Goodwill and Intangible Assets
Changes in goodwill during the years ended December 31, 2025 and 2024, were as follows:
| | | | | | | | | | | |
| (In thousands) | 2025 | | 2024 |
| Balance at January 1 | $ | 620,895 | | | $ | 627,534 | |
| Additions and measurement period adjustments (Note 15) | 91,616 | | | — | |
| | | |
| | | |
| Currency translation | 19,081 | | | (6,639) | |
| Balance at December 31 | $ | 731,592 | | | $ | 620,895 | |
At December 31, 2025, goodwill of $481.4 million and $250.2 million related to the Americas and International reportable segments, respectively.
Changes in intangible assets, net of accumulated amortization, during the years ended December 31, 2025 and 2024, were as follows:
| | | | | | | | | | | |
| (In thousands) | 2025 | | 2024 |
| Net balance at January 1 | $ | 246,437 | | | $ | 266,134 | |
| Additions (Note 15) | 66,568 | | | — | |
| Amortization expense | (20,658) | | | (17,826) | |
| Currency translation | 6,780 | | | (1,871) | |
| Net balance at December 31 | $ | 299,127 | | | $ | 246,437 | |
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| (In millions) | | December 31, 2025 | | December 31, 2024 |
| Intangible Assets: | Weighted Average Useful Life (years) | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount |
| Customer relationships | 20 | $ | 232.2 | | | $ | (69.9) | | | $ | 162.3 | | | $ | 179.7 | | | $ | (55.7) | | | $ | 124.0 | |
| Distribution agreements | 20 | 65.7 | | | (36.4) | | | 29.3 | | | 65.7 | | | (33.3) | | | 32.4 | |
| Technology related assets | 9 | 59.4 | | | (39.7) | | | 19.7 | | | 49.6 | | | (35.5) | | | 14.1 | |
| Patents, trademarks and copyrights | 19 | 48.6 | | | (21.0) | | | 27.6 | | | 34.1 | | | (18.2) | | | 15.9 | |
| | | | | | | | | | | | |
| Other | 3 | 3.1 | | | (2.9) | | | 0.2 | | | 2.8 | | | (2.8) | | | — | |
| Total | 19 | $ | 409.0 | | | $ | (169.9) | | | $ | 239.1 | | | $ | 337.3 | | | $ | (150.9) | | | $ | 186.4 | |
At December 31, 2025, the intangible assets balance includes a trade name related to the Globe acquisition with an indefinite life totaling $60.0 million.
Intangible asset amortization expense over the next five years is expected to be approximately $21.9 million in 2026, $21.7 million in 2027, $21.3 million in 2028, $20.6 million in 2029, and $18.3 million in 2030.
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.