Goodwill and Identifiable Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

5. Goodwill and Identifiable Intangible Assets

We had goodwill of $2,487.5 million and $2,465.1 million as of March 31, 2022 and December 31, 2021, respectively. The change in the net carrying amount of goodwill by segment was as follows:


(In millions)	Water Innovations		Outdoors & Security		Cabinets		Total Goodwill
Goodwill at December 31, 2021(a)	$	814.1	$	724.8	$	926.2	$	2,465.1
Year-to-date translation adjustments		0.9		0.4		0.8		2.1
Acquisition-related adjustments		—		20.3		—		20.3
Goodwill at March 31, 2022(a)	$	815.0	$	745.5	$	927.0	$	2,487.5

(a) Net of accumulated impairment losses of $399.5 million in the Outdoors & Security segment.

The gross carrying value and accumulated amortization by class of identifiable intangible assets as of March 31, 2022 and December 31, 2021 were as follows:


(In millions)	As of March 31, 2022							As of December 31, 2021
	Gross Carrying Amounts		Accumulated Amortization			Net Book Value		Gross Carrying Amounts		Accumulated Amortization			Net Book Value
Indefinite-lived tradenames	$	712.4	$	—		$	712.4	$	711.1	$	—		$	711.1
Amortizable intangible assets
Tradenames		40.1		(16.1	)		24.0		36.4		(15.5	)		20.9
Customer and contractual relationships		983.9		(401.9	)		582.0		975.7		(388.2	)		587.5
Patents/proprietary technology		135.7		(71.6	)		64.1		133.1		(68.8	)		64.3
Total		1,159.7		(489.6	)		670.1		1,145.2		(472.5	)		672.7
Total identifiable intangibles	$	1,872.1	$	(489.6	)	$	1,382.5	$	1,856.3	$	(472.5	)	$	1,383.8

We also had net identifiable intangible assets of $1,382.5 million and $1,383.8 million as of March 31, 2022 and December 31, 2021, respectively. The $15.8 million increase in gross identifiable intangible assets was primarily due to the acquisition of Solar.

Amortizable identifiable intangible assets, principally customer relationships, are subject to amortization over their estimated useful life, ranging from 5 to 30 years, based on the assessment of a number of factors that may impact useful life, which includes customer attrition rates and other relevant factors.