XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.25.2

Goodwill and Other Intangible Assets | 6 Months Ended
--- | ---
Jun. 30, 2025
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 six months ended June 30, 2025 were as follows:
| Americas |  | EMEA |  | Asia/Pacific |  | Total |  |
Balance as of December 31, 2024 | $ | 276,875 |  | $ | 80,404 |  | $ | 161,615 |  | $ | 518,894 |  |
Goodwill recognized for Dipsol acquisition | 5,276 |  |  | 380 |  |  | 47,206 |  |  | 52,862 |  |
Goodwill recognized for Natech acquisition | — |  |  | 2,625 |  |  | — |  |  | 2,625 |  |
Goodwill recognized for CSI acquisition | — |  |  | 1,721 |  |  | — |  |  | 1,721 |  |
Goodwill recognized for Sutai acquisition (1) | — |  |  | — |  |  | (233) |  |  | (233) |  |
Currency translation adjustments | 3,454 |  |  | 3,710 |  |  | 8,245 |  |  | 15,409 |  |
Goodwill impairments | — |  |  | (88,840) |  |  | — |  |  | (88,840) |  |
Balance as of June 30, 2025 | $ | 285,605 |  |  | $ | — |  |  | $ | 216,833 |  |  | $ | 502,438 |  |  |
(1) During the six months ended June 30, 2025, the Company finalized the working capital settlements which impacted the goodwill recorded. See Note 2, Business Acquisitions, for additional information.
| Jun 30, 2025 |  | Dec 31, 2024 |
Goodwill, gross | $ | 694,922 |  |  | $ | 611,498 |  |
Accumulated impairment losses (1) | (192,484) |  |  | (92,604) |  |
Goodwill, net | $ | 502,438 |  |  | $ | 518,894 |  |
(1) Accumulated impairment losses are attributable to the non-cash impairment charges of $88.8 million and $93.0 million to write down the carrying value of the EMEA reporting unit during the second quarter of 2025 and the fourth quarter of 2022, respectively. These amounts include the impact of currency translation. 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. 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. During the second quarter of 2025, the Company concluded that the negative impacts of the lower than projected financial performance, driven by the continuation of soft end market conditions, as well as an increase in the Company’s cost of capital, driven by uncertainty around the potential negative impacts of tariffs, represented a triggering event for the Company’s EMEA reporting unit and the associated goodwill, as well as the related asset group. As a result of this conclusion, the Company completed an interim impairment assessment as of June 30, 2025 for its EMEA reporting unit and the related asset group. The Company concluded that the undiscounted cash flows exceeded the carrying value of the EMEA asset group, and therefore that the long-lived assets are not impaired. In completing a quantitative goodwill impairment test, the Company compares the reporting unit’s fair value, based on future discounted cash flows, to its carrying value in order to determine if an impairment of goodwill exists. The estimates of future discounted cash flows involve considerable judgment and are based upon certain significant assumptions including the weighted average cost of capital (“WACC”) as well as projected EBITDA, which includes assumptions related to revenue growth rates, gross margin levels and operating expenses. As a result of the impact of the uncertainty around tariffs, and continued soft end market conditions driving lower current year EMEA earnings and a decline in projected future EMEA earnings, as well as an increase in the WACC assumption utilized in the Company’s 2024 annual impairment assessment, the Company concluded that the estimated fair value of the EMEA reporting unit was less than its carrying value. As a result, a pre-tax, non-cash impairment charge of $88.8 million ($86.7 million after-tax) to write down the remaining carrying value amount of the EMEA reporting unit Goodwill was recorded in the second quarter of 2025, reflected in “Impairment charges” in the Consolidated Statements of Operations for the three and six months ended June 30, 2025. Gross carrying amounts and accumulated amortization for definite-lived intangible assets were as follows:
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
| June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024
Customer lists and rights to sell | $ | 901,686 |  | $ | 829,255 |  | $ | 324,711 |  | $ | 285,450 |  | $ | 576,975 |  | $ | 543,805
Trademarks, formulations and product technology | 201,453 |  | 160,257 |  | 71,439 |  | 62,373 |  | 130,014 |  | 97,884
Other | 5,856 |  | 5,759 |  | 5,769 |  | 5,663 |  | 87 |  | 96
Total definite-lived intangible assets | $ | 1,108,995 |  | $ | 995,271 |  | $ | 401,919 |  | $ | 353,486 |  | $ | 707,076 |  | $ | 641,785
The Company amortizes definite-lived intangible assets on a straight-line basis over their useful lives. The Company recorded amortization expense as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Amortization expense | $ | 16,088 |  |  | $ | 14,744 |  |  | $ | 30,325 |  |  | $ | 29,215 |
Estimated annual aggregate amortization expense for the current year and subsequent five years is as follows:
For the remainder of 2025 | $ | 33,109
For the year ended December 31, 2026 | 63,917
For the year ended December 31, 2027 | 63,577
For the year ended December 31, 2028 | 63,105
For the year ended December 31, 2029 | 61,969
For the year ended December 31, 2030 | 59,665
As of June 30, 2025 and December 31, 2024, the Company had indefinite-lived intangible assets for trademarks and tradenames totaling $201.2 million and $185.3 million, respectively.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration