SMITH A O CORP Goodwill & Intangibles Disclosure
| (dollars in millions) | North America | Rest of World | Total | ||||||||||||||
| Balance at December 31, 2023 | $ | 574.9 | $ | 58.5 | $ | 633.4 | |||||||||||
| Currency translation adjustment | (8.7) | (1.4) | (10.1) | ||||||||||||||
| Acquisitions | 20.5 | 117.9 | 138.4 | ||||||||||||||
| Balance at December 31, 2024 | 586.7 | 175.0 | 761.7 | ||||||||||||||
| Currency translation adjustment | 4.8 | (2.0) | 2.8 | ||||||||||||||
Acquisition adjustments(1) | — | (53.9) | (53.9) | ||||||||||||||
| Balance at December 31, 2025 | $ | 591.5 | $ | 119.1 | $ | 710.6 | |||||||||||
| 2025 | 2024 | ||||||||||||||||||||||||||||||||||
| December 31 (dollars in millions) | Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||||||||||||||||
| Amortizable intangible assets: | |||||||||||||||||||||||||||||||||||
| Patents | $ | 7.4 | $ | (4.2) | $ | 3.2 | $ | 3.7 | $ | (3.7) | $ | — | |||||||||||||||||||||||
| Customer lists | 291.7 | (201.6) | 90.1 | 287.5 | (187.3) | 100.2 | |||||||||||||||||||||||||||||
| Total amortizable intangible assets | 299.1 | (205.8) | 93.3 | 291.2 | (191.0) | 100.2 | |||||||||||||||||||||||||||||
| Indefinite-lived intangible assets: | |||||||||||||||||||||||||||||||||||
| Trade names | 269.0 | — | 269.0 | 220.9 | — | 220.9 | |||||||||||||||||||||||||||||
| Total intangible assets | $ | 568.1 | $ | (205.8) | $ | 362.3 | $ | 512.1 | $ | (191.0) | $ | 321.1 | |||||||||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 10, 2026 | Showing above |
| 2024 | Feb 11, 2025 | |
| 2023 | Feb 13, 2024 | |
| 2022 | Feb 14, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 12, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 15, 2019 | |
| 2017 | Feb 16, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 17, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.