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GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
Goodwill
The changes in the carrying amount of goodwill by segment were as follows:
  (dollars in millions)
ElectronicsIndustrial & SpecialtyTotal
Balance at December 31, 2020$1,274.0 $978.7 (1)$2,252.7 
Acquisitions (2)
20.9 290.0 310.9 
Foreign currency translation and other(2.7)(34.6)(37.3)
Balance at December 31, 20211,292.2 1,234.1 2,526.3 
HSO Acquisition— 7.1 7.1 
Transfer of Films business (3)
80.4 (80.4)— 
Foreign currency translation and other(68.6)(52.0)(120.6)
Balance at December 31, 2022$1,304.0 $1,108.8 $2,412.8 
(1) Includes accumulated impairment losses of $46.6 million.
(2) The Company completed the Coventya Acquisition and the HKW Acquisition on September 1, 2021 and May 5, 2021, respectively.
(3) Goodwill was reallocated using a relative fair value approach and assessed for impairment both before and after the allocation. See Note 1, Background and Basis of Presentation, to the Consolidated Financial Statements for further information.
No impairments of goodwill were recognized during the years ended December 31, 2022, 2021 and 2020.
Intangible Assets
The major components of intangible assets were as follows:
December 31, 2022December 31, 2021
  (dollars in millions)
Gross Carrying AmountAccumulated AmortizationNet Book ValueGross Carrying AmountAccumulated AmortizationNet Book Value
Customer relationships$967.5 $(434.1)$533.4 $1,131.3 $(506.7)$624.6 
Developed technology408.9 (277.0)131.9 429.0 (247.4)181.6 
Trade names96.0 (23.8)72.2 102.2 (19.7)82.5 
Indefinite-lived tradename68.0 — 68.0 68.0 — 68.0 
Total$1,540.4 $(734.9)$805.5 $1,730.5 $(773.8)$956.7 
For 2022, 2021 and 2020, the Company recorded amortization expense on intangible assets of $120 million, $124 million and $119 million, respectively. No impairments of indefinite-lived intangible assets were recognized during the years ended December 31, 2022, 2021 and 2020.
In March 2020, the Company acquired a new subsea production control fluid designed to complement its Energy Solutions business for a purchase price of $6.3 million in cash, subject to an additional $4.5 million of payments upon the achievement of certain milestones associated with the potential certification and marketing of this product. As the acquisition did not meet the accounting definition of a business and this product was still in development with no alternative future use, the amount paid was expensed to "Research and development" in the Consolidated Statements of Operations. In the fourth quarter of 2020, the contingent milestones were achieved or deemed probable of achievement, and $4.5 million was capitalized with an estimated useful life of 5 years.
Estimated future amortization of intangible assets for each of the next five years is as follows:
  (dollars in millions)
Amortization Expense
2023$116.4 
2024107.1 
2025100.9 
202659.0 
202757.4