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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

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, 2019	$	4,710.0	$	157.1	$	4,867.1
Acquisition-related		50.0		0.5		50.5
Foreign currency translation		114.5		—		114.5
Goodwill at December 31, 2020		4,874.5		157.6		5,032.1
Acquisition-related		1,405.0		11.6		1,416.6
Foreign currency translation		(71.7)		(0.2)		(71.9)
Goodwill at December 31, 2021	$	6,207.8	$	169.0	$	6,376.8

The increase in goodwill during 2021 was primarily driven by the acquisition of MTS and Halo, along with the other acquisitions that closed during the year, as described in Note 11 herein.

Other than goodwill noted above, the Company’s intangible assets as of December 31, 2021 and 2020 were as follows:


		December 31, 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	$	637.2	$	357.5	$	279.7	$	456.6	$	313.6	$	143.0
Proprietary technology	13		311.1		102.2		208.9		156.2		88.1		68.1
Backlog and other	1		74.9		74.7		0.2		49.7		49.4		0.3
Total intangible assets (definite-lived)	10		1,023.2		534.4		488.8		662.5		451.1		211.4

Trade names (indefinite-lived)			268.1				268.1		186.1				186.1
		$	1,291.3	$	534.4	$	756.9	$	848.6	$	451.1	$	397.5

The increase in the gross carrying amount of intangible assets in 2021 was driven by certain customer relationships recognized resulting from acquisition accounting associated with our 2021 acquisitions, as well as certain proprietary technology and indefinite-lived trade names associated with both the MTS and Halo acquisitions. Amortization expense for the years ended December 31, 2021, 2020 and 2019 was approximately $86.4, $49.6 and $67.3, respectively. Amortization expense in 2021 includes $16.2 and $9.0 related to the amortization of acquired backlog resulting from the MTS and Halo acquisitions, respectively, while amortization expense in 2019 included $15.7 related to the amortization of acquired backlog, primarily from the SSI acquisition. As of December 31, 2021, amortization expense relating to the Company’s current intangible assets estimated for each of the next five fiscal years is approximately $67.5 in 2022, $64.7 in 2023, $59.1 in 2024, $49.7 in 2025, and $48.0 in 2026.