ALTA EQUIPMENT GROUP INC
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
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Goodwill and Other Intangible Assets
NOTE 7 — GOODWILL AND OTHER INTANGIBLE ASSETS
The following table summarizes the changes in the carrying amount of goodwill in total and by reportable segment for thenine months ended September 30, 2024:
| MaterialHandling | ConstructionEquipment | Master Distribution | Total | |
|---|---|---|---|---|
| Balance, December 31, 2023 | $15.0 | $43.4 | $18.3 | $76.7 |
| Adjustments to purchase price allocations | — | 4.4 | — | 4.4 |
| Translation adjustments | (0.1) | 0.1 | — | — |
| Balance, September 30, 2024 | $14.9 | $47.9 | $18.3 | $81.1 |
Goodwill is tested for impairment by reporting unit annually or more frequently if events or circumstances indicate that an impairment may exist. There were no indicators of potential impairment during the three and nine months ended September 30, 2024. See Note 15, Business Combinations, for further information.
The gross carrying amount of intangible assets and accumulated amortization as of September 30, 2024 and December 31, 2023 were as follows:
| Weighted Average Remaining Life (in years) | Gross carryingamount | Accumulatedamortization | Net carryingamount | |
|---|---|---|---|---|
| Customer and supplier relationships | 6.9 | $73.1 | $(22.5) | $50.6 |
| Other intangibles | 3.3 | 14.5 | (7.1) | 7.4 |
| Total | 6.4 | $87.6 | $(29.6) | $58.0 |
| Weighted Average Remaining Life (in years) | Gross carryingamount | Accumulatedamortization | Net carryingamount | |
| Customer and supplier relationships | 7.6 | $73.6 | $(16.8) | $56.8 |
| Other intangibles | 3.9 | 14.6 | (5.1) | 9.5 |
| Total | 7.0 | $88.2 | $(21.9) | $66.3 |
Amortization of intangible assets was $2.5 million and $2.0 million for the three months ended September 30, 2024 and 2023, respectively, and $7.7 million and $6.4 million for the nine months ended September 30, 2024 and 2023, respectively.
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