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Goodwill and Purchased Intangible Assets | 3 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Purchased Intangible Assets | 12. Goodwill and Purchased Intangible Assets The following table presents changes in goodwill by segment (in millions):
|  | Access |  |  | Vocational |  |  | Corporate and Other |  |  | Total |
Net goodwill at December 31, 2024 |  | $ | 1,011.0 |  |  | $ | 393.4 |  |  | $ | 5.7 |  |  | $ | 1,410.1 |
Foreign currency translation |  |  | 14.1 |  |  |  | — |  |  |  | — |  |  |  | 14.1 |
Net goodwill at March 31, 2025 |  | $ | 1,025.1 |  |  | $ | 393.4 |  |  | $ | 5.7 |  |  | $ | 1,424.2 |
The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | Gross |  |  | Accumulated Impairment |  |  | Net |  |  | Gross |  |  | Accumulated Impairment |  |  | Net |
Access |  | $ | 1,957.2 |  |  | $ | (932.1 | ) |  | $ | 1,025.1 |  |  | $ | 1,943.1 |  |  | $ | (932.1 | ) |  | $ | 1,011.0 |
Vocational |  |  | 562.8 |  |  |  | (169.4 | ) |  |  | 393.4 |  |  |  | 562.8 |  |  |  | (169.4 | ) |  |  | 393.4 |
Corporate and other |  |  | 44.4 |  |  |  | (38.7 | ) |  |  | 5.7 |  |  |  | 44.4 |  |  |  | (38.7 | ) |  |  | 5.7 |
|  | $ | 2,564.4 |  |  | $ | (1,140.2 | ) |  | $ | 1,424.2 |  |  | $ | 2,550.3 |  |  | $ | (1,140.2 | ) |  | $ | 1,410.1 |
Goodwill and other indefinite-lived intangible assets are not amortized but are assessed 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. Details of the Company’s purchased intangible assets are as follows (in millions):
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | Gross |  |  | Accumulated Amortization |  |  | Net |  |  | Gross |  |  | Accumulated Amortization |  |  | Net |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 831.7 |  |  | $ | (613.0 | ) |  | $ | 218.7 |  |  | $ | 829.8 |  |  | $ | (604.6 | ) |  | $ | 225.2 |
Trade names |  |  | 121.5 |  |  |  | (21.8 | ) |  |  | 99.7 |  |  |  | 120.2 |  |  |  | (19.3 | ) |  |  | 100.9 |
Technology-related |  |  | 160.5 |  |  |  | (110.6 | ) |  |  | 49.9 |  |  |  | 158.9 |  |  |  | (107.4 | ) |  |  | 51.5 |
Distribution network |  |  | 55.3 |  |  |  | (40.1 | ) |  |  | 15.2 |  |  |  | 55.3 |  |  |  | (39.8 | ) |  |  | 15.5 |
Other |  |  | 33.2 |  |  |  | (30.4 | ) |  |  | 2.8 |  |  |  | 33.1 |  |  |  | (27.4 | ) |  |  | 5.7 |
|  |  | 1,202.2 |  |  |  | (815.9 | ) |  |  | 386.3 |  |  |  | 1,197.3 |  |  |  | (798.5 | ) |  |  | 398.8 |
Non-amortizable trade names |  |  | 378.8 |  |  |  | — |  |  |  | 378.8 |  |  |  | 378.8 |  |  |  | — |  |  |  | 378.8 |
|  | $ | 1,581.0 |  |  | $ | (815.9 | ) |  | $ | 765.1 |  |  | $ | 1,576.1 |  |  | $ | (798.5 | ) |  | $ | 777.6 |
Amortization of purchased intangible assets was $16.4 million and $15.6 million (including $2.9 million and $2.1 million recognized in "Cost of sales" in the Condensed Consolidated Statements of Income) for the three months ended March 31, 2025 and 2024, respectively. Estimated future amortization expense for purchased intangible assets is as follows (in millions):
Years: |  |  |
2025 (remaining nine months) |  | $ | 42.7 |
2026 |  |  | 54.5 |
2027 |  |  | 54.5 |
2028 |  |  | 50.3 |
2029 |  |  | 46.0 |
2030 |  |  | 44.8 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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