GOODWILL
Goodwill was tested for impairment as of October 1, 2025 and 2024. The Company did not recognize a goodwill impairment charge during the years ended December 31, 2025 and 2024. The fair value of the Goodwill was estimated using both market indicators of fair value and the expected present value of future cash flows. As of December 31, 2025 and 2024, the accumulated impairment loss on Goodwill was $525.0 million for both years.
Goodwill changed during the years presented as follows:
(in thousands)Goodwill
before
impairment
Accumulated
impairment
charge
Goodwill – net
December 31, 2023$2,026,814 $(525,000)$1,501,814 
Motorsports Images acquisition15,939 — 15,939 
Effects of fluctuations in foreign currency exchange rates(7,276)— (7,276)
December 31, 2024$2,035,477 $(525,000)$1,510,477 
Effects of fluctuations in foreign currency exchange rates5,788 — 5,788 
December 31, 2025$2,041,265 $(525,000)$1,516,265 

Historical Timeline

Fiscal YearFiled
2025Mar 16, 2026Showing above
2023Mar 15, 2024
2022Mar 14, 2023

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.