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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS
The Company performed its annual goodwill and indefinite-lived intangible assets impairment test as of the first day of the fourth quarter of 2025. For goodwill, the Company used a combination of techniques, including an income approach and a market-based approach in performing its annual impairment test to determine whether it is more likely than not that the fair value of a reporting unit is less than the carrying value amount. The Company’s reporting units are the financial components of operating segments which constitute businesses for which discrete financial information is available and regularly reviewed by segment management. For indefinite-lived intangible assets, the Company used the relief from royalty method to estimate the fair value of its indefinite-lived intangible assets.

No goodwill or indefinite-lived intangible asset impairment charges were recorded for the year ended December 31, 2025. The factors used by management in its impairment analysis are inherently subject to uncertainty. If actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may be overstated and a charge to net income may be required.

For the year ended December 31, 2024, the Company recorded goodwill and indefinite-lived intangible asset impairment charges as a result of the Company’s impairment testing during the year ended 2024, whereby the Company recorded a pre-tax goodwill impairment charge of $960.5 million, with $707.8 million related to its Specialty Products & Technologies segment and $252.7 million related to its Equipment & Consumables segment, and a $101.1 million indefinite-lived intangible asset impairment related to certain indefinite-lived trade names within the Specialty Products & Technologies segment.

For the year ended December 31, 2023, the Company recorded goodwill and indefinite-lived intangible asset impairment charges as a result of the Company’s annual impairment test during the year ended 2023, whereby the Company recorded a pre-tax goodwill impairment charge of $212.3 million, with $134.5 million related to its Specialty Products & Technologies segment and $77.8 million related to its Equipment & Consumables segment, and a $46.0 million indefinite-lived intangible asset impairment related to certain indefinite-lived trade names within the Specialty Products & Technologies segment.

The impairment charges described above are recorded in the Goodwill and intangible asset impairment line within the Consolidated Statements of Operations.
The following is a rollforward of the Company’s goodwill by segment ($ in millions):
Specialty Products & TechnologiesEquipment & ConsumablesTotal
GrossAccumulated Impairment ChargesTotalGrossAccumulated Impairment ChargesTotalGrossAccumulated Impairment ChargesTotal
Balance at December 31, 2024
$1,953.0 $(842.3)$1,110.7 $1,481.7 $(330.5)$1,151.2 $3,434.7 $(1,172.8)$2,261.9 
Foreign currency translation65.1 — 65.1 31.2 — 31.2 96.3 — 96.3 
Balance at December 31, 2025
$2,018.1 $(842.3)$1,175.8 $1,512.9 $(330.5)$1,182.4 $3,531.0 $(1,172.8)$2,358.2 

Finite-lived intangible assets are amortized over the shorter of their legal or estimated useful life. For the year ended December 31, 2024, the Company recorded an impairment charge of $92.2 million related to developed technology and customer relationships within the Equipment & Consumables segment. There were no finite-lived intangible assets impairment charges recorded for the years ended December 31, 2025 and 2023.

The following summarizes the gross carrying value, accumulated amortization and accumulated impairment losses, for each major category of intangible asset ($ in millions):
As of December 31, 2025
Gross
Carrying
Amount		Accumulated
Amortization		Accumulated Impairment LossesNet Carrying Amount
Finite-lived intangibles:
Patents and technology$400.7 $(264.6)$(87.2)$48.9 
Customer relationships and other intangibles934.0 (800.3)(5.0)128.7 
Trademarks and trade names192.1 (104.6)— 87.5 
Total finite-lived intangibles1,526.8 (1,169.5)(92.2)265.1 
Indefinite-lived intangibles:
Trademarks and trade names509.2 — (147.1)362.1 
Total intangibles$2,036.0 $(1,169.5)$(239.3)$627.2 

As of December 31, 2024
Gross
Carrying
Amount		Accumulated
Amortization		Accumulated Impairment LossesNet Carrying Amount
Finite-lived intangibles:
Patents and technology$376.0 $(235.6)$(87.2)$53.2 
Customer relationships and other intangibles881.6 (714.9)(5.0)161.7 
Trademarks and trade names189.3 (90.9)— 98.4 
Total finite-lived intangibles1,446.9 (1,041.4)(92.2)313.3 
Indefinite-lived intangibles:
Trademarks and trade names483.7 — (147.1)336.6 
Total intangibles$1,930.6 $(1,041.4)$(239.3)$649.9 
Total intangible amortization expense in 2025, 2024 and 2023 was $75.9 million, $82.3 million and $99.6 million, respectively. Based on the intangible assets recorded as of December 31, 2025, amortization expense is estimated as follows for the next five years and thereafter ($ in millions):
Years Ending December 31,
2026$63.6 
202753.0
202851.8
202920.0
2030
12.2
Thereafter64.5 
$265.1