NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
The changes in the carrying amount of goodwill by reportable segment are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ($ in millions) | | | Mobility Technologies | | Repair Solutions | | Environmental & Fueling Solutions | | | | Total |
| Balance, December 31, 2023 | | | $ | 1,204.0 | | | $ | 15.2 | | | $ | 523.2 | | | | | $ | 1,742.4 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Foreign currency translation and other | | | (7.4) | | | — | | | (9.0) | | | | | (16.4) | |
| Balance, December 31, 2024 | | | 1,196.6 | | | 15.2 | | | 514.2 | | | | | 1,726.0 | |
| Acquisitions | | | 7.0 | | | — | | | — | | | | | 7.0 | |
| Divestitures | | | (20.0) | | | — | | | — | | | | | (20.0) | |
| Foreign currency translation | | | 17.2 | | | — | | | 27.4 | | | | | 44.6 | |
| Balance, December 31, 2025 | | | $ | 1,200.8 | | | $ | 15.2 | | | $ | 541.6 | | | | | $ | 1,757.6 | |
Accumulated impairment charges, within the Mobility Technologies reportable segment, were $85.3 million as of December 31, 2025 and 2024.
Intangible Assets
Finite-lived intangible assets are generally amortized on a straight-line basis over the shorter of their legal or estimated useful lives. The following summarizes the gross carrying value and accumulated amortization for each major category of intangible asset as of December 31:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2025 | | 2024 |
| ($ in millions) | Gross Amount | | Accumulated Amortization | | Net Amount | | Gross Amount | | Accumulated Amortization | | Net Amount |
| Finite-lived intangibles: | | | | | | | | | | | |
| Customer relationships | $ | 477.0 | | | $ | (294.7) | | | $ | 182.3 | | | $ | 473.0 | | | $ | (253.0) | | | $ | 220.0 | |
| Patents and technology | 292.0 | | | (185.6) | | | 106.4 | | | 295.6 | | | (156.8) | | | 138.8 | |
| Trademarks and trade names | 59.7 | | | (25.3) | | | 34.4 | | | 57.0 | | | (20.0) | | | 37.0 | |
| Total finite-lived intangibles | 828.7 | | | (505.6) | | | 323.1 | | | 825.6 | | | (429.8) | | | 395.8 | |
| Indefinite-lived intangibles: | | | | | | | | | | | |
| Trademarks and trade names | 89.3 | | | — | | | 89.3 | | | 90.7 | | | — | | | 90.7 | |
| Total intangibles | $ | 918.0 | | | $ | (505.6) | | | $ | 412.4 | | | $ | 916.3 | | | $ | (429.8) | | | $ | 486.5 | |
Based on the intangible assets recorded as of December 31, 2025, amortization expense is estimated to be as follows for the next five years and thereafter:
| | | | | |
| ($ in millions) | |
| 2026 | $ | 64.9 | |
| 2027 | 54.5 | |
| 2028 | 45.4 | |
| 2029 | 44.4 | |
| 2030 | 37.7 | |
| Thereafter | 76.2 | |
| Total | $ | 323.1 | |
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.