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Goodwill and Identifiable Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Change in Net Carrying Amount of Goodwill by Segment The change in the net carrying amount of goodwill by segment was as follows:

 

(In millions)

 

Water Innovations

 

 

 

Outdoors & Security

 

 

Total
Goodwill

 

Balance at December 31, 2020(a)

 

$

750.1

 

 

 

$

718.6

 

 

$

1,468.7

 

2021 translation adjustments

 

 

(1.3

)

 

 

 

0.1

 

 

 

(1.2

)

Acquisition-related adjustments

 

 

65.3

 

 

 

 

6.1

 

 

 

71.4

 

Balance at December 31, 2021(a)

 

$

814.1

 

 

 

$

724.8

 

 

$

1,538.9

 

2022 translation adjustments

 

 

(9.4

)

 

 

 

(0.8

)

 

 

(10.2

)

Acquisition-related adjustments

 

 

88.7

 

 

 

 

23.3

 

 

 

112.0

 

Balance at December 31, 2022(a)

 

$

893.4

 

 

 

$

747.3

 

 

$

1,640.7

 

 

(a)
Net of accumulated impairment losses of $399.5 million in the Outdoors & Security segment.
Gross Carrying Value and Accumulated Amortization by Class of Identifiable Intangible Assets

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

 

 

As of December 31, 2022

 

As of December 31, 2021

 

(In millions)

Gross
Carrying
Amounts

 

Accumulated
Amortization

 

Net Book
Value

 

Gross
Carrying
Amounts

 

Accumulated
Amortization

 

Net Book
Value

 

Indefinite-lived tradenames

$

478.1

 

$

—

 

$

478.1

 

$

479.2

 

$

—

 

$

479.2

 

Amortizable intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

Tradenames

 

47.5

 

 

(6.8

)

 

40.7

 

 

25.8

 

 

(5.2

)

 

20.6

 

Customer and contractual relationships

 

662.6

 

 

(239.6

)

 

423.0

 

 

611.2

 

 

(205.7

)

 

405.5

 

Patents/proprietary technology

 

128.5

 

 

(69.5

)

 

59.0

 

 

122.1

 

 

(59.3

)

 

62.8

 

Total

 

838.6

 

 

(315.9

)

 

522.7

 

 

759.1

 

 

(270.2

)

 

488.9

 

Total identifiable intangibles

$

1,316.7

 

$

(315.9

)

$

1,000.8

 

$

1,238.3

 

$

(270.2

)

$

968.1

 
Significant Assumptions Used to Estimate the Fair Value of Tradename Impaired

The significant assumptions used to estimate the fair value of the tradename impaired during the year ended December 31, 2020 were as follows:

 

 

 

 

 

Unobservable Input

 

2020

 

Discount rate

 

 

15.8

%

Royalty rate (a)

 

 

5.0

%

Long-term revenue growth rate (b)

 

 

3.0

%

 

(a)
Represents estimated percentage of sales a market-participant would pay to license the impaired tradename.
(b)
Selected long-term revenue growth rate within 10-year projection period of the impaired tradename.