v3.25.4
Goodwill and other intangible assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of changes in goodwill
The following table presents goodwill by our reportable segments, on the effective date of the change:
Laboratory SolutionsBioscience ProductionTotal
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.
The following tables present changes in goodwill by reportable segment:
(in millions)
December 31, 2025
Laboratory SolutionsBioscience ProductionTotal
Beginning balance, net$3,651.2 $1,888.0 $5,539.2 
Currency translation223.1 9.6 232.7 
Impairment loss(785.0)— (785.0)
Ending balance, net3,089.3 1,897.6 4,986.9 
Accumulated impairment losses803.4 20.4 823.8 
Ending balance, gross$3,892.7 $1,918.0 $5,810.7 
(in millions)
December 31, 2024
Laboratory SolutionsBioscience ProductionTotal
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, net3,651.2 1,888.0 5,539.2 
Accumulated impairment losses18.4 20.4 38.8 
Ending balance, gross$3,669.6 $1,908.4 $5,578.0 
Schedule of components of other intangible assets
The following table presents the components of other intangible assets:
(in millions)
December 31, 2025December 31, 2024
Gross value
Accumulated amortization and impairment1
Carrying valueGross 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 names366.8 272.9 93.9 351.6 240.4 111.2 
Other641.6 376.3 265.3 626.8 327.2 299.6 
Total finite-lived$5,923.4 $2,821.9 3,101.5 $5,675.9 $2,408.0 3,267.9 
Indefinite-lived92.3 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.
Schedule of estimated future amortization
The following table presents estimated future amortization:
(in millions)
December 31, 2025
2026$303.5 
2027302.0 
2028286.6 
2029282.8 
2030280.1 
Thereafter1,646.5 
Total$3,101.5