XML 29 R18.htm IDEA: XBRL DOCUMENT
v3.23.3

Goodwill and Intangible Assets | 9 Months Ended
--- | ---
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill The majority of the goodwill recorded as of September 30, 2023 and 2022, and December 31, 2022, related to the April 1, 2015, acquisition of a controlling interest in ARX Holding Corp. (ARX). During the nine months ended September 30, 2023, there were no changes to the carrying amount of goodwill. In the second quarter 2022, we performed an interim impairment test of our goodwill allocated to the ARX reporting unit and recorded an impairment loss of $224.8 million. The impairment loss was fully allocated to our Property operating segment. There were no previously recorded goodwill impairment losses on any of the outstanding goodwill. See Note 15 – Goodwill and Intangible Assets in our 2022 Annual Report to Shareholders for a discussion of our goodwill impairment evaluation. Intangible Assets The following table is a summary of the net carrying amount of other intangible assets:
(millions) | September 30, 2023 |  | September 30, 2022 |  | December 31, 2022
Intangible assets subject to amortization | $ | 62.5 |  |  | $ | 79.4 |  |  | $ | 73.9 |
Indefinite-lived intangible assets 1 | 12.4 |  |  | 12.4 |  |  | 12.4 |
Total | $ | 74.9 |  |  | $ | 91.8 |  |  | $ | 86.3 |
1 Indefinite-lived intangible assets are comprised of state insurance and agent licenses. State insurance licenses were previously subject to amortization under superseded accounting guidance and have $0.6 million of accumulated amortization for all periods presented. Intangible assets subject to amortization consisted of the following:
(millions) | September 30, 2023 |  | September 30, 2022 |  | December 31, 2022
Category | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount |  | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount |  | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount
Agency relationships | $ | 159.2 |  | $ | 96.7 |  | $ | 62.5 |  |  | $ | 159.2 |  | $ | 85.3 |  | $ | 73.9 |  |  | $ | 159.2 |  | $ | 88.1 |  | $ | 71.1 |
Software rights | 69.1 |  | 69.1 |  | 0 |  |  | 69.1 |  | 64.8 |  | 4.3 |  |  | 69.1 |  | 67.0 |  | 2.1 |
Trade name | 3.6 |  | 3.6 |  | 0 |  |  | 3.6 |  | 2.4 |  | 1.2 |  |  | 3.6 |  | 2.9 |  | 0.7 |
Total | $ | 231.9 |  | $ | 169.4 |  | $ | 62.5 |  |  | $ | 231.9 |  | $ | 152.5 |  | $ | 79.4 |  |  | $ | 231.9 |  | $ | 158.0 |  | $ | 73.9 |
Amortization expense was $2.9 million and $11.4 million for the three and nine months ended September 30, 2023, respectively, compared to $5.4 million and $25.5 million during the same periods last year.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration