XML 36 R20.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Goodwill and Other Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill, for the year ended December 31, 2024, were as follows:
| December 31, 2023 |  | Goodwill Resulting from Business Combinations (1) |  |  |  | Impairments |  | Foreign Currency Translation |  | December 31, 2024
HVAC reportable segment |  |  |  |  |  |  |  |  |  |  |
Gross goodwill | $ | 777.8 |  |  | $ | 148.0 |  |  |  |  | $ | — |  |  | $ | (18.5) |  |  | $ | 907.3 |
Accumulated impairments | (331.9) |  |  | — |  |  |  |  | — |  |  | 5.3 |  |  | (326.6) |
Goodwill | 445.9 |  |  | 148.0 |  |  |  |  | — |  |  | (13.2) |  |  | 580.7 |
Detection and Measurement reportable segment |  |  |  |  |  |  |  |  |  |  |
Gross goodwill | 432.6 |  |  | — |  |  |  |  | — |  |  | (6.0) |  |  | 426.6 |
Accumulated impairments | (173.7) |  |  | — |  |  |  |  | — |  |  | 0.9 |  |  | (172.8) |
Goodwill | 258.9 |  |  | — |  |  |  |  | — |  |  | (5.1) |  |  | 253.8 |
Total |  |  |  |  |  |  |  |  |  |  |
Gross goodwill | 1,210.4 |  |  | 148.0 |  |  |  |  | — |  |  | (24.5) |  |  | 1,333.9 |
Accumulated impairments | (505.6) |  |  | — |  |  |  |  | — |  |  | 6.2 |  |  | (499.4) |
Goodwill | $ | 704.8 |  |  | $ | 148.0 |  |  |  |  | $ | — |  |  | $ | (18.3) |  |  | $ | 834.5 |
___________________________________________________________________ (1) Reflects (i) goodwill acquired with the Ingénia acquisition of $142.4 and (ii) an increase in ASPEQ’s and TAMCO’s goodwill of $3.9 and $1.7, respectively, resulting from revisions to the valuation of certain assets and liabilities. The changes in the carrying amount of goodwill, for the year ended December 31, 2023, were as follows:
| December 31, 2022 |  | Goodwill Resulting from Business Combinations (1) |  | Impairments |  |  |  | Foreign Currency Translation |  | December 31, 2023
HVAC reportable segment |  |  |  |  |  |  |  |  |  |  |
Gross goodwill | $ | 529.5 |  |  | $ | 242.4 |  |  | $ | — |  |  |  |  | $ | 5.9 |  |  | $ | 777.8 |
Accumulated impairments | (328.2) |  |  | — |  |  | — |  |  |  |  | (3.7) |  |  | (331.9) |
Goodwill | 201.3 |  |  | 242.4 |  |  | — |  |  |  |  | 2.2 |  |  | 445.9 |
Detection and Measurement reportable segment |  |  |  |  |  |  |  |  |  |  |
Gross goodwill | 425.2 |  |  | 0.8 |  |  | — |  |  |  |  | 6.6 |  |  | 432.6 |
Accumulated impairments | (171.2) |  |  | — |  |  | — |  |  |  |  | (2.5) |  |  | (173.7) |
Goodwill | 254.0 |  |  | 0.8 |  |  | — |  |  |  |  | 4.1 |  |  | 258.9 |
Total |  |  |  |  |  |  |  |  |  |  |
Gross goodwill | 954.7 |  |  | 243.2 |  |  | — |  |  |  |  | 12.5 |  |  | 1,210.4 |
Accumulated impairments | (499.4) |  |  | — |  |  | — |  |  |  |  | (6.2) |  |  | (505.6) |
Goodwill | $ | 455.3 |  |  | $ | 243.2 |  |  | $ | — |  |  |  |  | $ | 6.3 |  |  | $ | 704.8 |
___________________________________________________________________ (1) Reflects (i) goodwill acquired with the ASPEQ and TAMCO acquisitions of $191.1 and $51.3, respectively, and (ii) an increase in ITL’s goodwill of $0.8 resulting from revisions to the valuation of certain assets and liabilities. Identifiable intangible assets were as follows:
| December 31, 2024 |  | December 31, 2023
| Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Intangible assets with determinable lives:(1) |  |  |  |  |  |  |  |  |  |  |
Customer relationships | $ | 421.1 |  |  | $ | (103.3) |  |  | $ | 317.8 |  |  | $ | 403.2 |  |  | $ | (68.8) |  |  | $ | 334.4 |
Technology | 181.7 |  |  | (41.3) |  |  | 140.4 |  |  | 139.5 |  |  | (27.8) |  |  | 111.7 |
Patents | 4.5 |  |  | (4.5) |  |  | — |  |  | 4.5 |  |  | (4.5) |  |  | — |
Other | 71.0 |  |  | (45.7) |  |  | 25.3 |  |  | 45.4 |  |  | (32.0) |  |  | 13.4 |
| 678.3 |  |  | (194.8) |  |  | 483.5 |  |  | 592.6 |  |  | (133.1) |  |  | 459.5 |
Trademarks with indefinite lives | 219.5 |  |  | — |  |  | 219.5 |  |  | 221.3 |  |  | — |  |  | 221.3 |
Total | $ | 897.8 |  |  | $ | (194.8) |  |  | $ | 703.0 |  |  | $ | 813.9 |  |  | $ | (133.1) |  |  | $ | 680.8 |
___________________________________________________________________ (1)The gross carrying value of identifiable intangible assets acquired with the Ingénia acquisition consist of technology of $46.7, customer relationships of $23.5, definite-lived trademarks of $13.9, and backlog of $13.8. Amortization expense was $64.5, $43.9 and $28.5 for the years ended December 31, 2024, 2023, and 2022, respectively. Estimated amortization expense is approximately $57.0 for 2025, $53.0 for 2026, $52.0 for 2027, $51.0 for 2028, and $50.0 for 2029. At December 31, 2024, the net carrying value of intangible assets with determinable lives consisted of $379.4 in the HVAC reportable segment and $104.1 in the Detection and Measurement reportable segment. Trademarks with indefinite lives consisted of $156.5 in the HVAC reportable segment and $63.0 in the Detection and Measurement reportable segment. As indicated in Note 1, we review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter. In addition, we test goodwill for impairment on a more frequent basis if there are indications of potential impairment. In reviewing goodwill for impairment, we initially perform a qualitative analysis. If there is an indication of impairment, we then perform a quantitative analysis. Our quantitative analysis of trademarks is based on applying estimated royalty rates to projected revenues, with resulting cash flows discounted at a rate of return that reflects current market conditions. During the fourth quarter of 2024, we performed our analyses on the goodwill of our reporting units. The fair value of the assets related to the Ingénia acquisition approximate their carrying value. If Ingénia is unable to achieve its current financial forecast, or there is a change in assumptions used in Ingénia’s analysis (e.g., projected revenues and profit growth rates, discount rates, industry price multiples, etc.), we may be required to record an impairment charge in a future period related to its goodwill. As of December 31, 2024, Ingénia’s goodwill totaled $133.6. During the fourth quarter of 2024, in connection with the annual impairment analyses of indefinite-lived intangible assets, we determined that the implied value of ASPEQ’s trademarks approximated their carrying value. If ASPEQ is unable to achieve its current revenue forecast, or there is a change in assumptions used in ASPEQ’s analysis (e.g., projected revenues and discount rates, etc.), we may be required to record an impairment charge in a future period related to its trademarks. As of December 31, 2024, ASPEQ’s trademarks totaled $51.5. 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 implied 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 has no remaining goodwill and $5.4 of trademarks included in our consolidated balance sheet as of December 31, 2024. During 2024, 2023, and 2022, we recorded impairment charges of $0.0, $0.0, and $0.5, respectively, related to certain other trademarks.

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