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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 were as follows:
AmericasEMEAAsia/PacificGlobal Specialty BusinessesTotal
Balance as of December 31, 2022$215,899 $34,567 $150,375 $114,167 $515,008 
     Reallocation of reporting units (1)
63,697 31,711 18,759 (114,167)— 
Balance as of January 1, 2023279,596 66,278 169,134 — 515,008 
Currency translation and other adjustments3,507 (338)(5,659)— (2,490)
Balance as of December 31, 2023283,103 65,940 163,475 — 512,518 
Goodwill from acquisitions— 16,448 5,511 — 21,959 
Currency translation and other adjustments(6,228)(1,984)(7,371)— (15,583)
Balance as of December 31, 2024$276,875 $80,404 $161,615 $— $518,894 
(1) In connection with the Company’s reorganization and the associated change in reportable segments and reporting units during the first quarter of 2023, the Company reallocated goodwill previously held by the former Global Specialty Businesses segment to the remaining business segments as of January 1, 2023.
202420232022
Goodwill, gross$611,498 $609,571 $608,008 
Accumulated impairment losses (1)
(92,604)(97,053)(93,000)
Goodwill, net$518,894 $512,518 $515,008 
(1) Accumulated impairment losses are attributable to the non-cash impairment charge of $93.0 million to write down the carrying value of the EMEA reporting unit during the fourth quarter of 2022 and includes the impact of currency translation.
Gross carrying amounts and accumulated amortization for definite-lived intangible assets as of December 31, 2024 and 2023 were as follows:
Gross Carrying
Amount		Accumulated
Amortization		Net Book Value
202420232024202320242023
Customer lists and rights to sell$829,255 $841,562 $285,450 $243,872 $543,805 $597,690 
Trademarks, formulations and product technology160,257 161,613 62,373 55,879 97,884 105,734 
Other5,759 5,892 5,663 5,776 96 116 
Total definite-lived intangible assets$995,271 $1,009,067 $353,486 $305,527 $641,785 $703,540 
The Company recorded $58.2 million, $58.2 million and $57.5 million of amortization expense during the years ended December 31, 2024, 2023 and 2022, respectively. Amortization expense is recorded within SG&A in the Company’s Consolidated Statements of Operations. Estimated annual aggregate amortization expense for the subsequent five years is as follows:
For the year ended December 31, 2025$56,464 
For the year ended December 31, 202656,174 
For the year ended December 31, 202755,833 
For the year ended December 31, 202855,374 
For the year ended December 31, 202954,320 
As of December 31, 2024 and December 31, 2023, the Company had indefinite-lived intangible assets for trademarks and tradenames totaling $185.3 million and $193.2 million, re
The Company completes its annual goodwill and indefinite-lived intangible asset impairment tests during the fourth quarter of each year, or more frequently if triggering events indicate a possible impairment in one or more of its reporting units. During the fourth quarter of 2022, the Company recorded a non-cash impairment charge of $93.0 million to write down the carrying value of the EMEA reporting unit goodwill to its estimated fair values. In connection with the Company’s reorganization and the associated change in reportable segments and reporting units during the first quarter of 2023, the Company performed the required impairment assessments directly before and immediately after the change in reporting units and concluded that it was not more likely than not that the fair values of any of the Company’s previous or new reporting units were less than their respective carrying amounts. Additionally, the Company completed its annual impairment assessment as of October 1, 2023 and October 1, 2024 and concluded in each case that no impairment existed. See Note 23, Fair Value Measures, for additional information.
The Company continually evaluates financial performance, economic conditions and other recent developments in assessing if a triggering event indicates that the carrying value of goodwill, indefinite-lived, or long-lived assets might be impaired. Notwithstanding the results of the Company’s impairment assessments during 2023 and 2024, if the Company is unable to maintain the actions aimed at improving the financial performance of the EMEA reporting unit, or interest rates rise, which leads to an increase in the cost of capital, then these conditions could result in a triggering event for the EMEA reporting unit. This assessment could result in an impairment of the EMEA reporting unit’s remaining goodwill, indefinite-lived intangible assets, or long-lived assets.