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Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

The changes in the net carrying amount of goodwill by operating segment were as follows:

(Dollars in millions)			Advanced Electronics Solutions						Elastomeric Material Solutions						Other						Total
December 31, 2023			$	117.7					$	239.9					$	2.2					$	359.8
Foreign currency translation adjustment			(2.1)						(1.4)						—						$	(3.5)
June 30, 2024			$	115.6					$	238.5					$	2.2					$	356.3

Other Intangible Assets

The carrying amount of other intangible assets were as follows:

			June 30, 2024																		December 31, 2023
(Dollars in millions)			Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
Customer relationships			$	176.9					$	93.0					$	83.9					$	177.9					$	90.0					$	87.9
Technology			76.5						59.4						17.1						77.4						58.1						19.3
Trademarks and trade names			19.3						7.5						11.8						19.4						7.4						12.0
Covenants not to compete			1.3						1.1						0.2						1.3						0.9						0.4
Total definite-lived other intangible assets			274.0						161.0						113.0						276.0						156.4						119.6
Indefinite-lived other intangible asset			4.2						—						4.2						4.3						—						4.3
Total other intangible assets			$	278.2					$	161.0					$	117.2					$	280.3					$	156.4					$	123.9

In the table above, gross carrying amounts and accumulated amortization may differ from prior periods due to foreign exchange rate fluctuations.

Amortization expense was $3.1 million and $3.4 million for the three months ended June 30, 2024 and 2023, respectively and $6.2 million and $6.7 million for the six months ended June 30, 2024 and 2023, respectively. The estimated future amortization expense is $6.2 million, $10.8 million, $10.4 million, $10.0 million, and $7.8 million in 2024, 2025, 2026, 2027 and 2028, respectively. These amounts could vary based on changes in foreign currency exchange rates.

The weighted average amortization period as of June 30, 2024, by definite-lived other intangible asset class, is presented in the table below:

						Weighted Average Remaining Amortization Period
Customer relationships						7.2 years
Technology						3.2 years
Trademarks and trade names						9.6 years
Covenants not to compete						0.3 years
Total definite-lived other intangible assets						6.8 years

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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