Goodwill and Purchased Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Purchased Intangible Assets

Note 5 — Goodwill and Purchased Intangible Assets

Changes in the carrying amount of gross goodwill and other purchased intangibles for the years ended December 31, 2024 and 2023, by segment, are as follows:

(In millions)	Composite Materials			Engineered Products			Total
Balance as of December 31, 2022	$	86.9		$	169.1		$	256.0
Amortization expense		(1.8	)		(5.0	)		(6.8	)
Currency translation adjustments and other		2.1			—			2.1
Balance as of December 31, 2023	$	87.2		$	164.1		$	251.3
Amortization expense		(1.8	)		(5.0	)		(6.8	)
Intangible Asset Impairment		—			(5.2	)		(5.2	)
Currency translation adjustments and other		(2.3	)		—			(2.3	)
Balance as of December 31, 2024	$	83.1		$	153.9		$	237.0

We performed our annual impairment review of goodwill as of November 30, 2024 and determined that it was more likely than not that the fair values of our reporting units are above their carrying values and that no impairment exists. During the fourth quarter of 2024, we separately recorded an intangible asset impairment charge of $5.2 million as the net book value exceeded the expected fair value of these assets upon divestiture. The goodwill and intangible asset balances as of December 31, 2024 included $4.3 million of indefinite-lived intangible assets, $46.2 million of a definite-lived intangible asset (net of accumulated amortization of $51.3 million) and $186.5 million of goodwill. Of the $186.5 million of goodwill, $71.1 million is allocated to the Composite Materials segment and $115.4 million to the Engineered Products segment.

The weighted average remaining life of the finite lived intangible assets is 10 years. Amortization related to the definite lived intangible assets for the next five years and thereafter is as follows:

(In millions)
2025	$	5.5
2026		5.5
2027		5.4
2028		5.0
2029		5.0
Thereafter		19.8
Total	$	46.2