Goodwill and indefinite life intangible asset activity for the nine months ended September 30, 2026 and the year ended December 31, 2025 was as follows:


(in thousands)	Nine months ended September 30, 2026					Year ended December 31, 2025
Goodwill / Tradename	Goodwill		Tradename			Goodwill			Tradename
Balance at beginning of period	$	288,163	$	9,705		$	269,747		$	9,466
Acquisitions		1,217,482		—			41,769			—
Divestiture		—		—			(26,838	)		—
Foreign currency translation		362		(58	)		3,485			238
Balance at end of period	$	1,506,007	$	9,647		$	288,163		$	9,705

During the nine months ended September 30, 2026, the Company, as discussed in Note 14, completed the acquisition of Thermon Group Holdings ("Thermon") and, through its Pinnacle Processes Inc. ("PPI") (formerly known as Effox-Flextor-Mader, Inc.) joint venture, completed the acquisition of Flexible Specialty Products ("FSP").

Finite life intangible assets as of September 30, 2026 and December 31, 2025 consisted of the following:


	September 30, 2026				December 31, 2025
(in thousands)	Cost		Accumulated Amortization		Cost		Accumulated Amortization
Technology	$	217,564	$	21,277	$	22,314	$	15,155
Customer relationships		713,633		74,317		140,337		62,163
Tradenames and other		163,256		13,477		17,660		6,084
Foreign currency adjustments		2,756		2,585		87		31
Total intangible assets – finite life	$	1,097,209	$	111,656	$	180,399	$	83,433

Finite life intangible asset activity for the nine months ended September 30, 2026 and 2025 was as follows:


	Nine months ended September 30,
(in thousands)	2026			2025
Intangible assets – finite life, net at beginning of period	$	96,966		$	74,050
Amortization expense		(27,108	)		(12,177	)
Acquisitions		917,300			41,810
Divestiture and other		(1,719	)		(4,029	)
Foreign currency adjustments		114			1,332
Intangible assets – finite life, net at end of period	$	985,553		$	100,986

In the second quarter of 2026, the Company shut down its Western Air Ducts business located in the United Kingdom. As a result, the Company recorded an impairment charge of $1.7 million related to finite life intangible assets. This was recorded to "Other operating expense (income)" on the Condensed Consolidated Statements of Operations. In the first quarter of 2025, the Company completed the divestiture of its Global Pump Solutions business, and recognized $4.0 million related to the removal of the net book value of its intangible assets. This was recorded to "Gain on sale of Global Pump Solutions business" on the Condensed Consolidated Statements of Operations.

Amortization expense of finite life intangible assets was $15.3 million and $6.1 million for the three months ended September 30, 2026 and 2025, respectively, and $27.1 million and $12.2 million for the nine months ended September 30, 2026 and 2025, respectively. Amortization over the next five years for finite life intangibles is expected to be $13.7 million for the remainder of 2026, $71.0 million in 2027, $68.2 million in 2028, $63.5 million in 2029, $62.7 million in 2030, and $706.5 million thereafter. The weighted average amortization periods for finite life intangible assets was 20.0 years as of September 30, 2026, inclusive of weighted average amortization periods for technology, customer relationships, and tradenames and other of 19.1, 21.3, and 18.6 years, respectively.

Annually during the fourth quarter, or more often as circumstances require, the Company completes an impairment assessment of its goodwill and indefinite life intangible assets at the reporting unit level. As a part of its annual assessment, the Company first qualitatively assesses whether current events or changes in circumstances lead to a determination that it is more likely than

not, defined as a likelihood of more than 50 percent, that the fair value of a reporting unit is less than its carrying amount. If there is a qualitative determination that the fair value of a particular reporting unit is more likely than not greater than its carrying value, the Company does not need to quantitatively test for impairment for that reporting unit. If this qualitative assessment indicates a more likely than not potential that the asset may be impaired, the estimated fair value is determined using a weighting of the income method and the market method. If the estimated fair value of a reporting unit is less than its carrying value, an impairment charge is recorded.

Additionally, property, plant and equipment, right-of-use assets, and finite life intangible assets are reviewed whenever events or changes in circumstances occur that indicate possible impairment. If events or changes in circumstances occur that indicate possible impairment, the impairment review is based on an undiscounted cash flows analysis at the lowest level at which cash flows of the long-lived assets are largely independent of other groups of assets and liabilities. When impairment is indicated, the estimated future cash flows are then discounted to determine the estimated fair value of the asset or asset group and an impairment charge is recorded for the difference between the carrying value and the estimated fair value.

The Company did not identify any other triggering events that would require an interim impairment assessment, or record an additional impairment of goodwill, indefinite life intangible assets, finite life intangible assets, right-of-use assets, or property, plant and equipment during the three or nine months ended September 30, 2026, other than as related to the Western Air Ducts business as discussed above.

The Company’s assumptions about future conditions important to its assessment of potential impairment are subject to uncertainty, and the Company will continue to monitor these conditions in future periods as new information becomes available and will update its analysis accordingly.