We test goodwill for impairment at least annually as of our measurement date of May 31st. We also test for impairment on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has occurred. No such event or circumstance was identified during the third quarter ended September 30, 2025.

As of our measurement date of May 31, 2025, we performed a qualitative assessment of impairment on goodwill for each of our two reporting units. We considered events and circumstances that may affect the fair value of each reporting unit to determine whether it was necessary to perform the quantitative impairment test. We focused on events and circumstances that could affect the significant inputs, including, but not limited to, financial performance, such as negative or declining cash flows, a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods, competitive, economic, industry and market considerations, and other factors that have or could impact each of our reporting units. The results of our qualitative assessment was that there were no triggering events that would make it more likely than not that an impairment loss to our goodwill has been incurred for either of our two reporting units.

We believe the assumptions used in our assessment were appropriate. However, given the economic environment and uncertainties that can negatively impact our business, there can be no assurance that our estimates and assumptions, made for purposes of our goodwill assessment, will prove to be an accurate prediction of the future. If our estimates and assumptions are not realized, or if future events or circumstances indicate that it is more likely than not that an impairment loss has been incurred, we may be required to perform a quantitative goodwill impairment test which may result in recording an impairment charge in future periods.

Changes in the net carrying amount of goodwill by segment were as follows:


(in millions)	ACCO Brands Americas		ACCO Brands International		Total
Balance at December 31, 2024	$	253.3	$	193.1	$	446.4
Acquisitions(1)		—		4.2		4.2
Foreign currency translation		1.7		20.1		21.8
Balance at September 30, 2025	$	255.0	$	217.4	$	472.4

(1)

Represents goodwill from the Buro Acquisition.

The goodwill balance includes $530.8 million of accumulated impairment losses as of December 31, 2024 and September 30, 2025.

We test our indefinite-lived intangible for impairment at least annually as of our measurement date of May 31st. We also test for impairment on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has occurred. No such event or circumstance was identified during the third quarter ended September 30, 2025.

As of our measurement date of May 31, 2025, we performed our annual assessment, on a qualitative basis, on our indefinite-lived trade name. We considered events and circumstances that may affect the fair value of our indefinite-lived trade name to determine whether it was necessary to perform the quantitative impairment test. We focused on events and circumstances that could affect the significant inputs, including, but not limited to, revenue growth rates, economic and market trends, royalty rate, discount rate, and other expectations about the anticipated short-term and long-term operating results. The results of our qualitative assessment was that there were no triggering events that would make it more likely than not that an impairment loss to our indefinite-lived trade name has been incurred.

We believe the assumptions used in our assessment were appropriate. However, given the economic environment and uncertainties that can negatively impact our business, there can be no assurance that our estimates and assumptions, made for purposes of our indefinite-lived intangible assessment, will prove to be an accurate prediction of the future. If our estimates and assumptions are not realized, or if future events or circumstances indicate that it is more likely than not that an impairment loss has been incurred, we may be required to perform a quantitative impairment test on our indefinite-lived trade name which may result in recording an impairment charge in future periods.

The gross carrying value and accumulated amortization by class of identifiable intangible assets as of September 30, 2025 and December 31, 2024, were as follows:


	September 30, 2025							December 31, 2024
(in millions)	Gross Carrying Amounts		Accumulated Amortization			Net Book Value		Gross Carrying Amounts		Accumulated Amortization			Net Book Value
Indefinite-lived intangible assets:
Trade name(2)	$	101.2	$	(44.5	)	$	56.7	$	101.2	$	(44.5	)	$	56.7
Amortizable intangible assets:
Trade names		659.3		(180.0	)		479.3		627.5		(157.5	)		470.0
Customer and contractual relationships		370.6		(255.0	)		115.6		350.7		(230.0	)		120.7
Vendor relationships		82.4		(26.3	)		56.1		82.4		(22.2	)		60.2
Patents		8.2		(7.0	)		1.2		7.8		(5.8	)		2.0
Subtotal		1,120.5		(468.3	)		652.2		1,068.4		(415.5	)		652.9
Total identifiable intangibles	$	1,221.7	$	(512.8	)	$	708.9	$	1,169.6	$	(460.0	)	$	709.6

(2)

Accumulated amortization prior to the adoption of authoritative guidance on goodwill and other intangible assets, at which time further amortization ceased.

The Company's intangible amortization expense for the three and nine months ended September 30, 2025 was $11.7 million and $34.6 million, respectively, and $11.7 million and $33.2 million for the three and nine months ended September 30, 2024, respectively.

Estimated amortization expense for amortizable intangible assets, as of September 30, 2025, for the current year and the next five years is as follows:


(in millions)	2025		2026		2027		2028		2029		2030
Estimated amortization expense(3)	$	45.3	$	43.3	$	41.0	$	38.9	$	37.2	$	36.3

(3)

Actual amounts of amortization expense may differ from estimated amounts due to changes in foreign currency exchange rates, additional intangible asset acquisitions, impairment of intangible assets, accelerated amortization of intangible assets and other events.

The valuation of identifiable intangible assets of $5.8 million acquired in the Buro Acquisition includes an amortizable trade name "Buro", and amortizable customer relationships, which have been recorded at their estimated fair values. The fair value of the trade name was determined using the relief from royalty method, which is based on the present value of royalty fees derived from projected revenues. The fair value of the customer relationships was determined using the multi-period excess earning method which is based on the present value of the projected after-tax cash flows adjusted for contributory asset charges.