v3.26.3
Goodwill and Purchased Intangible Assets
 9 Months Ended
Sep. 30, 2026
Intangible Asset, Goodwill and Other [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

 

 

(11.9

)

 

 

(0.2

)

 

 

(12.1

)

Net goodwill at September 30, 2026

 

$

1,042.5

 

 

$

393.5

 

 

$

1,436.0

 

 

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

 

 

September 30, 2026

 

 

December 31, 2025

 

 

 

Gross

 

 

Accumulated
Impairment

 

 

Net

 

 

Gross

 

 

Accumulated
Impairment

 

 

Net

 

Access

 

$

1,974.6

 

 

$

(932.1

)

 

$

1,042.5

 

 

$

1,986.5

 

 

$

(932.1

)

 

$

1,054.4

 

Vocational

 

 

562.9

 

 

 

(169.4

)

 

 

393.5

 

 

 

563.1

 

 

 

(169.4

)

 

 

393.7

 

Corporate and Other

 

 

44.4

 

 

 

(44.4

)

 

 

—

 

 

 

44.4

 

 

 

(44.4

)

 

 

—

 

 

 

$

2,581.9

 

 

$

(1,145.9

)

 

$

1,436.0

 

 

$

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.

The Company recorded a goodwill impairment charge of $5.7 million for Pratt Miller in the nine months ended September 30, 2025. Impairment charges are recorded within "Intangible asset impairment" in the Condensed Consolidated Statements of Income.

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

 

 

September 30, 2026

 

 

December 31, 2025

 

 

 

Gross

 

 

Accumulated
Amortization

 

 

Net

 

 

Gross

 

 

Accumulated
Amortization

 

 

Net

 

Amortizable intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

833.8

 

 

$

(662.5

)

 

$

171.3

 

 

$

835.6

 

 

$

(638.5

)

 

$

197.1

 

Trade names

 

 

119.0

 

 

 

(32.3

)

 

 

86.7

 

 

 

120.3

 

 

 

(25.4

)

 

 

94.9

 

Technology-related

 

 

167.5

 

 

 

(129.6

)

 

 

37.9

 

 

 

168.9

 

 

 

(120.3

)

 

 

48.6

 

Distribution network

 

 

55.3

 

 

 

(42.1

)

 

 

13.2

 

 

 

55.3

 

 

 

(41.1

)

 

 

14.2

 

Other

 

 

2.5

 

 

 

(1.3

)

 

 

1.2

 

 

 

2.4

 

 

 

(1.2

)

 

 

1.2

 

 

 

 

1,178.1

 

 

 

(867.8

)

 

 

310.3

 

 

 

1,182.5

 

 

 

(826.5

)

 

 

356.0

 

Non-amortizable trade names

 

 

378.8

 

 

 

—

 

 

 

378.8

 

 

 

378.8

 

 

 

—

 

 

 

378.8

 

 

 

$

1,556.9

 

 

$

(867.8

)

 

$

689.1

 

 

$

1,561.3

 

 

$

(826.5

)

 

$

734.8

 

Amortization of purchased intangible assets was $14.3 million and $13.9 million for the three months ended September 30, 2026 and 2025, respectively, and $43.0 million and $45.8 million (including $4.6 million recognized in "Cost of sales" in the Condensed Consolidated Statements of Income) for the nine months ended September 30, 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 three months)

 

$

14.0

 

2027

 

 

56.9

 

2028

 

 

52.7

 

2029

 

 

46.6

 

2030

 

 

45.4

 

2031

 

 

32.7