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Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

The following table sets forth the changes in the carrying amounts of goodwill by reportable segment.

(In millions)						Public Cloud						Private Cloud																								Total
Gross goodwill as of December 31, 2023						$	597.7					$	1,563.5																							$	2,161.2
Less: impairment charges						—						(708.8)																								(708.8)
Goodwill, net as of December 31, 2023						597.7						854.7																								1,452.4
Impairment of goodwill						(454.6)						(260.3)																								(714.9)
Foreign currency translation						(0.2)						2.4																								2.2
Goodwill, net as of September 30, 2024						$	142.9					$	596.8																							$	739.7
Gross goodwill as of September 30, 2024						$	597.5					$	1,565.9																							$	2,163.4
Less: accumulated impairment charges (1)						(454.6)						(969.1)																								(1,423.7)
Goodwill, net as of September 30, 2024						$	142.9					$	596.8																							$	739.7

(1)     On a consolidated basis, gross and net goodwill as of September 30, 2024 was $3,045.3 million and $739.7 million, respectively. Accumulated impairment charges on a consolidated basis was $2,305.6 million as of September 30, 2024.

See Note 1, "Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies," for discussion of the goodwill impairment charges recorded during the nine months ended September 30, 2023 and 2024.

The following table provides information regarding our intangible assets other than goodwill:

			December 31, 2023																		September 30, 2024
(In millions)			Gross carrying amount						Accumulated amortization						Net carrying amount						Gross carrying amount						Accumulated amortization						Net carrying amount
Customer relationships			$	1,932.0					$	(1,073.9)					$	858.1					$	1,935.0					$	(1,192.0)					$	743.0
Other			27.8						(26.9)						0.9						27.4						(27.0)						0.4
Total definite-lived intangible assets			1,959.8						(1,100.8)						859.0						1,962.4						(1,219.0)						743.4
Trade name (indefinite-lived)			160.0						—						160.0						140.0						—						140.0
Total intangible assets other than goodwill			$	2,119.8					$	(1,100.8)					$	1,019.0					$	2,102.4					$	(1,219.0)					$	883.4

During the nine months ended September 30, 2024 we recognized impairment charges of $20.0 million related to our trade name indefinite-lived intangible asset.

Additionally, during the three and nine months ended September 30, 2023 we recognized impairment charges of $57.0 million related to our trade name indefinite-lived intangible asset.

For more information, see the discussion of our impairment charges in Note 1, "Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies."

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- 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

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