Our business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. We follow the provisions under ASC Topic 350, “Intangibles – Goodwill and Other” as it relates to the accounting for goodwill in our condensed consolidated financial statements. These provisions require that we, on at least an annual basis, evaluate the fair value of the reporting units to which goodwill is assigned and attributed and compare that fair value to the carrying value of the reporting unit to determine if an impairment has occurred. We perform our annual impairment testing during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment. We believe that there have been no events or circumstances which would more likely than not reduce the fair value for our reporting units below its carrying value. A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit. As of June 30, 2025, we had three reporting units.

Intangibles with indefinite useful lives, consisting of trade names, are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment. If the carrying amount of an indefinite lived intangible asset exceeds its fair value, the intangible asset is written down to its fair value. Fair value is calculated using the relief from royalty method. We amortize the cost of definite-lived intangibles over their estimated useful lives. We also review all of our definite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable.


(in millions)	Aerospace & Electronics		Process Flow Technologies		Total
Balance as of December 31, 2024	$	248.5	$	413.1	$	661.6
Acquisition (a)	—		0.2		0.2
Currency translation	0.2		22.9		23.1
Balance as of June 30, 2025	$	248.7	$	436.2	$	684.9
(a) For the period ended June 30, 2025, adjustments within the Process Flow Technologies segment of $0.2 million relate to the Technifab final working capital adjustment. See Note 2 for further information.

As of June 30, 2025, we had $156.1 million of net intangible assets, of which $23.0 million were intangibles with indefinite useful lives. As of December 31, 2024, we had $159.9 million of net intangible assets, of which $21.4 million were intangibles with indefinite useful lives.


(in millions)	Six Months Ended June 30,2025		Year Ended December 31, 2024
Balance at beginning of period, net of accumulated amortization	$	159.9	$	87.1
Additions (a)	—		92.4
Amortization expense	(7.3)		(17.6)
Currency translation and other	3.5		(2.0)
Balance at end of period, net of accumulated amortization	$	156.1	$	159.9
(a) For the year ended December 31, 2024, additions of $92.4 million relate to the acquisitions of Vian Enterprises, Inc., CryoWorks, Inc. and Technifab.


		June 30, 2025						December 31, 2024
(dollars in millions)	Weighted Average Amortization Period of Definite Lived Assets (in years)	Gross Asset		Accumulated Amortization		Net		Gross Asset		Accumulated Amortization		Net
Intellectual property rights	16.4	$	82.1	$	43.9	$	38.2	$	79.8	$	42.4	$	37.4
Customer relationships and backlog	20.5	194.7		78.4		116.3		191.0		70.2		120.8
Drawings	40.0	11.1		10.9		0.2		11.1		10.8		0.3
Other	25.9	38.4		37.0		1.4		37.9		36.5		1.4
Total	20.8	$	326.3	$	170.2	$	156.1	$	319.8	$	159.9	$	159.9