As described in note 2, we reorganized our segment reporting structure effective January 1, 2024. The segment reporting reorganization also resulted in a change to our reporting units for the purpose of goodwill impairment testing. Our reporting units are Distribution (formerly referred to as Buy Sell Lab), Laboratory Specialty Products (formerly referred to as Proprietary Lab), Laboratory Services (formerly referred to as Services), Manufactured Products, Controlled Environment Consumables (formerly referred to as Buy Sell Production), and NuSil. As a result of the reorganization, our goodwill was reassigned to the new reporting units making up our Laboratory Solutions and Bioscience Production reporting segments.

We reassigned goodwill as of January 1, 2024 to align to our new segment structure by using a relative fair value approach as required under GAAP. We tested goodwill for impairment immediately before and after the reorganization of our reporting structure; no impairment was identified.


	Laboratory Solutions		Bioscience Production		Total
Goodwill, gross	$	3,842.0	$	1,913.5	$	5,755.5
Accumulated impairment losses	(18.4)		(20.4)		(38.8)
Goodwill, net	$	3,823.6	$	1,893.1	$	5,716.7

As described in note 6, as a result of sustained decreases in our publicly quoted share price and market capitalization as well as changes in the operating results of our Distribution reporting unit, we conducted an interim test of our goodwill as of September 30, 2025.

We estimate the fair value of reporting units using a weighted average of two valuation methods based on a discounted cash flows method and a guideline public company method. These valuation methods require management to make various assumptions, including, but not limited to, future profitability, cash flows, including revenues, gross margin, SG&A expenses, capital expenditures, and investments in debt free net working capital, current market assumptions for the discount rates, weighting of valuation methods and the selection of comparable publicly traded companies. Variations in any of these assumptions could result in materially different calculations of fair value.

Based on the results of the impairment test, the carrying amount of our Distribution reporting unit exceeded its fair value, resulting in a non-deductible, non-cash goodwill impairment charge of $785.0 million, which was recorded in the consolidated statement of operations. We did not identify impairment of any other long-lived assets in this reporting unit. The remaining reporting units tested were not impaired, as their estimated fair values exceeded their respective carrying amounts as of the interim testing date.

Following the impairment charge, the carrying value of the Distribution reporting unit is equal to its estimated fair value. Recognition of additional impairment charges may be required in future periods if market conditions, projected results, or other valuation assumptions deteriorate further.

Since October 1, 2025 is our designated annual impairment testing date, management performed the required procedures to reassess impairment as of that date, including a review of key assumptions, market

indicators, and other relevant factors. No conditions were identified that differed materially from those considered in the September 30, 2025 interim analysis. Accordingly, the conclusions reached in that interim test remained appropriate, and no additional impairment was recorded as of October 1, 2025.


(in millions)	December 31, 2025
	Laboratory Solutions		Bioscience Production		Total
Beginning balance, net	$	3,651.2	$	1,888.0	$	5,539.2
Currency translation	223.1		9.6		232.7

Impairment loss	(785.0)		—		(785.0)

Ending balance, net	3,089.3		1,897.6		4,986.9
Accumulated impairment losses	803.4		20.4		823.8
Ending balance, gross	$	3,892.7	$	1,918.0	$	5,810.7


(in millions)	December 31, 2024
	Laboratory Solutions		Bioscience Production		Total
Beginning balance, net	$	3,823.6	$	1,893.1	$	5,716.7
Currency translation	(113.4)		(5.1)		(118.5)
Divestitures	(59.0)		—		(59.0)
Ending balance, net	3,651.2		1,888.0		5,539.2
Accumulated impairment losses	18.4		20.4		38.8
Ending balance, gross	$	3,669.6	$	1,908.4	$	5,578.0

The following table presents the components of other intangible assets:


(in millions)	December 31, 2025						December 31, 2024
	Gross value		Accumulated amortization and impairment1		Carrying value		Gross value		Accumulated amortization and impairment1		Carrying value
Customer relationships	$	4,915.0	$	2,172.7	$	2,742.3	$	4,697.5	$	1,840.4	$	2,857.1
Trade names	366.8		272.9		93.9		351.6		240.4		111.2
Other	641.6		376.3		265.3		626.8		327.2		299.6
Total finite-lived	$	5,923.4	$	2,821.9	3,101.5		$	5,675.9	$	2,408.0	3,267.9
Indefinite-lived					92.3						92.3
Total					$	3,193.8					$	3,360.2

1.As of December 31, 2025 and December 31, 2024, accumulated impairment losses on Customer relationships were $65.9 million and on Other were $40.5 million, totaling $106.4 million.

We recorded an impairment charge of $106.4 million on Ritter’s finite-lived intangible assets in the second quarter of 2023 in connection with the impairment of Ritter’s property, plant & equipment, as previously discussed in note 10. This charge impacted our Laboratory Solutions reportable segment.

The following table presents estimated future amortization:


(in millions)	December 31, 2025
2026	$	303.5
2027	302.0
2028	286.6
2029	282.8
2030	280.1
Thereafter	1,646.5
Total	$	3,101.5