Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible assets, net consisted of the following:


(in millions)	Indefinite- lived trade names		Customer relationship intangibles			Definite- lived trade names			Acquired Technology			Acquired Content			Computer software			Capitalized software in progress		Total Intangible Assets
Gross carrying amount at June 30, 2025	$	45.7	$	388.8		$	105.6		$	8.4		$	2.6		$	48.2		$	3.0	$	602.3
Accumulated amortization		—		(349.2	)		(30.7	)		(6.1	)		(1.7	)		(30.1	)		—		(417.8	)
Net carrying amount at June 30, 2025	$	45.7	$	39.6		$	74.9		$	2.3		$	0.9		$	18.1		$	3.0	$	184.5

Gross carrying amount at December 31, 2024	$	45.7	$	363.6		$	92.3		$	8.4		$	2.6		$	45.1		$	2.3	$	560.0
Accumulated amortization		—		(343.5	)		(27.6	)		(5.7	)		(1.4	)		(25.9	)		—		(404.1	)
Net carrying amount at December 31, 2024	$	45.7	$	20.1		$	64.7		$	2.7		$	1.2		$	19.2		$	2.3	$	155.9

Amortization expense for the three and six months ended June 30, 2025 was $7.4 million and $13.6 million, respectively. Amortization expense for the three and six months ended June 30, 2024 was $6.7 million and $13.6 million, respectively.

Impairment of Indefinite-Lived Intangible Assets

During the three and six months ended June 30, 2025 and 2024, there were no triggering events or changes in circumstances that would indicate the carrying value of the Company’s indefinite-lived intangible assets was impaired. As such, no quantitative assessment for impairment was required during the first and second quarters of 2025 and 2024.

Impairment of Long-Lived Assets Other than Goodwill and Indefinite-Lived Intangible Assets

During the three and six months ended June 30, 2025 and 2024, there were no triggering events or changes in circumstances that would indicate the carrying value of the Company’s long-lived assets other than goodwill are not recoverable. As such, no quantitative assessment for impairment was required during the first and second quarters of 2025 and 2024.

Goodwill

The table below summarizes the changes in the carrying amount of goodwill for each reportable segment:


	Reportable Segment
(in millions)	Connections		All Other		Total
Balance at December 31, 2024	$	538.2	$	35.6	$	573.8
Acquired goodwill(1)		148.0		—		148.0
Foreign currency translation		4.9		—		4.9
Balance at June 30, 2025	$	691.1	$	35.6	$	726.7

(1)

Includes $0.5 million of goodwill related to the acquisition of Plant Based World during the three months ended March 31, 2025.

Impairment of Goodwill

During the three and six months ended June 30, 2025 and 2024, management determined there were no triggering events or changes in circumstances that would indicate the carrying value of the Company’s goodwill is not recoverable. As such, no quantitative assessment for impairment was required during the first and second quarters of 2025 and 2024. No goodwill impairment charges were recorded during each of the three and six months ended June 30, 2025 and 2024.