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Goodwill and Other Intangible Assets (Tables) | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | The changes in the carrying value of goodwill by reportable segment for the six months ended June 30, 2024 are as follows:
(in millions) | Precision Devices |  | MedTech & Specialty Audio |  | Consumer MEMS Microphones |  | Total
Gross value at December 31, 2023 | $ | 132.8 |  |  | $ | 137.7 |  |  | $ | 741.1 |  |  | $ | 1,011.6 |
Accumulated impairment loss | — |  |  | — |  |  | (470.9) |  |  | (470.9) |
Net carrying value at December 31, 2023 | 132.8 |  |  | 137.7 |  |  | 270.2 |  |  | 540.7 |
Goodwill impairment | — |  |  | — |  |  | (249.4) |  |  | (249.4) |
Measurement period adjustments | (0.1) |  |  | — |  |  | — |  |  | (0.1) |
Net carrying value at June 30, 2024 | $ | 132.7 |  |  | $ | 137.7 |  |  | $ | 20.8 |  |  | $ | 291.2 |
The Company tests goodwill for impairment at least annually as of October 1, or more frequently if there are events or circumstances indicating the carrying value of individual reporting units may exceed their respective fair values on a more likely than not basis. Recoverability of goodwill is measured at the reporting unit level. The Company’s three reporting units are Precision Devices ("PD"), MedTech & Specialty Audio ("MSA"), and CMM. The impairment assessment compares the fair value of each reporting unit to its carrying value. Impairment is measured as the amount by which the carrying value of a reporting unit exceeds its fair value. On September 18, 2023, the Company announced that it was reviewing strategic alternatives for the CMM business. This review included a range of possibilities, including a potential sale or restructuring of the business. During the second quarter of 2024, the Company evaluated the potential outcomes of its strategic review and determined that it was more likely than not that the fair value of the CMM reporting unit was below its carrying value and recorded a goodwill impairment charge of $249.4 million for the three and six months ended June 30, 2024. The goodwill impairment charge is presented within "Operating expenses" on the Consolidated Statements of Earnings. As of June 30, 2024, the criteria for held-for-sale classification was not met as management did not deem a transaction to be probable at that time. The Company also recorded measurement period adjustments totaling $0.1 million to goodwill during the six months ended June 30, 2024 related to the 2023 acquisition of CD.
Schedule of Intangible Assets | The gross carrying value and accumulated amortization for each major class of intangible assets are as follows:
| June 30, 2024 |  | December 31, 2023
(in millions) | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Amortized intangible assets: |  |  |  |  |  |  |
Trademarks | $ | 16.0 |  |  | $ | 1.8 |  |  | $ | 16.0 |  |  | $ | 1.2 |
Customer relationships | 120.6 |  |  | 22.5 |  |  | 121.1 |  |  | 16.0 |
Developed technology | 64.5 |  |  | 31.9 |  |  | 64.5 |  |  | 27.4 |
Other | 2.4 |  |  | 2.0 |  |  | 2.4 |  |  | 2.0 |
Total | 203.5 |  |  | 58.2 |  |  | 204.0 |  |  | 46.6 |
Unamortized intangible assets: |  |  |  |  |  |  |
Trademarks | 32.0 |  |  |  |  | 32.0 |  |  |
Total intangible assets, net | $ | 177.3 |  |  |  |  | $ | 189.4 |  |  |
Schedule of Future Amortization Expense | Amortization expense for the next five years, based on current definite-lived intangible balances, is estimated to be as follows:
(in millions) |
Q3-Q4 2024 | $ | 11.4 |
2025 | 22.4 |
2026 | 16.5 |
2027 | 16.5 |
2028 | 15.8 |
2029 and thereafter | 62.7 |
Total | $ | 145.3 |

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