Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for 2025 and 2024, by reportable business segment, were as follows:


	HST		FMT		FSDP		Total
Goodwill	$	1,834.5	$	805.7	$	398.7	$	3,038.9
Accumulated goodwill impairment losses	(149.8)		(20.7)		(30.1)		(200.6)
Balance at January 1, 2024	1,684.7		785.0		368.6		2,838.3
Foreign currency translation	(43.4)		(8.9)		(8.1)		(60.4)
Acquisitions	483.6		—		—		483.6
Measurement period adjustments	1.8		—		—		1.8
Divestitures	—		(11.6)		—		(11.6)
Balance at December 31, 2024	2,126.7		764.5		360.5		3,251.7
Foreign currency translation	88.0		16.5		16.3		120.8
Acquisitions	37.0		—		—		37.0
Measurement period adjustments	5.0		—		—		5.0

Balance at December 31, 2025	$	2,256.7	$	781.0	$	376.8	$	3,414.5

Goodwill represents the purchase price in excess of the net amount assigned to the assets acquired and liabilities assumed and was tested for impairment at each of the Company’s reporting units as determined in accordance with ASC 350 as of October 31, 2025, the Company’s annual impairment test date, with no impairment noted. In assessing the fair value of the reporting units, the Company considers both the market approach and the income approach. Under the market approach, the fair value of the reporting unit is determined by the respective trailing 12 month earnings before interest, income taxes, depreciation and amortization (“EBITDA”) and the forward looking 2026 EBITDA (50% each), based on multiples of comparable public companies. The market approach is dependent on a number of significant management assumptions including forecasted EBITDA and selected market multiples. Under the income approach, the fair value of the reporting unit is determined based on the present value of estimated future cash flows. The income approach is dependent on a number of significant management assumptions including estimates of operating results, capital expenditures, net working capital requirements, long-term growth rates and discount rates. Weighting was equally attributed to both the market and the income approaches (50% each) in arriving at the fair value of the reporting units. In 2025 and 2024, there were no events or circumstances that would have required an interim impairment test.

The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at December 31, 2025 and 2024:


	At December 31, 2025						At December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Trade names	209.7		(71.4)		138.3		201.4		(60.0)		141.4
Customer relationships	1,148.4		(380.9)		767.5		1,078.8		(278.7)		800.1
Technology(1)	344.3		(102.3)		242.0		327.9		(87.1)		240.8
Software	16.0		(7.3)		8.7		15.2		(3.6)		11.6
Total amortized intangible assets	1,718.4		(561.9)		1,156.5		1,623.3		(429.4)		1,193.9
Indefinite-lived intangible assets:
Banjo trade name	62.1		—		62.1		62.1		—		62.1
Akron Brass trade name	28.8		—		28.8		28.8		—		28.8
Total intangible assets	$	1,809.3	$	(561.9)	$	1,247.4	$	1,714.2	$	(429.4)	$	1,284.8

(1) In the third quarter of 2025, the Company revised its classification of intangible assets to combine patents and unpatented technology into a single category. This change was made to better reflect the integrated nature of the Company’s intellectual property portfolio. The gross carrying amount and accumulated amortization for patents as of December 31, 2024 of $2.5 million and $2.0 million, respectively, have been reclassified to conform to the current period presentation. The change had no impact on total intangible assets or amortization expense.

The Banjo and Akron Brass trade names are indefinite-lived intangible assets that were also tested for impairment as of October 31, 2025, with no impairments noted. These indefinite-lived intangible assets are tested for impairment on an annual basis in accordance with ASC 350 or more frequently if events or changes in circumstances indicate that the assets might be impaired. The Company uses the relief-from-royalty method, a form of the income approach, to determine the fair value of these trade names. The relief-from-royalty method is dependent on a number of significant management assumptions, including estimates of revenues, royalty rates and discount rates. In 2025 and 2024, there were no events or circumstances that would have required an interim impairment test.

Amortization of intangible assets was $130.7 million, $107.1 million and $94.9 million in 2025, 2024 and 2023, respectively. Based on the intangible asset balances as of December 31, 2025, expected amortization expense for the years 2026 through 2030 is as follows:


	Estimated Amortization
2026	$	133.5
2027	128.7
2028	125.9
2029	115.7
2030	106.5