XML 50 R38.htm IDEA: XBRL DOCUMENT
v3.22.4

Goodwill and Other Intangible Assets (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule in the Changes of the Carrying Amount of Goodwill, by Reportable Segment and Other Operating Segments | The changes in the carrying amount of goodwill, for the year ended December 31, 2022, were as follows:
| December 31, 2021 |  | Goodwill Resulting from Business Combinations (1) |  |  |  | Impairments (2) |  | Foreign Currency Translation |  | December 31, 2022
HVAC reportable segment |  |  |  |  |  |  |  |  |  |  |
Gross goodwill | $ | 528.9 |  |  | $ | 8.9 |  |  |  |  | $ | — |  |  | $ | (8.3) |  |  | $ | 529.5 |
Accumulated impairments | (334.1) |  |  | — |  |  |  |  | — |  |  | 5.9 |  |  | (328.2) |
Goodwill | 194.8 |  |  | 8.9 |  |  |  |  | — |  |  | (2.4) |  |  | 201.3 |
Detection and Measurement reportable segment |  |  |  |  |  |  |  |  |  |  |
Gross goodwill | 424.9 |  |  | 11.0 |  |  |  |  | — |  |  | (10.7) |  |  | 425.2 |
Accumulated impairments | (162.4) |  |  | — |  |  |  |  | (12.0) |  |  | 3.2 |  |  | (171.2) |
Goodwill | 262.5 |  |  | 11.0 |  |  |  |  | (12.0) |  |  | (7.5) |  |  | 254.0 |
Total |  |  |  |  |  |  |  |  |  |  |
Gross goodwill | 953.8 |  |  | 19.9 |  |  |  |  | — |  |  | (19.0) |  |  | 954.7 |
Accumulated impairments | (496.5) |  |  | — |  |  |  |  | (12.0) |  |  | 9.1 |  |  | (499.4) |
Goodwill | $ | 457.3 |  |  | $ | 19.9 |  |  |  |  | $ | (12.0) |  |  | $ | (9.9) |  |  | $ | 455.3 |
___________________________________________________________________ (1) Reflects (i) goodwill acquired with the ITL acquisition of $10.8, (ii) an increase in Sealite’s goodwill of $0.2 resulting from revisions to the valuation of certain assets and liabilities, and (iii) an increase in Cincinnati Fan’s goodwill of $8.9 resulting from revisions to the valuation of certain assets and liabilities. As indicated in Note 1, the acquired assets, including goodwill, and liabilities assumed in the ITL acquisition have been recorded at estimates of fair value and are subject to change upon completion of acquisition accounting. (2) During the fourth quarter of 2022, in connection with the annual impairment analyses of ULC’s goodwill and indefinite-lived intangible assets, we determined that the carrying value of ULC’s net assets exceeded the estimated fair value of the business, resulting in an impairment charge of $12.9, with $12.0 related to goodwill and $0.9 to the ULC trademarks. After such impairment charge, ULC had no goodwill and $5.4 of trademarks included in our consolidated balance sheet as of December 31, 2022. The changes in the carrying amount of goodwill, for the year ended December 31, 2021, were as follows:
| December 31, 2020 |  | Goodwill Resulting from Business Combinations (1) |  | Impairments (2) |  |  |  | Foreign Currency Translation |  | December 31, 2021
HVAC reportable segment |  |  |  |  |  |  |  |  |  |  |
Gross goodwill | $ | 492.2 |  |  | $ | 46.0 |  |  | $ | — |  |  |  |  | $ | (9.3) |  |  | $ | 528.9 |
Accumulated impairments | (340.6) |  |  | — |  |  | — |  |  |  |  | 6.5 |  |  | (334.1) |
Goodwill | 151.6 |  |  | 46.0 |  |  | — |  |  |  |  | (2.8) |  |  | 194.8 |
Detection and Measurement reportable segment |  |  |  |  |  |  |  |  |  |  |
Gross goodwill | 351.5 |  |  | 78.7 |  |  | — |  |  |  |  | (5.3) |  |  | 424.9 |
Accumulated impairments | (134.5) |  |  | — |  |  | (28.2) |  |  |  |  | 0.3 |  |  | (162.4) |
Goodwill | 217.0 |  |  | 78.7 |  |  | (28.2) |  |  |  |  | (5.0) |  |  | 262.5 |
Total |  |  |  |  |  |  |  |  |  |  |
Gross goodwill | 843.7 |  |  | 124.7 |  |  | — |  |  |  |  | (14.6) |  |  | 953.8 |
Accumulated impairments | (475.1) |  |  | — |  |  | (28.2) |  |  |  |  | 6.8 |  |  | (496.5) |
Goodwill | $ | 368.6 |  |  | $ | 124.7 |  |  | $ | (28.2) |  |  |  |  | $ | (7.8) |  |  | $ | 457.3 |
