During the third quarter of fiscal 2025, the company identified that future expected cash flows of the Spartan business were lower than previously expected primarily due to a decline in customer demand for many of its products associated with homeowners who prefer professional grade products.

Based on the above factors, the company concluded it was more likely than not that the indefinite-lived Spartan trade name intangible asset was impaired. As such, during the third quarter of fiscal 2025 the company performed a quantitative impairment analysis to compare the fair value of the Spartan trade name intangible asset with its respective carrying amount.

The fair value of the Spartan trade name intangible asset was determined using the relief-from-royalty method under the income approach which utilized various inputs and assumptions, including projected revenues from the company's projection process, assumed royalty rates that could be payable if the company did not own the intangible asset, terminal growth rates applied to projected revenues, applicable tax rates, and a discount rate. Inputs used to estimate the fair value included significant unobservable inputs that reflect the company’s assumptions about the inputs that market participants would use and, therefore, the fair value assessment is classified within Level 3 of the fair value hierarchy.

As a result of the analysis, during the third quarter of fiscal 2025, the company concluded that the indefinite-lived Spartan trade name intangible asset of $81.1 million, reported under the Professional segment, was fully impaired. The impairment charge is included in the Non-cash impairment charge caption on the Condensed Consolidated Statements of Earnings. The impairment charge resulted in a $19.7 million income tax benefit (deferred tax asset) associated with the remaining tax deductible basis in the intangible asset.


(Dollars in millions)	Professional		Residential		Other		Total
Balance as of October 31, 2024	$	440.4	$	9.9	$	—	$	450.3




Translation adjustments	0.4		0.1		—		0.5
Balance as of August 1, 2025	$	440.8	$	10.0	$	—	$	450.8

The components of other intangible assets, net as of August 1, 2025, August 2, 2024, and October 31, 2024 were as follows (dollars in millions):


August 1, 2025	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.5	$	10.1	$	(9.1)	$	1.0

Customer-related	16.0	320.0		(142.9)		177.1
Developed technology	7.0	107.1		(80.7)		26.4
Trade names	13.7	10.8		(7.2)		3.6

Total finite-lived	13.7	448.0		(239.9)		208.1
Indefinite-lived - trade names		190.5				190.5
Total other intangible assets, net		$	638.5	$	(239.9)	$	398.6


August 2, 2024	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18.2	$	(16.6)	$	1.6

Customer-related	15.8	327.7		(124.8)		202.9
Developed technology	7.1	102.9		(70.4)		32.5
Trade names	13.7	10.7		(6.9)		3.8

Total finite-lived	13.5	459.5		(218.7)		240.8
Indefinite-lived - trade names		271.6		—		271.6
Total other intangible assets, net		$	731.1	$	(218.7)	$	512.4


October 31, 2024	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18.2	$	(16.7)	$	1.5

Customer-related	16.0	319.9		(128.0)		191.9
Developed technology	7.1	102.9		(72.9)		30.0
Trade names	13.7	10.7		(7.0)		3.7

Total finite-lived	13.7	451.7		(224.6)		227.1
Indefinite-lived - trade names		271.6		—		271.6
Total other intangible assets, net		$	723.3	$	(224.6)	$	498.7

Amortization expense for finite-lived intangible assets for the three and nine months ended August 1, 2025 was $7.6 million and $23.2 million, respectively. Amortization expense for finite-lived intangible assets for the three and nine months ended August 2, 2024 was $8.8 million and $26.3 million, respectively. As of August 1, 2025, estimated amortization expense for the remainder of fiscal 2025 and succeeding fiscal years is as follows:


(Dollars in millions)	August 1, 2025
2025 (remaining)	$	7.5
2026	29.7
2027	24.7
2028	22.1
2029	20.9
2030	19.7
Thereafter	83.5
Total estimated amortization expense	$	208.1