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Goodwill and Purchased Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Changes in Goodwill | The following table presents changes in goodwill (in millions):
|  | Access |  |  | Defense |  |  | Vocational |  |  | Total |
Net goodwill at December 31, 2021 |  | $ | 877.6 |  |  | $ | 44.4 |  |  | $ | 127.0 |  |  | $ | 1,049.0 |
Foreign currency translation |  |  | (11.8 | ) |  |  | — |  |  |  | (0.5 | ) |  |  | (12.3 | )
Acquisition |  |  | — |  |  |  | — |  |  |  | 7.4 |  |  |  | 7.4 |
Impairment |  |  | — |  |  |  | — |  |  |  | (2.1 | ) |  |  | (2.1 | )
Net goodwill at December 31, 2022 |  |  | 865.8 |  |  |  | 44.4 |  |  |  | 131.8 |  |  |  | 1,042.0 |
Foreign currency translation |  |  | 7.1 |  |  |  | — |  |  |  | — |  |  |  | 7.1 |
Acquisitions |  |  | 107.0 |  |  |  | — |  |  |  | 260.3 |  |  |  | 367.3 |
Net goodwill at December 31, 2023 |  | $ | 979.9 |  |  | $ | 44.4 |  |  | $ | 392.1 |  |  | $ | 1,416.4 |
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 impairment charge for goodwill in the third quarter of 2022.
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):
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | Gross |  |  | Accumulated Impairment |  |  | Net |  |  | Gross |  |  | Accumulated Impairment |  |  | Net |
Access |  | $ | 1,912.0 |  |  | $ | (932.1 | ) |  | $ | 979.9 |  |  | $ | 1,797.9 |  |  | $ | (932.1 | ) |  | $ | 865.8 |
Defense |  |  | 44.4 |  |  |  | — |  |  |  | 44.4 |  |  |  | 44.4 |  |  |  | — |  |  |  | 44.4 |
Vocational |  |  | 561.5 |  |  |  | (169.4 | ) |  |  | 392.1 |  |  |  | 303.5 |  |  |  | (171.7 | ) |  |  | 131.8 |
|  | $ | 2,517.9 |  |  | $ | (1,101.5 | ) |  | $ | 1,416.4 |  |  | $ | 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):
|  | December 31, 2023 |
|  | Weighted- Average Life |  |  | Gross |  |  | Accumulated Amortization |  |  | Net |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  |  | 11.5 |  |  | $ | 819.5 |  |  | $ | (574.6 | ) |  | $ | 244.9 |
Trade names |  |  | 12.6 |  |  |  | 118.6 |  |  |  | (7.5 | ) |  |  | 111.1 |
Technology-related |  |  | 10.0 |  |  |  | 166.5 |  |  |  | (108.2 | ) |  |  | 58.3 |
Distribution network |  |  | 39.2 |  |  |  | 55.3 |  |  |  | (38.4 | ) |  |  | 16.9 |
Other |  |  | 6.1 |  |  |  | 37.5 |  |  |  | (25.2 | ) |  |  | 12.3 |
|  |  | 12.5 |  |  |  | 1,197.4 |  |  |  | (753.9 | ) |  |  | 443.5 |
Non-amortizable trade names |  |  |  |  |  | 386.7 |  |  |  | — |  |  |  | 386.7 |
|  |  |  |  | $ | 1,584.1 |  |  | $ | (753.9 | ) |  | $ | 830.2 |
|  | December 31, 2022 |
|  | Weighted- Average Life |  |  | Gross |  |  | Accumulated Amortization |  |  | Net |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  |  | 12.6 |  |  | $ | 576.6 |  |  | $ | (557.3 | ) |  | $ | 19.3 |
Trade names |  |  | 10.0 |  |  |  | 26.7 |  |  |  | — |  |  |  | 26.7 |
Technology-related |  |  | 12.0 |  |  |  | 108.3 |  |  |  | (104.4 | ) |  |  | 3.9 |
Distribution network |  |  | 39.2 |  |  |  | 55.3 |  |  |  | (37.0 | ) |  |  | 18.3 |
Other |  |  | 11.9 |  |  |  | 23.5 |  |  |  | (22.1 | ) |  |  | 1.4 |
|  |  | 14.2 |  |  |  | 790.4 |  |  |  | (720.8 | ) |  |  | 69.6 |
Non-amortizable trade names |  |  |  |  |  | 387.4 |  |  |  | — |  |  |  | 387.4 |
|  |  |  |  | $ | 1,177.8 |  |  | $ | (720.8 | ) |  | $ | 457.0 |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, amortization, net amount, weighted average useful life, of intangible assets excluding goodwill by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References No definition available. + Details
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- Definition Tabular disclosure of goodwill by reportable segment and in total. Disclosure details includes the gross amount of goodwill, accumulated goodwill impairment losses and net amount of goodwill. + References No definition available. + Details
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