JBT MAREL CorpJBTM

JBT MAREL Corp Goodwill & Intangibles Disclosure

10-KFiled Mar 2, 20263 min read
GOODWILL AND INTANGIBLE ASSETS
Following the acquisition of Marel on January 2, 2025, we operated through two segments, JBT and Marel, which were comprised of the legacy operations of each business. During the fourth quarter of 2025, we realigned our reportable segments to better reflect the integration of our new operating model. We now operate through two reportable segments: Protein Solutions and Prepared Food and Beverage Solutions.

As a result of our segment realignment, the composition of our reporting units changed. Under ASC 350, Intangibles—Goodwill and Other, the goodwill previously assigned to the JBT and Marel reportable segments were reassigned to the new reporting units within the Protein Solutions and Prepared Food and Beverage Solutions reportable segments.

This reallocation was performed based on the relative fair value of the assets moved to the new reporting units on the realignment effective date in the fourth quarter of 2025.

The changes in the carrying amount of goodwill by reportable segment were as follows:
(In millions)
JBT
Marel
Protein SolutionsPrepared Food and Beverage SolutionsTotal
Balance as of January 1, 2024$779.5 $— $— $— $779.5 
Currency translation(10.4)— — — (10.4)
Balance as of December 31, 2024769.1 — — — 769.1 
Acquisitions— 2,322.0 — — 2,322.0 
    Currency translation
19.2 275.5 33.2 9.4 337.3 
    Reallocation due to reorganization
(788.3)(2,597.5)2,273.0 1,112.8 — 
Balance as of December 31, 2025$— $— $2,306.2 $1,122.2 $3,428.4 

The Company completed its annual goodwill impairment test as of October 31, 2025 using a qualitative assessment and determined that it was more likely than not that the fair value of each reporting unit exceeded its carrying value, and therefore concluded that none of its goodwill was impaired. Similar conclusions were reached for all reporting units as of October 31, 2024 and 2023.

Due to the segment realignment as described above, the Company performed an interim quantitative assessment of goodwill in accordance with ASC 350 in the fourth quarter of 2025. The assessment utilized an income approach (discounted cash flow model) and compared the fair value of each reporting unit to its carrying value, including the allocated goodwill. Based on the results of this assessment, the Company determined that the fair value of each reporting unit exceeded its carrying value, and concluded that none of its goodwill was impaired on the date of realignment.
Intangible assets consisted of the following:
20252024
(In millions)Carrying AmountAccumulated AmortizationCarrying AmountAccumulated Amortization
Customer relationships$1,690.8 $284.6 $421.3 $170.6 
Patents and acquired technology590.2 165.0 169.8 123.1 
Trademarks313.4 33.5 53.2 20.0 
Indefinite lived intangibles assets10.7 — 10.3 — 
Other10.9 10.7 8.6 8.6 
Total intangible assets$2,616.0 $493.8 $663.2 $322.3 

Intangible asset amortization expense was $151.9 million, $44.6 million, and $46.1 million for 2025, 2024 and 2023, respectively. Annual amortization expense for intangible assets is estimated to be $140.5 million in 2026, $137.0 million in 2027, $134.2 million in 2028, $130.9 million in 2029, and $128.4 million in 2030.

Historical Timeline

Fiscal YearFiled
2025Mar 2, 2026Showing above
2024Feb 28, 2025
2023Feb 23, 2024
2022Feb 23, 2023
2021Feb 24, 2022
2020Feb 25, 2021
2019Mar 2, 2020
2018Feb 28, 2019
2017Feb 28, 2018
2016Feb 28, 2017
2015Feb 29, 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.

Other Available Disclosures

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