Goodwill arises from the Company’s acquisitions and represents the excess of the fair value of the purchase consideration exchanged over the fair value of net assets acquired. The Company's reporting units are largely its operating segments. Following the acquisition of Ovivo Electronics on December 16, 2025, our High Tech operating segment consists of Ovivo Electronics and data centers & microelectronics reporting units. The Company assesses goodwill for impairment on an annual basis during the second quarter. If circumstances change or events occur that demonstrate it is more likely than not that the carrying amount of a reporting unit exceeds its fair value, the Company completes an interim goodwill assessment of that reporting unit prior to the next annual assessment. If the results of an annual or interim goodwill assessment demonstrate the carrying amount of a reporting unit is greater than its fair value, the Company will recognize an impairment loss for the amount by which the reporting unit’s carrying amount exceeds its fair value, but not to exceed the carrying amount of goodwill assigned to that reporting unit.

During the second quarter of 2026, the Company completed its annual goodwill impairment assessment for nine of its ten reporting units using discounted cash flow analyses that incorporated assumptions regarding future growth rates, terminal values and discount rates. The Company’s goodwill impairment assessments for 2026 indicated the estimated fair values of each of these nine reporting units exceeded the carrying amounts of the respective reporting unit by a significant margin. Given the recent acquisition of Ovivo Electronics, the Company's annual goodwill impairment assessment of the Ovivo Electronics reporting unit was qualitative in nature and considered information regarding its operations, financial performance and macroeconomic environment. After weighing both positive and negative information, it is more likely than not that the fair value of the Ovivo Electronics reporting unit exceeds its carrying amount. There has been no impairment of goodwill in any of the periods presented.


(millions)	Global Water	Global Institutional & Specialty	Global Pest Elimination	Global Life Sciences	Total
December 31, 2025	$5,505.5	$1,041.5	$189.6	$2,490.4	$9,227.0
Current year business combinations (a)	-	-	13.5	-	13.5
Prior year business combinations (b)	108.4	-	0.9	-	109.3
Effect of foreign currency translation and other	54.4	2.5	0.4	12.2	69.5
June 30, 2026	$5,668.3	$1,044.0	$204.4	$2,502.6	$9,419.3

(a)Represents goodwill associated with current year acquisitions. For 2026, approximately $13.5 million of goodwill related to businesses acquired is expected to be tax deductible. Refer to Note 3, “Acquisitions,” for additional information.

The Nalco trade name is the Company’s only indefinite life intangible asset, which is tested for impairment on an annual basis during the second quarter. During the second quarter of 2026, the Company completed its annual impairment assessment of the Nalco trade name using the relief from royalty discounted cash flow method, which incorporates assumptions regarding future sales projections, royalty rates and discount rates. The Company’s Nalco trade name impairment assessment for 2026 indicated the estimated fair value of the Nalco trade name exceeded its $1.2 billion carrying amount by a significant margin. There has been no impairment of the Nalco trade name intangible since it was acquired.

The Company’s intangible assets subject to amortization include customer relationships, trademarks, patents and other technologies primarily acquired through business acquisitions. The fair value of intangible assets acquired in business acquisitions are estimated primarily using discounted cash flow valuation methods at the time of acquisition. Intangible assets are amortized on a straight-line basis over their estimated lives. Total amortization expense related to intangible assets during the second quarter of 2026 and 2025 was $85.1 million and $75.0 million, respectively, and during the first six months of 2026 and 2025 was $167.7 million and $149.9 million, respectively. Amortization expense related to intangible assets for the remaining six-month period of 2026 is expected to be approximately $171.3 million.