Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Note 6. Intangible Assets and Goodwill

Intangible Assets, Net

Intangible assets, net consist of the following:


(in millions)	Indefinite- lived trade names		Customer relationship intangibles			Definite- lived trade names			Acquired Technology			Acquired Content			Computer software			Capitalized software in progress		Total Intangible Assets
Gross carrying amount at December 31, 2025	$	45.7	$	391.9		$	112.2		$	8.4		$	2.6		$	52.9		$	1.9	$	615.6
Accumulated amortization		—		(356.7	)		(34.4	)		(6.6	)		(1.8	)		(34.7	)		—		(434.2	)
Net carrying amount at December 31, 2025	$	45.7	$	35.2		$	77.8		$	1.8		$	0.8		$	18.2		$	1.9	$	181.4

Gross carrying amount at December 31, 2024	$	45.7	$	363.6		$	92.3		$	8.4		$	2.6		$	45.1		$	2.3	$	560.0
Accumulated amortization		—		(343.5	)		(27.6	)		(5.7	)		(1.4	)		(25.9	)		—		(404.1	)
Net carrying amount at December 31, 2024	$	45.7	$	20.1		$	64.7		$	2.7		$	1.2		$	19.2		$	2.3	$	155.9

Amortization expense for the years ended December 31, 2025, 2024 and 2023 was $30.1 million, $27.3 million and $44.0 million, respectively.

Future amortization expense is estimated to be as follows for each of the five following years and thereafter ending December 31:


(in millions)
2026	$	29.7
2027		23.5
2028		16.2
2029		12.1
2030		8.2
Thereafter		44.1
	$	133.8

Impairment of Intangible Assets

Intangible asset impairments for the year ended December 31, 2024, included a non-cash impairment charge of $7.3 million for indefinite-lived ($6.9 million) and definite-lived ($0.4 million) trade name intangible assets. All intangible asset impairments are presented in the consolidated statements of (loss) income as intangible asset impairments. There were no intangible asset impairments for the years ended December 31, 2025 and 2023, respectively.

Indefinite-Lived Intangible Assets

The Company recorded total impairments of $6.9 million to certain indefinite-lived trade name intangible assets related to the Connections reportable segment for the year ended December 31, 2024. The Company performed a quantitative analysis utilizing the “relief from royalty payments” method with assumptions that are considered level 3 inputs.

During the third quarter of 2024, the Company identified an interim impairment trigger for two of its indefinite-lived intangible assets due to the cancellation of certain events that were not contributing to profitability. As a result of the interim impairment assessment, the Company recorded an impairment of $6.3 million to certain indefinite-lived trade name intangible assets.

The Company performed a quantitative analysis for its annual impairment assessment for indefinite-lived intangible assets on October 31, 2024. The Company concluded one of the indefinite-lived trade name assets had a carrying value in excess of its fair value as of October 31, 2024. As a result, during the fourth quarter of 2024, the Company recorded an impairment of $0.6 million related to a certain indefinite-live trade name intangible asset. The indefinite-lived trade name intangible asset impaired during the fourth quarter of 2024 had a remaining fair value of $1.1 million as of October 31, 2024.

Definite-Lived Intangible Assets

During the fourth quarter of 2024, the Company identified an impairment trigger for one of its definite-lived intangible assets due to the cancellation of a certain event that was not contributing to profitability. As a result, during the fourth quarter of 2024, the Company recorded an impairment of $0.4 million to write-off the carrying value to zero related to the definite-lived trade name intangible asset in the Connections reportable segment.

Goodwill

The table below summarizes the changes in the carrying amount of goodwill for each reportable segment:


	Reportable Segment
(in millions)	Connections		All Other		Total
Balance at December 31, 2023	$	518.3	$	35.6	$	553.9
Acquired goodwill		19.9		—		19.9
Balance at December 31, 2024	$	538.2	$	35.6	$	573.8
Acquired goodwill		207.7		—		207.7
Foreign currency translation		2.1		—		2.1
Balance at December 31, 2025	$	748.0	$	35.6	$	783.6

Goodwill Impairment Assessments

The Company performs an annual quantitative goodwill impairment test as of October 31 using an income approach (Level 3 inputs). Fair value is estimated by discounting projected future cash flows based on forecasted revenues, EBITDA margins, debt-free net working capital, capital expenditures, and other factors. For each of the years ended December 31, 2025, 2024 and 2023, there were no reporting units where the fair value was equal to its carrying value.

•

2025 - Discount rate: 9.5% to 11.0%. Fair value exceeded carrying value for all reporting units, with headroom ranging from 16.8% to 208.2%. No goodwill impairment was recorded.

•

2024 - Discount rate: 10.6% to 11.8%. Fair value exceeded carrying value for all reporting units, with headroom ranging from 41.0% to 234.9%. No goodwill impairment was recorded.

•

2023 - The Company changed its operating segments and reporting units, requiring impairment tests on both prior and new reporting units (goodwill allocated based on relative fair value where units were split). Discount rate: 13.0% to 15.5%. Fair value exceeded carrying value for all prior and new reporting units, with headroom ranging from 4.2% to 241.5%. Reporting units with headroom <10% had $25.6 million of goodwill. No goodwill impairment was recorded.

Cumulative total accumulated goodwill impairments through December 31, 2025 is $686.0 million.