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Goodwill and Purchased Intangible Assets | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Purchased Intangible Assets | 12. 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. The following table presents changes in goodwill during the three months ended March 31, 2024 (in millions):
|  | Access |  |  | Defense |  |  | Vocational |  |  | Total |
Net goodwill at December 31, 2023 |  | $ | 979.9 |  |  | $ | 44.4 |  |  | $ | 392.1 |  |  | $ | 1,416.4 |
Foreign currency translation |  |  | (7.0 | ) |  |  | — |  |  |  | — |  |  |  | (7.0 | )
Net goodwill at March 31, 2024 |  | $ | 972.9 |  |  | $ | 44.4 |  |  | $ | 392.1 |  |  | $ | 1,409.4 |
The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | Gross |  |  | Accumulated Impairment |  |  | Net |  |  | Gross |  |  | Accumulated Impairment |  |  | Net |
Access |  | $ | 1,905.0 |  |  | $ | (932.1 | ) |  | $ | 972.9 |  |  | $ | 1,912.0 |  |  | $ | (932.1 | ) |  | $ | 979.9 |
Defense |  |  | 44.4 |  |  |  | — |  |  |  | 44.4 |  |  |  | 44.4 |  |  |  | — |  |  |  | 44.4 |
Vocational |  |  | 561.5 |  |  |  | (169.4 | ) |  |  | 392.1 |  |  |  | 561.5 |  |  |  | (169.4 | ) |  |  | 392.1 |
|  | $ | 2,510.9 |  |  | $ | (1,101.5 | ) |  | $ | 1,409.4 |  |  | $ | 2,517.9 |  |  | $ | (1,101.5 | ) |  | $ | 1,416.4 |
Details of the Company’s total purchased intangible assets are as follows (in millions):
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | Gross |  |  | Accumulated Amortization |  |  | Net |  |  | Gross |  |  | Accumulated Amortization |  |  | Net |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 818.8 |  |  | $ | (582.1 | ) |  | $ | 236.7 |  |  | $ | 819.5 |  |  | $ | (574.6 | ) |  | $ | 244.9 |
Trade names |  |  | 118.1 |  |  |  | (10.6 | ) |  |  | 107.5 |  |  |  | 118.6 |  |  |  | (7.5 | ) |  |  | 111.1 |
Technology-related |  |  | 165.8 |  |  |  | (110.6 | ) |  |  | 55.2 |  |  |  | 166.5 |  |  |  | (108.2 | ) |  |  | 58.3 |
Distribution network |  |  | 55.3 |  |  |  | (38.7 | ) |  |  | 16.6 |  |  |  | 55.3 |  |  |  | (38.4 | ) |  |  | 16.9 |
Other |  |  | 37.5 |  |  |  | (27.3 | ) |  |  | 10.2 |  |  |  | 37.5 |  |  |  | (25.2 | ) |  |  | 12.3 |
|  |  | 1,195.5 |  |  |  | (769.3 | ) |  |  | 426.2 |  |  |  | 1,197.4 |  |  |  | (753.9 | ) |  |  | 443.5 |
Non-amortizable trade names |  |  | 386.6 |  |  |  | — |  |  |  | 386.6 |  |  |  | 386.7 |  |  |  | — |  |  |  | 386.7 |
|  | $ | 1,582.1 |  |  | $ | (769.3 | ) |  | $ | 812.8 |  |  | $ | 1,584.1 |  |  | $ | (753.9 | ) |  | $ | 830.2 |
Amortization of purchased intangible assets was $15.6 million (including $2.1 million that was recognized in "Cost of sales" in the Condensed Consolidated Statements of Income) for the three months ended March 31, 2024. The estimated future amortization expense of purchased intangible assets for the remainder of 2024 and each of the five years succeeding December 31, 2024 is as follows: 2024 (remaining nine months) - $46.8 million; 2025 - $54.0 million; 2026 - $51.2 million; 2027 - $51.2 million; 2028 - $46.4 million; and 2029 - $42.9 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 -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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