, 2023. See Note 2 of the Condensed Consolidated Financial Statements for additional information. The following table presents changes in goodwill during the nine months ended September 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 |  |  | (5.9 | ) |  |  | — |  |  |  | (0.1 | ) |  |  | (6.0 | )
Acquisitions |  |  | 106.4 |  |  |  | — |  |  |  | 363.4 |  |  |  | 469.8 |
Net goodwill at September 30, 2023 |  | $ | 966.3 |  |  | $ | 44.4 |  |  | $ | 495.1 |  |  | $ | 1,505.8 |
The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | Gross |  |  | Accumulated Impairment |  |  | Net |  |  | Gross |  |  | Accumulated Impairment |  |  | Net |
Access |  | $ | 1,898.4 |  |  | $ | (932.1 | ) |  | $ | 966.3 |  |  | $ | 1,797.9 |  |  | $ | (932.1 | ) |  | $ | 865.8 |
Defense |  |  | 44.4 |  |  |  | — |  |  |  | 44.4 |  |  |  | 44.4 |  |  |  | — |  |  |  | 44.4 |
Vocational |  |  | 664.5 |  |  |  | (169.4 | ) |  |  | 495.1 |  |  |  | 303.5 |  |  |  | (171.7 | ) |  |  | 131.8 |
|  | $ | 2,607.3 |  |  | $ | (1,101.5 | ) |  | $ | 1,505.8 |  |  | $ | 2,145.8 |  |  | $ | (1,103.8 | ) |  | $ | 1,042.0 |
Details of the Company’s total purchased intangible assets are as follows (in millions):
|  | September 30, 2023 |
|  | Weighted- Average Life |  |  | Gross |  |  | Accumulated Amortization |  |  | Net |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Distribution network |  |  | 39.2 |  |  | $ | 55.3 |  |  | $ | (38.0 | ) |  | $ | 17.3 |
Technology-related |  |  | 11.0 |  |  |  | 136.9 |  |  |  | (104.7 | ) |  |  | 32.2 |
Customer relationships |  |  | 12.4 |  |  |  | 602.0 |  |  |  | (562.7 | ) |  |  | 39.3 |
Other |  |  | 7.1 |  |  |  | 285.8 |  |  |  | (24.5 | ) |  |  | 261.3 |
|  |  | 12.2 |  |  |  | 1,080.0 |  |  |  | (729.9 | ) |  |  | 350.1 |
Non-amortizable trade names |  |  |  |  |  | 412.3 |  |  |  | — |  |  |  | 412.3 |
|  |  |  |  | $ | 1,492.3 |  |  | $ | (729.9 | ) |  | $ | 762.4 |
|  | 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 |
The estimated future amortization expense of purchased intangible assets for the remainder of fiscal 2023 and each of the five years succeeding December 31, 2023 are as follows: 2023 (remaining three months) - $12.8 million; 2024 - $51.9 million; 2025 - $51.9 million; 2026 - $51.9 million; 2027 - $51.9 million; and 2028 - $49.4 million.

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