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Goodwill & Intangibles

3 Months Ended

Mar. 29, 2026

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

Adjustments

January 1,

Balance

During

Balance

Impairment

Balance

2026 -

January 1,

the

March 29,

January 1,

Loss During

March 29,

 

2026

 

Period

 

2026

 

2026

 

the Period

 

2026

 

2026

 

2026

(in millions)

Americas

729.5

3.2

732.7

(24.5)

—

(24.5)

(0.1)

708.1

Europe

246.7

—

246.7

(129.7)

—

(129.7)

(1.9)

115.1

APMEA

49.9

(0.8)

49.1

(12.9)

—

(12.9)

0.2

36.4

Total

1,026.1

2.4

1,028.5

(167.1)

—

(167.1)

(1.8)

859.6

During the first quarter ended March 29, 2026, the Company completed adjustments to the purchase price allocations of certain acquisitions completed in 2025 resulting in a net $3.2 million of additional goodwill within the Americas segment and $0.8 million reduction in goodwill within the APMEA 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 2025, the Company performed qualitative fair value assessments for seven of its reporting units and a quantitative analysis for the Fluid Solutions-Europe reporting unit, including an evaluation of certain key assumptions for all of its reporting units 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:


		March 29, 2026									December 31, 2025
		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			314.0			(122.9)			191.1			315.0			(117.9)			197.1
Technology			55.5			(50.7)			4.8			55.5			(50.1)			5.4
Trade names			25.8			(14.2)			11.6			26.4			(13.9)			12.5
Other			1.1			(0.9)			0.2			1.1			(0.9)			0.2
Total amortizable intangibles			401.4			(193.7)			207.7			403.0			(187.8)			215.2
Indefinite-lived intangible assets			79.1			—			79.1			79.4			—			79.4
		$	480.5		$	(193.7)		$	286.8		$	482.4		$	(187.8)		$	294.6

Aggregate amortization expense for amortized intangible assets for the first quarters ended March 29, 2026 and March 30, 2025 was $6.0 million and $4.9 million, respectively.