Goodwill and Other Identifiable Intangible Assets |
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| Intangible Asset, Goodwill and Other [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Other Identifiable Intangible Assets | Goodwill and Other Identifiable Intangible Assets The changes in the carrying amount of goodwill by reportable segment were as follows:
(1) In the first quarter of 2026, we reorganized the composition of our reportable segments, as disclosed in Note 1, which resulted in a change to our reporting unit structure. A quantitative assessment was performed for the impacted reporting units, using the income and market approaches. The estimated fair values of the impacted reporting units significantly exceeded the carrying values, and therefore, no impairment charge was recorded. As a result of the assessment, we reallocated $44.2 million of goodwill from the Flow segment to the Water Solutions segment based on the relative fair values of the impacted reporting units. In addition, $282.1 million was reallocated from the Flow segment to the Water Solutions segment prospectively to conform to the new segment composition. Identifiable intangible assets consisted of the following:
Identifiable intangible asset amortization expense was $15.7 million and $14.3 million for the three months ended June 30, 2026 and 2025, and $31.4 million and $28.5 million for the six months ended June 30, 2026 and 2025, respectively. No impairment charge was recorded for identifiable intangible assets during the three and six months ended June 30, 2026. An impairment charge of $30.9 million was recorded during the three months and six months ended June 30, 2025 related to the write-off of a definite-lived customer relationship intangible asset resulting from a business exit within our Water Solutions segment during the second quarter of 2025. The impairment charge was recorded in Selling, general and administrative expense in the Condensed Consolidated Statements of Operations and Comprehensive Income. Estimated future amortization expense for identifiable intangible assets during the remainder of 2026 and the next five years is as follows:
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