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Goodwill & Intangibles | 9 Months Ended
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Sep. 28, 2025
Goodwill & Intangibles |
Goodwill & Intangibles | 5. Goodwill & Intangibles ​ The Company operates in three geographic segments: Americas, Europe, and APMEA. The changes in the carrying amounts of goodwill by geographic segment are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross Balance | ​ | Accumulated Impairment Losses | ​ | Foreign Currency Translation | ​ | Net Goodwill
​ | ​ | ​ | ​ | Acquired | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | January 1, | ​ | ​
​ | ​ | Balance | ​ | During | ​ | Balance | ​ | Balance | ​ | Impairment | ​ | Balance | ​ | 2025 - | ​ | ​
​ | ​ | January 1, | ​ | the | ​ | September 28, | ​ | January 1, | ​ | Loss During | ​ | September 28, | ​ | September 28, | ​ | September 28,
​ |  | 2025 |  | Period |  | 2025 |  | 2025 |  | the Period |  | 2025 |  | 2025 |  | 2025
​ | ​ | (in millions)
Americas | ​ | $ | 617.5 | ​ | $ | 52.2 | ​ | $ | 669.7 | ​ | $ | (24.5) | ​ | $ | — | ​ | $ | (24.5) | ​ | $ | 0.3 | ​ | $ | 645.5
Europe | ​ |  | 233.3 | ​ |  | — | ​ |  | 233.3 | ​ |  | (129.7) | ​ |  | — | ​ |  | (129.7) | ​ |  | 13.1 | ​ |  | 116.7
APMEA | ​ |  | 31.3 | ​ |  | — | ​ |  | 31.3 | ​ |  | (12.9) | ​ |  | — | ​ |  | (12.9) | ​ |  | 0.7 | ​ |  | 19.1
Total | ​ | $ | 882.1 | ​ | $ | 52.2 | ​ | $ | 934.3 | ​ | $ | (167.1) | ​ | $ | — | ​ | $ | (167.1) | ​ | $ | 14.1 | ​ | $ | 781.3
​ During the first nine months of 2025, the Company completed the acquisitions of EasyWater and I-CON, resulting in an increase in goodwill of $52.2 million within the Americas segment. ​ Goodwill and indefinite-lived intangible assets are tested for impairment at least annually or more frequently if events or circumstances indicate that it is “more likely than not” that they might be impaired, such as from a change in business conditions. The Company performs its annual goodwill and indefinite-lived intangible assets impairment assessment in the fourth quarter of each year. At the most recent annual impairment test, which occurred during the fourth quarter of 2024, the Company performed qualitative fair value assessments, including an evaluation of certain key assumptions for all of its reporting units with goodwill at the impairment test date. The Company concluded that the fair value of all reporting units tested exceeded their carrying values at that time. ​ Intangible assets include the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 28, 2025 | ​ | December 31, 2024
​ | ​ | Gross | ​ | ​ | ​ | ​ | Net | ​ | Gross | ​ | ​ | ​ | ​ | Net
​ | ​ | Carrying | ​ | Accumulated | ​ | Carrying | ​ | Carrying | ​ | Accumulated | ​ | Carrying
​ |  | Amount |  | Amortization |  | Amount |  | Amount |  | Amortization |  | Amount
​ | ​ | (in millions)
Patents | ​ | $ | 5.0 | ​ | $ | (5.0) | ​ | $ | — | ​ | $ | 5.0 | ​ | $ | (5.0) | ​ | $ | —
Customer relationships | ​ |  | 271.6 | ​ |  | (113.2) | ​ |  | 158.4 | ​ |  | 251.9 | ​ |  | (100.6) | ​ |  | 151.3
Technology | ​ |  | 55.5 | ​ |  | (49.4) | ​ |  | 6.1 | ​ |  | 53.2 | ​ |  | (47.8) | ​ |  | 5.4
Trade names | ​ |  | 20.7 | ​ |  | (13.7) | ​ |  | 7.0 | ​ |  | 20.6 | ​ |  | (13.0) | ​ |  | 7.6
Other | ​ |  | 1.1 | ​ |  | (0.8) | ​ |  | 0.3 | ​ |  | 1.1 | ​ |  | (0.8) | ​ |  | 0.3
Total amortizable intangibles | ​ |  | 353.9 | ​ |  | (182.1) | ​ |  | 171.8 | ​ |  | 331.8 | ​ |  | (167.2) | ​ |  | 164.6
Indefinite-lived intangible assets | ​ |  | 75.0 | ​ |  | — | ​ |  | 75.0 | ​ |  | 70.4 | ​ |  | — | ​ |  | 70.4
​ | ​ | $ | 428.9 | ​ | $ | (182.1) | ​ | $ | 246.8 | ​ | $ | 402.2 | ​ | $ | (167.2) | ​ | $ | 235.0
​ With the completion of the acquisitions of EasyWater and I-CON in the first nine months of 2025, the Company acquired intangible assets of $24.7 million, consisting of amortizable technology assets valued at $2.3 million with an estimated useful life of 5 years, customer relationships valued at $19.7 million with an estimated useful life of 10 to 12 years, and an indefinite-lived trade name valued at $2.7 million. During the year ended December 31, 2024, the Company acquired $39.4 million in intangible assets as part of the Josam acquisition, consisting of customer relationships valued at $33.5 million, with an estimated useful life of 15 years, and an indefinite-lived trade name of $5.9 million. ​ Aggregate amortization expense for amortized intangible assets for the third quarters ended September 28, 2025 and September 29, 2024 was $5.1 million, and for the first nine months of 2025 and 2024 was $15.0 million and $14.9 million, respectively.

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