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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2021
Goodwill and Other Intangible Assets |
Goodwill and Other Intangible Assets | Note 13—Goodwill and Other Intangible Assets ​ The changes in the carrying amount of goodwill by segment were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Interconnect |  | Cable |  | ​ | ​ |
​ | ​ | Products and | ​ | Products and | ​ | ​ | ​ |
​ | ​ | Assemblies | ​ | Solutions | ​ | Total |
Goodwill at December 31, 2020 | ​ | $ | 4,874.5 | ​ | $ | 157.6 | ​ | $ | 5,032.1 | ​
Acquisition-related | ​ |  | 856.9 | ​ |  | 11.5 | ​ |  | 868.4 | ​
Foreign currency translation | ​ |  | (61.0) | ​ |  | (0.1) | ​ |  | (61.1) | ​
Goodwill at September 30, 2021 | ​ | $ | 5,670.4 | ​ | $ | 169.0 | ​ | $ | 5,839.4 | ​
​ The increase in goodwill during the first nine months of 2021 was primarily driven by the acquisition of MTS, along with the other acquisitions that closed during the period, as described in Note 11 herein. ​ The Company performs its evaluation for the impairment of goodwill for the Company’s reporting units on an annual basis as of each July 1 or more frequently if an event occurs or circumstances change that would indicate that a reporting unit’s carrying amount may be impaired. The Company reviews its reporting unit structure each year or more frequently based on changes in our organization. We continue to define our reporting units as the two reportable business segments “Interconnect Products and Assemblies” and “Cable Products and Solutions”. In the third quarter of 2021, as part of our annual evaluations, the Company utilized the option to first assess qualitative factors to determine whether it was necessary to perform the quantitative goodwill impairment assessment. As part of this assessment, the Company reviews qualitative factors which include, but are not limited to, economic, market and industry conditions, as well as the financial performance of each reporting unit. In accordance with applicable guidance, an entity is not required to calculate the fair value of a reporting unit if, after assessing these qualitative factors, the Company determines that it is more likely than not that the fair value of each of its reporting units is greater than its respective carrying amount. As of July 1, 2021, the Company determined that it was more likely than not that the fair value of its reporting units exceeded their respective carrying amounts and therefore, a quantitative assessment was not required. As a result, no goodwill impairment resulted from the assessment as of July 1, 2021. ​ The Company has not recognized any goodwill impairment in 2021, 2020 or 2019 in connection with our annual impairment assessments. ​ Other than goodwill noted above, the Company’s intangible assets as of September 30, 2021 and December 31, 2020 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | September 30, 2021 | ​ | December 31, 2020
​ | Weighted | ​ | Gross |  | ​ |  | Net |  | Gross |  | ​ |  | Net
​ | Average | ​ | Carrying | ​ | Accumulated | ​ | Carrying | ​ | Carrying | ​ | Accumulated | ​ | Carrying
​ | Life (years) | ​ | Amount | ​ | Amortization | ​ | Amount | ​ | Amount | ​ | Amortization | ​ | Amount
Customer relationships | 10 | ​ | $ | 612.2 | ​ | $ | 346.1 | ​ | $ | 266.1 | ​ | $ | 456.6 | ​ | $ | 313.6 | ​ | $ | 143.0
Proprietary technology | 12 | ​ |  | 195.2 | ​ |  | 98.1 | ​ | ​ | 97.1 | ​ |  | 156.2 | ​ |  | 88.1 | ​ | ​ | 68.1
Backlog and other | 1 | ​ |  | 65.9 | ​ |  | 65.6 | ​ | ​ | 0.3 | ​ |  | 49.7 | ​ |  | 49.4 | ​ | ​ | 0.3
Total intangible assets (definite-lived) | 9 | ​ | ​ | 873.3 | ​ | ​ | 509.8 | ​ | ​ | 363.5 | ​ | ​ | 662.5 | ​ | ​ | 451.1 | ​ | ​ | 211.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trade names (indefinite-lived) | ​ | ​ | ​ | 240.1 | ​ | ​ | ​ | ​ | ​ | 240.1 | ​ | ​ | 186.1 | ​ | ​ | ​ | ​ | ​ | 186.1
​ | ​ | ​ | $ | 1,113.4 | ​ | $ | 509.8 | ​ | $ | 603.6 | ​ | $ | 848.6 | ​ | $ | 451.1 | ​ | $ | 397.5
​ The increase in the gross carrying amount of intangible assets in the first nine months of 2021 was driven by certain customer relationships recognized as a result of the acquisition accounting associated with our 2021 acquisitions, primarily from the MTS acquisition. Amortization expense for the three months ended September 30, 2021 and 2020 was approximately $16.4 and $12.3, respectively. Amortization expense for the nine months ended September 30, 2021 and 2020 was approximately $61.3 and $37.6, respectively. Amortization expense for the nine months ended September 30, 2021 includes $16.2 related to the amortization of acquired backlog resulting from the MTS acquisition. As of September 30, 2021, amortization expense relating to the Company’s current intangible assets estimated for the remainder of 2021 is approximately $15.6 and for each of the next five fiscal years is approximately $57.3 in 2022, $54.5 in 2023, $48.8 in 2024, $39.4 in 2025 and $37.7 in 2026. ​ The Company reviews its identifiable intangible assets subject to amortization whenever events or changes in circumstances indicate the intangible asset’s carrying amount may not be recoverable, while any indefinite-lived intangible assets that are not subject to amortization, which are comprised of certain trade names, are reviewed at least annually for impairment. In the third quarter of 2021, the Company performed its annual assessment of these identifiable indefinite-lived intangible assets. Based on our assessment, the Company determined that it was more likely than not that the fair value of the indefinite-lived intangible assets exceeded their respective carrying amounts. There has been no impairment associated with our intangible assets in 2021, 2020 or 2019 as a result of such reviews.

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