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Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill
The changes in the carrying amount of goodwill attributable to each reportable segment for the six month period ended June 30, 2025 is presented in the table below.
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Balance at beginning of period$4,930.7 $3,217.4 $8,148.1 
Acquisitions120.3 20.1 140.4 
Impairments— (229.7)(229.7)
Foreign currency translation and other(1)
149.8 68.0 217.8 
Balance at end of period$5,200.8 $3,075.8 $8,276.6 
(1)Includes measurement period adjustments
Accumulated impairment losses within the Industrial Technologies and Services segment was $220.6 million as of both June 30, 2025 and December 31, 2024. Accumulated impairment losses within the Precision and Science Technologies segment was $229.7 million and $0.0 million as of June 30, 2025 and December 31, 2024, respectively.
Other Intangible Assets, Net
Other intangible assets as of June 30, 2025 and December 31, 2024 consisted of the following.
June 30, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortized intangible assets
Customer lists and relationships$4,204.9 $(2,044.4)$2,160.5 $4,010.1 $(1,830.1)$2,180.0 
Technology556.8 (284.7)272.1 549.1 (243.3)305.8 
Tradenames70.9 (36.9)34.0 63.6 (32.4)31.2 
Backlog— — — 4.3 (4.2)0.1 
Other155.9 (120.2)35.7 128.5 (112.1)16.4 
Unamortized intangible assets
Tradenames1,832.3 — 1,832.3 1,839.3 — 1,839.3 
Total other intangible assets$6,820.8 $(2,486.2)$4,334.6 $6,594.9 $(2,222.1)$4,372.8 
Intangible Asset Impairment Considerations
During the second quarter of 2025, certain organizational changes occurred that impacted the composition of all reporting units within our Precision and Science Technologies segment. As a result of these changes, the Company performed an interim goodwill impairment test for all affected reporting units, utilizing a combination of an income and market approach weighted 75% and 25%, respectively, to determine the fair value.
In the second quarter of 2025, the Company recognized non-cash impairments of $170.3 million and $59.4 million to reduce the carrying value of goodwill of our Biopharma and Aerospace & Defense reporting units, respectively. Both the Biopharma and Aerospace & Defense reporting units are comprised entirely of businesses acquired in the recent ILC Dover acquisition.
The impairment of the Biopharma reporting unit was primarily attributable to an increase in the discount rate and contraction in market multiples. The impairment of the Aerospace & Defense reporting unit was primarily attributable to a reduction in the long-term forecast associated with a reduction in business with a significant customer of the reporting unit.
After considering the effect of the impairments, the Biopharma and Aerospace & Defense reporting units had goodwill of $816.6 million and $15.9 million, respectively.
Due to the reduction in the forecast for Aerospace & Defense and the increase in discount rates, the Company also quantitatively tested the relevant indefinite lived tradename for impairment which resulted in a non-cash charge of $36.1 million in the second quarter of 2025, also within the Precision and Science Technologies segment.
As of June 30, 2025 and December 31, 2024, there were no other indications that the carrying value of any other reporting unit's goodwill or other intangible assets may not be recoverable. However, a prolonged adverse impact of geopolitical events on the Company's consolidated financial results may require an impairment charge related to one or more of these intangible assets in a future period.