XML 24 R12.htm IDEA: XBRL DOCUMENT
v3.25.1

Goodwill & Intangibles | 3 Months Ended
--- | ---
Mar. 30, 2025
Goodwill & Intangibles |
Goodwill & Intangibles | 5. Goodwill & Intangibles ​ The Company operates in three geographic segments: Americas, Europe, and APMEA. The changes in the carrying amounts of goodwill by geographic segment are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross Balance | ​ | Accumulated Impairment Losses | ​ | Foreign Currency Translation | ​ | Net Goodwill
​ | ​ | ​ | ​ | Acquired | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | January 1, | ​ | ​
​ | ​ | Balance | ​ | During | ​ | Balance | ​ | Balance | ​ | Impairment | ​ | Balance | ​ | 2025 - | ​ | ​
​ | ​ | January 1, | ​ | the | ​ | March 30, | ​ | January 1, | ​ | Loss During | ​ | March 30, | ​ | March 30, | ​ | March 30,
​ |  | 2025 |  | Period |  | 2025 |  | 2025 |  | the Period |  | 2025 |  | 2025 |  | 2025
​ | ​ | (in millions)
Americas | ​ | $ | 617.5 | ​ | $ | 41.2 | ​ | $ | 658.7 | ​ | $ | (24.5) | ​ | $ | — | ​ | $ | (24.5) | ​ | $ | 0.1 | ​ | $ | 634.3
Europe | ​ |  | 233.3 | ​ |  | — | ​ |  | 233.3 | ​ |  | (129.7) | ​ |  | — | ​ |  | (129.7) | ​ |  | 3.9 | ​ |  | 107.5
APMEA | ​ |  | 31.3 | ​ |  | — | ​ |  | 31.3 | ​ |  | (12.9) | ​ |  | — | ​ |  | (12.9) | ​ |  | 0.3 | ​ |  | 18.7
Total | ​ | $ | 882.1 | ​ | $ | 41.2 | ​ | $ | 923.3 | ​ | $ | (167.1) | ​ | $ | — | ​ | $ | (167.1) | ​ | $ | 4.3 | ​ | $ | 760.5
​ During the first quarter of 2025, the Company completed the acquisition of I-CON, resulting in $41.2 million of goodwill based on the preliminary purchase price allocation. The final working capital adjustment for the acquisition is expected to be completed in the second quarter of 2025. ​ 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, which occurred during the fourth quarter of 2024, the Company performed qualitative fair value assessments, including an evaluation of certain key assumptions for all of its reporting units with goodwill at the impairment test date. The Company concluded that the fair value of all reporting units tested exceeded their carrying values at that time. ​ Intangible assets include the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 30, 2025 | ​ | December 31, 2024
​ | ​ | Gross | ​ | ​ | ​ | ​ | Net | ​ | Gross | ​ | ​ | ​ | ​ | Net
​ | ​ | Carrying | ​ | Accumulated | ​ | Carrying | ​ | Carrying | ​ | Accumulated | ​ | Carrying
​ |  | Amount |  | Amortization |  | Amount |  | Amount |  | Amortization |  | Amount
​ | ​ | (in millions)
Patents | ​ | $ | 5.0 | ​ | $ | (5.0) | ​ | $ | — | ​ | $ | 5.0 | ​ | $ | (5.0) | ​ | $ | —
Customer relationships | ​ |  | 270.1 | ​ |  | (104.8) | ​ |  | 165.3 | ​ |  | 251.9 | ​ |  | (100.6) | ​ |  | 151.3
Technology | ​ |  | 53.2 | ​ |  | (48.3) | ​ |  | 4.9 | ​ |  | 53.2 | ​ |  | (47.8) | ​ |  | 5.4
Trade names | ​ |  | 20.6 | ​ |  | (13.2) | ​ |  | 7.4 | ​ |  | 20.6 | ​ |  | (13.0) | ​ |  | 7.6
Other | ​ |  | 1.1 | ​ |  | (0.8) | ​ |  | 0.3 | ​ |  | 1.1 | ​ |  | (0.8) | ​ |  | 0.3
Total amortizable intangibles | ​ |  | 350.0 | ​ |  | (172.1) | ​ |  | 177.9 | ​ |  | 331.8 | ​ |  | (167.2) | ​ |  | 164.6
Indefinite-lived intangible assets | ​ |  | 73.7 | ​ |  | — | ​ |  | 73.7 | ​ |  | 70.4 | ​ |  | — | ​ |  | 70.4
​ | ​ | $ | 423.7 | ​ | $ | (172.1) | ​ | $ | 251.6 | ​ | $ | 402.2 | ​ | $ | (167.2) | ​ | $ | 235.0
​ In the first quarter of 2025, the Company acquired $20.9 million in intangible assets as part of the I-CON acquisition, consisting of customer relationships valued at $18.2 million, with an estimated useful life of 12 years, and an indefinite-lived trade name valued at $2.7 million. During the year ended December 31, 2024, the Company acquired $39.4 million in intangible assets as part of the Josam acquisition, consisting of customer relationships valued at $33.5 million, with an estimated useful life of 15 years, and an indefinite-lived trade name of $5.9 million. ​ Aggregate amortization expense for amortized intangible assets for the first quarters ended March 30, 2025 and March 31, 2024 was $4.9 million and $4.7 million, respectively.

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