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

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

 
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):

 

 

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

 
Schedule of Purchased Intangible Assets

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