The Company evaluates the carrying amount of goodwill and indefinite-lived intangible assets for impairment annually as of May 1st and between annual evaluations if changes in circumstances or the occurrence of certain events indicate potential impairment. The Company uses either a qualitative or quantitative analysis to determine whether fair value exceeds carrying value. As part of the quantitative testing process for goodwill, the Company estimates fair values using a discounted cash flow approach from the perspective of a market participant and comparable market values for similar businesses. Significant estimates in the discounted cash flow approach are cash flow forecasts of the reporting units, the discount rate, the terminal business value and the projected income tax rate. The cash flow forecasts of the reporting units are based upon management’s long-term view of markets and are the forecasts that are used by senior management and the Board of Directors to evaluate operating performance. The discount rate utilized is management’s estimate of what the market’s weighted average cost of capital is for a company with a similar debt rating and stock volatility, as measured by beta. The projected income tax rates utilized are the statutory tax rates for the countries where each reporting unit operates. The terminal business value is determined by applying a business growth factor to the latest year for which a forecast exists. As part of the goodwill quantitative testing process, the Company evaluates whether there are reasonably likely changes to management’s estimates that would have a material impact on the results of the goodwill impairment testing.

In 2025, Bolzoni acquired 100% of the equity interest of a manufacturing business in Italy for an aggregate purchase price of $2.6 million, net of cash acquired. In addition, the agreement may require additional consideration to be paid by Bolzoni based upon the acquired business achieving certain revenue and profitability metrics in future years. The Company has not yet finalized its analysis of the fair value of the acquired business, thus the allocation of the purchase price is preliminary and may change in future periods as fair value estimates of the assets acquired and liabilities assumed are refined during the measurement period. The Company will complete the purchase price allocation within one year after the date of acquisition. The table below includes the initial allocation of goodwill which is expected to be finalized in the first quarter of 2026.

During 2024, Bolzoni acquired 60% of the equity interest of a machining business in Italy. Bolzoni maintains an option to purchase the remaining 40% of the equity interest of the machining business for a period of five years, subject to certain terms and conditions. The table below included the initial allocation of goodwill in 2024 and the completion of purchase accounting in 2025 as all goodwill was allocated to other identifiable assets.

The following table summarizes goodwill by segment as of December 31, 2025 and 2024:


	Carrying Amount of Goodwill
	Americas		EMEA		Bolzoni		Total
Balance at January 1, 2024	$	1.7	$	1.0	$	50.6	$	53.3
Acquisition	—		—		4.6		4.6
Foreign currency translation	—		—		(3.3)		(3.3)
Balance at December 31, 2024	$	1.7	$	1.0	$	51.9	$	54.6
Additions	—		—		0.4		0.4
Allocation of purchase price	—		—		(4.6)		(4.6)
Foreign currency translation	—		0.1		5.2		5.3

Balance at December 31, 2025	$	1.7	$	1.1	$	52.9	$	55.7

The Company has indefinite-lived intangible assets for the Bolzoni trademarks. Fair values used in testing for potential impairment of the trademarks are calculated by applying an estimated market value royalty rate to the forecasted revenues of the businesses that utilize those assets. The assumed cash flows from this calculation are discounted using Bolzoni’s weighted average cost of capital. The Company completed the annual testing of impairment as of May 1, 2025. The fair value of the indefinite-lived intangible assets was in excess of its carrying value and thus, no impairment existed.

The following table summarizes intangible assets, other than goodwill, recorded in the consolidated balance sheets:


December 31, 2025	Gross Carrying Amount		Accumulated Amortization		Net Balance
Intangible assets not subject to amortization
Trademarks	$	17.6	$	—	$	17.6
Intangible assets subject to amortization
Customer and contractual relationships	38.5		(27.4)		11.1
Patents and technology	21.0		(20.3)		0.7
Trademarks	5.3		(2.4)		2.9
Total	$	82.4	$	(50.1)	$	32.3


December 31, 2024	Gross Carrying Amount		Accumulated Amortization		Net Balance
Intangible assets not subject to amortization
Trademarks	$	15.7	$	—	$	15.7
Intangible assets subject to amortization
Customer and contractual relationships	35.8		(23.5)		12.3
Patents and technology	19.1		(16.9)		2.2
Trademarks	5.1		(2.2)		2.9
Total	$	75.7	$	(42.6)	$	33.1

Amortization expense for intangible assets, which is recognized on a straight-line basis over the estimated useful life of the related asset, was $4.0 million and $4.3 million in 2025 and 2024, respectively. Expected annual amortization expense of other intangible assets, based upon December 31, 2025 U.S. dollar values, for the next five years is as follows: $2.0 million in 2026, $2.0 million in 2027, $1.8 million in 2028, $1.8 million in 2029 and $1.7 million in 2030. The weighted-average amortization period for intangible assets is as follows:


Intangible assets subject to amortization						Weighted-Average Useful Lives (Years)
Customer relationships						8
Patents and technology						2
Trademarks						11