___________________________________________________________________ (1) Reflects (i) goodwill acquired with the Sealite, ECS and Cincinnati Fan acquisitions of $47.7, $25.9 and $46.0, respectively, (ii) and increase in ULC’s goodwill of $3.1 resulting from revisions to the valuation of certain assets and liabilities, and (iii) an increase in Sensors & Software's goodwill of $2.0 resulting from revisions to the valuation of certain assets and liabilities. (2) As indicated in Note 1, we concluded during the third quarter of 2021 that the operating and financial performance milestones related to the ULC contingent consideration would not be achieved, resulting in the reversal of the related liability of $24.3, with the offset to “Other operating (income) expense, net.” We also concluded that the lack of achievement of these milestones, along with lower than anticipated future cash flows, were indicators of potential impairment related to ULC’s indefinite-lived intangible assets and goodwill. As such, we performed quantitative analyses of ULC’s goodwill and indefinite-lived intangible assets for impairment during the third quarter of 2021. Based on such testing, we determined that the carrying value of ULC’s net assets exceeded the implied fair value of the business. As a result, we recorded an impairment charge of $24.3 during the third quarter, with $23.3 related to goodwill and the remainder to trademarks. In connection with our annual impairment analyses of ULC’s goodwill and indefinite-lived intangibles, during the fourth quarter of 2021, we determined that the carrying value of ULC’s net assets exceeded the implied fair value of the business by $5.2. As a result, we recorded impairment charges of $4.9 and $0.3 related to the business’s goodwill and trademarks, respectively.
Schedule of Identifiable Intangible Assets | Identifiable intangible assets were as follows:
| December 31, 2022 |  | December 31, 2021
| Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Intangible assets with determinable lives:(1) |  |  |  |  |  |  |  |  |  |  |
Customer relationships | $ | 198.9 |  |  | $ | (41.7) |  |  | $ | 157.2 |  |  | $ | 188.2 |  |  | $ | (26.7) |  |  | $ | 161.5 |
Technology | 81.5 |  |  | (18.4) |  |  | 63.1 |  |  | 80.1 |  |  | (11.9) |  |  | 68.2 |
Patents | 4.5 |  |  | (4.5) |  |  | — |  |  | 4.5 |  |  | (4.5) |  |  | — |
Other | 36.7 |  |  | (24.1) |  |  | 12.6 |  |  | 31.6 |  |  | (18.0) |  |  | 13.6 |
| 321.6 |  |  | (88.7) |  |  | 232.9 |  |  | 304.4 |  |  | (61.1) |  |  | 243.3 |
Trademarks with indefinite lives (2) | 168.7 |  |  | — |  |  | 168.7 |  |  | 172.2 |  |  | — |  |  | 172.2 |
Total | $ | 490.3 |  |  | $ | (88.7) |  |  | $ | 401.6 |  |  | $ | 476.6 |  |  | $ | (61.1) |  |  | $ | 415.5 |
___________________________________________________________________ (1)The identifiable intangible assets associated with the ITL acquisition consist of customer relationships of $14.0, definite-lived trademarks of $3.0, technology of $2.9, and non-compete agreements of $2.6. (2)During the fourth quarter of 2022, in connection with our annual impairment analyses, we recorded impairment charges of $1.4, with $0.9 related to ULC’s trademarks (see above) and the remainder to certain other trademarks. Other changes during 2022 related primarily to foreign currency translation.

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 Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 55 -Paragraph 24 -URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 + Details
Name: | us-gaap_ScheduleOfGoodwillTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill and intangible assets, which may be broken down by segment or major class. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 + Details
Name: | us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration