Note 8 - Goodwill and Other Intangible Assets The Company tests goodwill and indefinite-lived intangible assets for impairment at least annually, performing its annual impairment test as of October 1st. Goodwill and indefinite-lived intangible assets are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Company reviews goodwill for impairment at the reporting unit level. The Engineered Bearings segment has one reporting unit and the Industrial Motion segment has six reporting units.
The changes in the carrying amount of goodwill for the three months ended March 31, 2025 were as follows: | | | | | | | | | | | | | | Engineered Bearings | Industrial Motion | | Total | | Beginning balance, January 1 | $ | 692.0 | | $ | 691.3 | | | $ | 1,383.3 | | | | | | | | | | | | | Foreign currency translation adjustments and other changes | 4.4 | | 29.3 | | | 33.7 | | | Ending balance | $ | 696.4 | | $ | 720.6 | | | $ | 1,417.0 | |
The following table displays intangible assets as of March 31, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | Balance at March 31, 2025 | Balance at December 31, 2024 | | Gross
Carrying
Amount | Accumulated
Amortization | Net
Carrying
Amount | Gross
Carrying
Amount | Accumulated
Amortization | Net
Carrying
Amount | Intangible assets
subject to amortization: | | | | | | | | Customer relationships | $ | 821.5 | | $ | (274.8) | | $ | 546.7 | | $ | 805.7 | | $ | (262.9) | | $ | 542.8 | | | Technology and know-how | 377.0 | | (128.7) | | 248.3 | | 369.6 | | (120.4) | | 249.2 | | | Trade names | 110.5 | | (18.5) | | 92.0 | | 107.5 | | (16.9) | | 90.6 | | | Capitalized software | 304.6 | | (278.5) | | 26.1 | | 302.8 | | (276.1) | | 26.7 | | | Other | 10.1 | | (9.0) | | 1.1 | | 11.0 | | (9.8) | | 1.2 | | | $ | 1,623.7 | | $ | (709.5) | | $ | 914.2 | | $ | 1,596.6 | | $ | (686.1) | | $ | 910.5 | | | Intangible assets not subject to amortization: | | | | | | | | Trade names | $ | 88.8 | | | $ | 88.8 | | $ | 87.3 | | | $ | 87.3 | | | FAA air agency certificates | 8.7 | | | 8.7 | | 8.7 | | | 8.7 | | | $ | 97.5 | | | $ | 97.5 | | $ | 96.0 | | | $ | 96.0 | | | Total intangible assets | $ | 1,721.2 | | $ | (709.5) | | $ | 1,011.7 | | $ | 1,692.6 | | $ | (686.1) | | $ | 1,006.5 | |
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