TENNANT CO
For the period ended Dec 31, 2024. Filed Feb 18, 2025.
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FY2024 · Filed Feb 18, 2025
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Goodwill and Intangible Assets
- Goodwill and Intangible Assets
For purposes of performing our goodwill impairment analysis, we have identified our reporting units as North America, Latin America, EMEA and APAC.
The changes in the carrying amount of goodwill were as follows:
| Goodwill | AccumulatedImpairmentLosses | Total | |
|---|---|---|---|
| Balance as of December 31, 2024 | $218.1 | $(32.5) | $185.6 |
| Additions | 9.4 | — | 9.4 |
| Foreign currency fluctuations | (12.0) | 0.8 | (11.2) |
| Balance as of December 31, 2023 | $220.7 | $(33.3) | $187.4 |
| Foreign currency fluctuations | 1.9 | 3.5 | 5.4 |
| Balance as of December 31, 2022 | $218.8 | $(36.8) | $182.0 |
There has been no impairment of goodwill for any of the years presented.
The additions recorded to goodwill during 2024 were related to the acquisition of TCS, as described further in Note 5.
The balances of acquired intangible assets, excluding goodwill, were as follows:
| CustomerLists · TradeNames · Technology · Total | ||||||
|---|---|---|---|---|---|---|
| Original cost | $154.6 | $27.6 | $15.2 | $197.4 | ||
| Accumulated amortization | (104.9) | (20.8) | (13.0) | (138.7) | ||
| Carrying amount | $49.7 | $6.8 | $2.2 | $58.7 | ||
| Weighted-average original life (in years) | 15 | 11 | 11 | |||
| Original cost | $150.6 | $29.3 | $16.3 | $196.2 | ||
| Accumulated amortization | (100.8) | (19.2) | (13.1) | (133.1) | ||
| Carrying amount | $49.8 | $10.1 | $3.2 | $63.1 | ||
| Weighted-average original life (in years) | 15 | 11 | 11 | |||
As part of our acquisition of TCS, we acquired customer lists and backlog with a combined fair value of $13.8 million. Further details regarding the purchase price allocation of TCS are described further in Note 5.
Amortization expense of intangible assets was $15.0 million, $14.7 million and $15.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Estimated aggregate amortization expense based on the current carrying amount of amortizable intangible assets for each of the five succeeding years is as follows:
| 2025 | $12.6 |
| 2026 | 11.4 |
| 2027 | 8.2 |
| 2028 | 6.6 |
| 2029 | 6.0 |
| Thereafter | 13.9 |
| Total | $58.7 |
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