v3.26.1
Goodwill and Purchased Intangible Assets
3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Purchased Intangible Assets

11. Goodwill and Purchased Intangible Assets

The following table presents changes in goodwill by segment (in millions):

 

Access

 

 

Vocational

 

 

Total

 

Net goodwill at December 31, 2025

 

$

1,054.4

 

 

$

393.7

 

 

$

1,448.1

 

Foreign currency translation

 

 

(5.3

)

 

 

(0.1

)

 

 

(5.4

)

Net goodwill at March 31, 2026

 

$

1,049.1

 

 

$

393.6

 

 

$

1,442.7

 

 

The following table presents details of the Company’s goodwill by segment (in millions):

 

 

March 31, 2026

 

 

December 31, 2025

 

 

 

Gross

 

 

Accumulated
Impairment

 

 

Net

 

 

Gross

 

 

Accumulated
Impairment

 

 

Net

 

Access

 

$

1,981.2

 

 

$

(932.1

)

 

$

1,049.1

 

 

$

1,986.5

 

 

$

(932.1

)

 

$

1,054.4

 

Vocational

 

 

563.0

 

 

 

(169.4

)

 

 

393.6

 

 

 

563.1

 

 

 

(169.4

)

 

 

393.7

 

Corporate and other

 

 

44.4

 

 

 

(44.4

)

 

 

 

 

 

44.4

 

 

 

(44.4

)

 

 

 

 

 

$

2,588.6

 

 

$

(1,145.9

)

 

$

1,442.7

 

 

$

2,594.0

 

 

$

(1,145.9

)

 

$

1,448.1

 

Goodwill and other indefinite-lived intangible assets are not amortized but are assessed for impairment annually or more frequently if potential interim indicators exist that could result in impairment. The Company performs its annual impairment test in the fourth quarter.

Details of the Company’s purchased intangible assets are as follows (in millions):

 

 

March 31, 2026

 

 

December 31, 2025

 

 

 

Gross

 

 

Accumulated
Amortization

 

 

Net

 

 

Gross

 

 

Accumulated
Amortization

 

 

Net

 

Amortizable intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

834.8

 

 

$

(646.5

)

 

$

188.3

 

 

$

835.6

 

 

$

(638.5

)

 

$

197.1

 

Trade names

 

 

119.6

 

 

 

(27.6

)

 

 

92.0

 

 

 

120.3

 

 

 

(25.4

)

 

 

94.9

 

Technology-related

 

 

168.1

 

 

 

(123.3

)

 

 

44.8

 

 

 

168.9

 

 

 

(120.3

)

 

 

48.6

 

Distribution network

 

 

55.3

 

 

 

(41.4

)

 

 

13.9

 

 

 

55.3

 

 

 

(41.1

)

 

 

14.2

 

Other

 

 

2.4

 

 

 

(1.3

)

 

 

1.1

 

 

 

2.4

 

 

 

(1.2

)

 

 

1.2

 

 

 

 

1,180.2

 

 

 

(840.1

)

 

 

340.1

 

 

 

1,182.5

 

 

 

(826.5

)

 

 

356.0

 

Non-amortizable trade names

 

 

378.8

 

 

 

 

 

 

378.8

 

 

 

378.8

 

 

 

 

 

 

378.8

 

 

 

$

1,559.0

 

 

$

(840.1

)

 

$

718.9

 

 

$

1,561.3

 

 

$

(826.5

)

 

$

734.8

 

Amortization of purchased intangible assets was $14.3 million and $16.4 million (including $2.9 million recognized in "Cost of sales" in the Condensed Consolidated Statements of Income) for the three months ended March 31, 2026 and 2025, respectively.

Estimated future amortization expense for purchased intangible assets for the remainder of the year and the subsequent five years is as follows (in millions):

Years:

 

 

 

2026 (remaining nine months)

 

$

42.8

 

2027

 

 

57.1

 

2028

 

 

52.9

 

2029

 

 

46.9

 

2030

 

 

45.6

 

2031

 

 

32.7