Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Note 9. Other Intangible Assets

The following table analyzes other intangible assets movement for 2025 and 2024.


(in millions)	2025			2024
Gross cost at January 1	$	331.9		$	315.1
Additions		23.6			24.3
Exchange effect		17.8			(7.5	)
Gross cost at December 31		373.3			331.9
Accumulated amortization at January 1		(266.5	)		(257.8	)
Amortization expense		(11.6	)		(12.6	)
Impairment		(19.0	)		—
Exchange effect		(8.5	)		3.9
Accumulated amortization at December 31		(305.6	)		(266.5	)
Net book amount at December 31	$	67.7		$	65.4

Amortization expense

The amortization expense was $11.6 million, $12.6 million and $10.6 million in 2025, 2024 and 2023, respectively. Excluding the impact of foreign exchange translation on the balance sheet, $1.7 million, $2.3 million and $2.3 million of amortization, respectively, was recognized in cost of goods sold, and the remainder was recognized in selling, general and administrative expenses.

In 2025, we capitalized $23.6 million (2024 - $20.8 million) in relation to our internal-use developed software for a new Enterprise Resource Planning (“ERP”) system covering all our regions. The expenses capitalized include the acquisition costs for the software as well as the external consultancy costs and the internal employee costs relating to software development. The additional completion costs are currently expected to be approximately $4.2 million. Our current plan is to complete the implementation of the new ERP system by the middle of 2026. We have determined the useful economic life of the ERP system to be up to 12 years.

In 2024, within the remeasurement period, we finalized the valuation of customer lists in relation to the acquisition of QGP in December 2023. This increased the intangible asset capitalized by $3.5 million in the second quarter of 2024. Management also revised the expected useful life of the customer lists from 10 years to 7 years.

During the quarter ended September 30, 2025, the Company impaired the intangible assets arising from the acquisition of QGP, within its Performance Chemicals segment, and Independence Oilfield Chemicals LLC and Bachman Services LLC., within its Oilfield Services segment. The impaired assets totaled $19.1 million and relate to product technology and customer relationships, which are no longer expected to generate sufficient discounted cash flows to support the valuations due to an expected lack of near-term

recovery in QGP, our oilfield production business in Mexico and our stimulation business in the U.S..

Other intangible assets at December 31, 2025 were:


(in millions)	Gross carrying amount		Accumulated amortization
Product rights	$	34.0	$	(34.0	)
Brand names		8.9		(8.9	)
Technology		55.1		(55.1	)
Customer relationships		137.3		(129.2	)
Internally developed software		113.4		(53.8	)
Other		24.6		(24.6	)
	$	373.3	$	(305.6	)

Other intangible assets at December 31, 2024 were:


(in millions)	Gross carrying amount		Accumulated amortization
Product rights	$	34.0	$	(34.0	)
Brand names		8.9		(8.9	)
Technology		55.1		(44.6	)
Customer relationships		130.6		(111.9	)
Internally developed software		78.7		(42.5	)
Other		24.6		(24.6	)
	$	331.9	$	(266.5	)

Future amortization expense is estimated to be as follows for the next five years:


(in millions)
2026	$	9.9
2027	$	6.5
2028	$	6.2
2029	$	6.2
2030	$	6.2