NEWELL BRANDS INC.NWL
NEWELL BRANDS INC. Goodwill & Intangibles Disclosure
Goodwill and Other Intangible Assets, Net
A summary of changes in the Company’s goodwill by reportable business segment is as follows for 2025 and 2024 (in millions):
| December 31, 2025 | |||||||||||||||||||||||||||||
| Segments: | Net Book Value at December 31, 2024 | Foreign Currency Exchange | Net Book Value | Gross Carrying Amount | Accumulated Impairment Charges | ||||||||||||||||||||||||
| Home and Commercial Solutions | $ | 747 | $ | — | $ | 747 | $ | 4,052 | $ | (3,305) | |||||||||||||||||||
| Learning and Development | 2,291 | 63 | 2,354 | 3,441 | (1,087) | ||||||||||||||||||||||||
| Outdoor and Recreation | — | — | — | 788 | (788) | ||||||||||||||||||||||||
| $ | 3,038 | $ | 63 | $ | 3,101 | $ | 8,281 | $ | (5,180) | ||||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||||||||
| Segments: | Net Book Value at December 31, 2023 | Foreign Currency Exchange | Net Book Value | Gross Carrying Amount | Accumulated Impairment Charges | ||||||||||||||||||||||||
| Home and Commercial Solutions | $ | 747 | $ | — | $ | 747 | $ | 4,052 | $ | (3,305) | |||||||||||||||||||
| Learning and Development | 2,324 | (33) | 2,291 | 3,378 | (1,087) | ||||||||||||||||||||||||
| Outdoor and Recreation | — | — | — | 788 | (788) | ||||||||||||||||||||||||
| $ | 3,071 | $ | (33) | $ | 3,038 | $ | 8,218 | $ | (5,180) | ||||||||||||||||||||
The table below summarizes the balance of other intangible assets, net and the related amortization periods using the straight-line method and attribution method at December 31, 2025 and 2024 (in millions):
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Net Book Value | Gross Carrying Amount | Accumulated Amortization | Net Book Value | Amortization Periods (In years) | |||||||||||||||||||||||||||||||||||
| Tradenames - indefinite life | $ | 553 | $ | — | $ | 553 | $ | 844 | $ | — | $ | 844 | N/A | ||||||||||||||||||||||||||||
| Tradenames - other | 537 | (186) | 351 | 531 | (135) | 396 | 2-15 | ||||||||||||||||||||||||||||||||||
Capitalized software (a) | 212 | (95) | 117 | 661 | (543) | 118 | 3-12 | ||||||||||||||||||||||||||||||||||
| Patents and intellectual property | — | — | — | 13 | (13) | — | 3-14 | ||||||||||||||||||||||||||||||||||
| Customer relationships and distributor channels | 1,013 | (400) | 613 | 1,025 | (375) | 650 | 3-30 | ||||||||||||||||||||||||||||||||||
| $ | 2,315 | $ | (681) | $ | 1,634 | $ | 3,074 | $ | (1,066) | $ | 2,008 | ||||||||||||||||||||||||||||||
(a)The Company wrote-off $464 million of fully amortized capitalized software (including the accumulated amortization associated with those assets), with net book value of zero, as of December 31, 2025. The write-off did not affect the Company’s Consolidated Balance Sheet, Statement of Operations, Statement of Cash Flows, or Statement of Stockholders’ Equity.
Amortization expense for intangible assets was $125 million, $135 million and $109 million in 2025, 2024 and 2023, respectively.
At December 31, 2025, the aggregate estimated intangible amortization amounts for the succeeding five years are as follows (in millions):
| Years ending December 31, | Amount | |||||||
| 2026 | $ | 114 | ||||||
| 2027 | 108 | |||||||
| 2028 | 96 | |||||||
| 2029 | 90 | |||||||
| 2030 | 86 | |||||||
| Thereafter | 587 | |||||||
During 2025, the Company elected to perform qualitative assessments for two indefinite-lived tradenames in the L&D segment, with total carrying values of $119 million. Based on the qualitative assessments, the Company concluded there were no events or circumstances that rise to a level that would more likely than not reduce the fair value of those indefinite-lived tradenames below the carrying value; therefore, a quantitative impairment analysis was not required for these indefinite-lived tradenames in the L&D segment. The Company elected to perform quantitative assessments for two indefinite-lived tradenames in both of the H&CS and L&D segments with total carrying values of $567 million and $203 million, respectively. The Company recorded non-cash impairment charges of $163 million and $127 million associated with two tradenames in the H&CS segment and $50 million associated with one tradename in the L&D segment, as the carrying values exceeded the fair values.
