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Goodwill & Intangibles | 3 Months Ended
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Mar. 29, 2020
Goodwill and Intangibles |
Goodwill & Intangibles | 4. Goodwill & Intangibles ​ The Company operates in three geographic segments: Americas, Europe, and APMEA. The changes in the carrying amount of goodwill by geographic segment are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 29, 2020
​ | ​ | Gross Balance | ​ | Accumulated Impairment Losses | ​ | Net Goodwill
​ | ​ | ​ | ​ | Acquired | ​ | Foreign | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance | ​ | During | ​ | Currency | ​ | Balance | ​ | Balance | ​ | Impairment | ​ | Balance | ​ | ​
​ | ​ | January 1, | ​ | the | ​ | Translation | ​ | March 29, | ​ | January 1, | ​ | Loss During | ​ | March 29, | ​ | March 29,
​ |  | 2020 |  | Period |  | and Other |  | 2020 |  | 2020 |  | the Period |  | 2020 |  | 2020
​ | ​ | (in millions)
Americas | ​ | $ | 476.8 | ​ | ​ | — | ​ | $ | (0.8) | ​ | $ | 476.0 | ​ | $ | (24.5) | ​ | ​ | — | ​ | $ | (24.5) | ​ | $ | 451.5
Europe | ​ |  | 241.4 | ​ |  | — | ​ |  | (2.4) | ​ |  | 239.0 | ​ |  | (129.7) | ​ |  | — | ​ |  | (129.7) | ​ |  | 109.3
APMEA | ​ |  | 30.0 | ​ |  | — | ​ |  | (1.9) | ​ |  | 28.1 | ​ |  | (12.9) | ​ |  | — | ​ |  | (12.9) | ​ |  | 15.2
Total | ​ | $ | 748.2 | ​ | ​ | — | ​ | $ | (5.1) | ​ | $ | 743.1 | ​ | $ | (167.1) | ​ | ​ | — | ​ | $ | (167.1) | ​ | $ | 576.0
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019
​ | ​ | Gross Balance | ​ | Accumulated Impairment Losses | ​ | Net Goodwill
​ | ​ | ​ | ​ | Acquired | ​ | Foreign | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance | ​ | During | ​ | Currency | ​ | Balance | ​ | Balance | ​ | Impairment | ​ | Balance | ​ | ​
​ | ​ | January 1, | ​ | the | ​ | Translation | ​ | December 31, | ​ | January 1, | ​ | Loss During | ​ | December 31, | ​ | December 31,
​ |  | 2019 |  | Period |  | and Other |  | 2019 |  | 2019 |  | the Period |  | 2019 |  | 2019
​ | ​ | (in millions)
Americas | ​ | $ | 438.1 | ​ | $ | 38.3 | ​ | $ | 0.4 | ​ | $ | 476.8 | ​ | $ | (24.5) | ​ | $ | — | ​ | $ | (24.5) | ​ | $ | 452.3
Europe | ​ |  | 243.7 | ​ |  | — | ​ |  | (2.3) | ​ |  | 241.4 | ​ |  | (129.7) | ​ |  | — | ​ |  | (129.7) | ​ |  | 111.7
APMEA | ​ |  | 30.1 | ​ |  | — | ​ |  | (0.1) | ​ |  | 30.0 | ​ |  | (12.9) | ​ |  | — | ​ |  | (12.9) | ​ |  | 17.1
Total | ​ | $ | 711.9 | ​ | $ | 38.3 | ​ | $ | (2.0) | ​ | $ | 748.2 | ​ | $ | (167.1) | ​ | $ | — | ​ | $ | (167.1) | ​ | $ | 581.1
​ Goodwill and indefinite-lived intangible assets are tested for impairment at least annually or more frequently if events or circumstances indicate that it is “more likely than not” that they might be impaired, such as from a change in business conditions. The Company performs its annual goodwill and indefinite-lived intangible assets impairment assessment in the fourth quarter of each year. At the most recent annual impairment test date of October 27, 2019, the Company performed qualitative fair value assessments, including an evaluation of certain key assumptions for all seven of its reporting units. The Company concluded that the fair value of all seven reporting units exceed its carrying value at that time. ​ As a result of the impacts of the COVID-19 global pandemic, the Company reviewed the guidance outlined in ASC 350 to determine if there was an event or change in circumstance to indicate it is more likely than not that an impairment loss has been incurred during the first quarter of 2020. The Company performed an analysis of the decline in stock price when compared to December 31, 2019, assessed other market risk factors, and performed a market capitalization reconciliation of its reporting units. The Company concluded a triggering event did not occur as of March 29, 2020 and it was not “more likely than not” that the Company’s reporting units might be impaired. ​ Additionally, the Company noted the Heating and Hot Water Solutions (“HHWS”) reporting unit had a goodwill balance of $218.9 million as of March 29, 2020, which holds the greatest amount of goodwill and the least amount of excess of fair value over carrying value. While the Company concluded that a triggering event did not occur during the quarter ended March 29, 2020, the impact of a prolonged COVID-19 pandemic could impact the results of operations due to changes to assumptions utilized in the determination of the estimated fair values of the HHWS reporting unit that may be significant enough to trigger an impairment determination. ​ Intangible assets include the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 29, 2020 | ​ | December 31, 2019
​ | ​ | Gross | ​ | ​ | ​ | ​ | Net | ​ | Gross | ​ | ​ | ​ | ​ | Net
​ | ​ | Carrying | ​ | Accumulated | ​ | Carrying | ​ | Carrying | ​ | Accumulated | ​ | Carrying
​ |  | Amount |  | Amortization |  | Amount |  | Amount |  | Amortization |  | Amount
​ | ​ | (in millions)
Patents | ​ | $ | 16.1 | ​ | $ | (15.9) | ​ | $ | 0.2 | ​ | $ | 16.1 | ​ | $ | (15.9) | ​ | $ | 0.2
Customer relationships | ​ |  | 232.0 | ​ |  | (158.6) | ​ |  | 73.4 | ​ |  | 232.8 | ​ |  | (156.3) | ​ |  | 76.5
Technology | ​ |  | 56.7 | ​ |  | (32.7) | ​ |  | 24.0 | ​ |  | 56.9 | ​ |  | (31.6) | ​ |  | 25.3
Trade names | ​ |  | 25.8 | ​ |  | (13.5) | ​ |  | 12.3 | ​ |  | 26.0 | ​ |  | (13.1) | ​ |  | 12.9
Other | ​ |  | 4.3 | ​ |  | (3.6) | ​ |  | 0.7 | ​ |  | 4.3 | ​ |  | (3.6) | ​ |  | 0.7
Total amortizable intangibles | ​ |  | 334.9 | ​ |  | (224.3) | ​ |  | 110.6 | ​ |  | 336.1 | ​ |  | (220.5) | ​ |  | 115.6
Indefinite-lived intangible assets | ​ |  | 35.5 | ​ |  | — | ​ |  | 35.5 | ​ |  | 35.8 | ​ |  | — | ​ |  | 35.8
​ | ​ | $ | 370.4 | ​ | $ | (224.3) | ​ | $ | 146.1 | ​ | $ | 371.9 | ​ | $ | (220.5) | ​ | $ | 151.4
​ Aggregate amortization expense for amortized intangible assets for the first quarters ended March 29, 2020 and March 31, 2019 was $3.8 million and $3.9 million, respectively.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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