TELEFLEX INCTFX
TELEFLEX INC Goodwill & Intangibles Disclosure
Goodwill and other intangible assets
Changes in the carrying amount of goodwill, by reportable operating segment, for the years ended December 31, 2025 and 2024 were as follows:
| Americas | EMEA | Asia | Total | ||||||||||||||||||||
Balance as of December 31, 2023 | |||||||||||||||||||||||
Goodwill | $ | 1,379,885 | $ | 428,531 | $ | 216,310 | $ | 2,024,726 | |||||||||||||||
Translation and other adjustments | (2,971) | (19,450) | (10,127) | (32,548) | |||||||||||||||||||
Balance as of December 31, 2024 | 1,376,914 | 409,081 | 206,183 | 1,992,178 | |||||||||||||||||||
| Goodwill related to acquisitions | 7,189 | 215,897 | 36,022 | 259,108 | |||||||||||||||||||
| Translation and other adjustments | 3,195 | 44,134 | 6,435 | 53,764 | |||||||||||||||||||
| Balance as of December 31, 2025 | $ | 1,387,298 | $ | 669,112 | $ | 248,640 | $ | 2,305,050 | |||||||||||||||
Intangible assets at December 31, 2025 and 2024 consisted of the following:
| Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Customer relationships | $ | 1,209,683 | $ | 1,021,684 | $ | (549,856) | $ | (488,792) | |||||||||||||||
| In-process research and development | 6,417 | 23,666 | — | — | |||||||||||||||||||
| Intellectual property | 1,272,532 | 1,041,824 | (712,848) | (563,080) | |||||||||||||||||||
| Distribution rights | 11,036 | 15,266 | (10,939) | (15,169) | |||||||||||||||||||
| Trade names | 349,814 | 344,646 | (51,689) | (31,625) | |||||||||||||||||||
| Non-compete agreements | 19,858 | 19,816 | (19,858) | (19,816) | |||||||||||||||||||
| $ | 2,869,340 | $ | 2,466,902 | $ | (1,345,190) | $ | (1,118,482) | ||||||||||||||||
As of December 31, 2025, trade names having a carrying value of $239.3 million are considered indefinite-lived. Acquired IPR&D is indefinite-lived until the completion of the related development project, at which point amortization of the carrying value of the technology will commence.
We test the recoverability of long-lived assets annually during the fourth quarter of each fiscal year in addition to periods where changes in events or circumstances indicate the carrying value of an asset may not be recoverable. During the first quarter of 2025, we identified indicators of a potential impairment related to the long-lived assets associated with our Titan SGS asset group, which primarily consists of intangible assets. The indicators of a potential impairment primarily arose from lower than expected sales of our Titan SGS product line and anticipated continuing reduced demand for bariatric surgery procedures in future periods, driven by the growing adoption of GLP-1 products. We performed a recoverability test, utilizing an updated long-term forecast reflecting higher uncertainty of revenue growth in future periods compared to previous estimates, and concluded that the undiscounted cash flows of the Titan SGS product line exceeded the carrying value of the related assets by approximately 10%. Accordingly, no impairment was recognized during the first quarter of 2025 related to the Titan SGS asset group. During the second quarter of 2025, the Titan SGS product line performed largely in line with the forecast used in the first quarter 2025 recoverability test.
During the third quarter of 2025, we identified additional indicators of a potential impairment related to the Titan SGS asset group due to lower than expected sales growth during the period and a further downward revision to sales forecasts compared to the forecast utilized in our first quarter 2025 impairment analysis. As a result, in connection with the preparation of the financial statements for the third quarter of 2025, we performed a recoverability test and as a result, we determined that the carrying value of the asset group was not fully recoverable. We subsequently recognized an impairment charge of $100.0 million, representing the amount by which the carrying value of the asset group exceeded its estimated fair value, as determined utilizing the income approach. After the recognition of the impairment charge, the remaining carrying value of the intangible assets of the Titan SGS asset group was $25.1 million as of the end of the third quarter of 2025. Despite the downward revision to sales forecasts, we continue to anticipate revenue growth from the Titan SGS asset group in future periods.
Amortization expense related to intangible assets was $121.7 million, $108.8 million, and $102.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. The estimated annual amortization expense for each of the five succeeding years is as follows:
| 2026 | $ | 145,888 | |||
| 2027 | 143,931 | ||||
| 2028 | 141,992 | ||||
| 2029 | 133,125 | ||||
| 2030 | 129,550 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 25, 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.