During 2025, the Company elected to perform a qualitative assessment for the Writing reporting unit, with goodwill of $1.93 billion and concluded that there were no events or circumstances that rise to a level that would more likely than not reduce the fair value of the reporting unit below the carrying value; therefore, a quantitative goodwill impairment analysis was not required for the Writing reporting unit. The Company elected to perform quantitative assessments for the Commercial and Baby reporting units with goodwill of $747 million and $415 million, respectively. Based on the Company’s quantitative assessments, no goodwill impairment charges were recorded for the Commercial and Baby reporting units.
The impairment charges for goodwill and indefinite-lived tradenames were recorded in the Company’s reporting segments as follows for the years ended December 31, (in millions):
2025 (a) | 2024 (b) | 2023 (c) | |||||||||||||||
| Home and Commercial Solutions | $ | 290 | $ | 275 | $ | 76 | |||||||||||
| Learning and Development | 50 | 70 | 241 | ||||||||||||||
| Outdoor and Recreation | — | — | 22 | ||||||||||||||
| $ | 340 | $ | 345 | $ | 339 | ||||||||||||
(a)During the fourth quarter of 2025, in conjunction with its annual impairment testing, the Company recorded non-cash impairment charge of $290 million associated with two tradenames in the H&CS segment and $50 million associated with one tradename in the L&D segment, as the carrying values exceeded the fair values. The decline in the fair value of the tradenames in the H&CS and L&D segments resulting in the aforementioned non-cash impairment charges was the result of downward revision of forecasted cashflows and increase in the reporting units’ discounts rates primarily due to increased risk premium applied to enable reconciliation to the Company's total enterprise value, given the decline in the Company’s stock price since the last annual impairment test. A hypothetical 10% reduction in the forecasted revenue and residual (excess) cash flows used in the excess earnings method applied in determining the fair value of the tradenames would have resulted in an incremental impairment charge in the H&CS segment of $28 million. A hypothetical 10% reduction in the forecasted revenue used in the relief from royalty method in determining the fair value of the tradename would have resulted in an incremental impairment charge in the L&D segment of $1 million.
(b)During the fourth quarter of 2024, in conjunction with its annual impairment testing, the Company recorded non-cash impairment charge of $85 million associated with one tradename in the H&CS segment, as the carrying value exceeded the fair value. The decline in the fair value of the tradename in the H&CS segment was the result of downward revision of forecasted revenue mainly due to a distribution loss, which the Company was informed of during the fourth quarter of 2024. A hypothetical 10% reduction in the forecasted revenue and residual (excess) cash flows used in the excess earnings method applied in determining the fair value of the tradename would have resulted in an incremental impairment charge on the H&CS segment of $22 million. During the third quarter of 2024, the Company concluded that triggering events had occurred for indefinite-lived tradenames in the H&CS and L&D segments, as a result of downward revisions of forecasted cash flows primarily due to lower volume and profitability expectations. The Company performed quantitative impairment tests and determined that the indefinite-lived tradenames in the H&CS and L&D segments, were impaired. During the third quarter of 2024, the Company recorded of $190 million and $70 million for the indefinite-lived tradenames in the H&CS and in the L&D segments, respectively, as the carrying values exceeded their fair values.
(c)During the fourth quarter of 2023, in conjunction with its annual impairment testing, the Company recorded a non-cash impairment charge of $68 million associated with two tradenames in the H&CS segment, as the carrying values exceeded the fair values. The decline in the fair values of the tradenames in the H&CS segment were due to current market contraction, reflecting a reset of demand levels. During the third quarter of 2023, the Company concluded that a triggering event had occurred for an indefinite-lived tradename in the O&R segment, as a result of a downward revision of forecasted cash flows due to market conditions, as well as rising interest rates. The Company performed a quantitative impairment test and determined that the indefinite-lived tradename in the O&R segment was impaired and recorded a non-cash impairment charge of $22 million for the indefinite-lived tradename in the O&R segment, as the carrying value of the tradename exceeded its fair value. Also, during the third quarter of 2023, the Company concluded that a triggering event had occurred for the goodwill associated with the Baby reporting unit in the L&D segment as a result of a downward revision of forecasted cash flows due to lower volume and profitability expectations, as well as rising interest rates. The Company performed a quantitative impairment test and determined that the Baby reporting unit goodwill was impaired and recorded a of $241 million as the carrying value of the reporting unit exceeded its fair value. During the second quarter of 2023, the Company concluded that a triggering event had occurred for an indefinite-lived tradename in the H&CS segment as a result of a downward revision of forecasted cash flows due to softening global demand, primarily caused by continued inflationary pressure impacting discretionary spending behavior of consumers, as well as rising interest rates. The Company performed a quantitative impairment test and determined that the indefinite-lived tradename in the H&CS segment was impaired. During the second quarter of 2023, the Company recorded a non-cash impairment charge of $8 million, as the carrying value of the tradename exceeded its fair value.
The Company continues to evaluate its brand strategy including the assessment of indefinite-lived criteria which may impact the future estimated intangible amortization.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 14, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 4, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 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.