Goodwill and Intangible Assets
The changes in the carrying amount of goodwill by reportable segment were as follows:
| | | | | | | | | | | | | | | | | |
| ($ in millions) | Proprietary Products | | Contract-Manufactured Products | | Total |
| Balance, December 31, 2023 | $ | 78.9 | | | $ | 29.6 | | | $ | 108.5 | |
| | | | | |
| | | | | |
| Foreign currency translation | (2.1) | | | (0.4) | | | (2.5) | |
| Balance, December 31, 2024 | 76.8 | | | 29.2 | | | 106.0 | |
| | | | | |
| | | | | |
| Foreign currency translation | 3.8 | | | 0.7 | | | 4.5 | |
| Adjustment to goodwill related to business classified as held for sale as of December 31, 2025 | (0.6) | | | — | | | (0.6) | |
| Balance, December 31, 2025 | $ | 80.0 | | | $ | 29.9 | | | $ | 109.9 | |
As of December 31, 2025, we had $0.1 million of accumulated goodwill impairment losses.
Intangible assets and accumulated amortization as of December 31 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2025 | | 2024 |
| ($ in millions) | Cost | | Accumulated amortization | | Net | | Cost | | Accumulated amortization | | Net |
| Patents and licensing | $ | 24.7 | | | $ | (24.1) | | | $ | 0.6 | | | $ | 24.7 | | | $ | (23.0) | | | $ | 1.7 | |
| Technology | 3.3 | | | (2.9) | | | 0.4 | | | 3.3 | | | (2.7) | | | 0.6 | |
| Trademarks | 1.2 | | | (1.2) | | | — | | | 1.2 | | | (1.2) | | | — | |
| Customer relationships | 39.0 | | | (32.5) | | | 6.5 | | | 38.9 | | | (30.8) | | | 8.1 | |
| Customer contracts | 8.1 | | | (7.9) | | | 0.2 | | | 8.0 | | | (7.6) | | | 0.4 | |
| $ | 76.3 | | | $ | (68.6) | | | $ | 7.7 | | | $ | 76.1 | | | $ | (65.3) | | | $ | 10.8 | |
The cost basis of intangible assets includes a foreign currency translation gain of $0.2 million and a loss of $0.7 million for the years ended December 31, 2025 and 2024, respectively.
Amortization expense for the years ended December 31, 2025, 2024 and 2023 was $2.8 million, $3.6 million and $3.6 million, respectively. Additionally, intangible asset impairment expense for the years ended December 31, 2025, 2024 and 2023 was $0.5 million, $0.0 million and $0.0 million, respectively. Estimated annual amortization expense for the next five years is as follows: 2026 - $2.2 million, 2027 - $2.0 million, 2028 - $1.8 million, 2029 - $1.0 million and 2030 - $0.4 million.
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.