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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2025
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, 2024 | $ | 113.6 |  |  | $ | 241.8 |  |  | $ | 2.2 |  |  | $ | 357.6 |
Impairment | (67.3) |  |  | — |  |  | — |  |  | (67.3) |
Foreign currency translation adjustment | 5.4 |  |  | 10.2 |  |  | — |  |  | 15.6 |
June 30, 2025 | $ | 51.7 |  |  | $ | 252.0 |  |  | $ | 2.2 |  |  | $ | 305.9 |
Other Intangible Assets The carrying amount of other intangible assets were as follows:
| June 30, 2025 |  | December 31, 2024
(Dollars in millions) | Gross Carrying Amount |  | Accumulated Impairment |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Customer relationships | $ | 182.0 |  |  | $ | — |  |  | $ | 102.2 |  |  | $ | 79.8 |  |  | $ | 175.9 |  |  | $ | 96.1 |  |  | $ | 79.8 |
Technology | 79.6 |  |  | — |  |  | 65.8 |  |  | 13.8 |  |  | 75.6 |  |  | 60.6 |  |  | 15.0 |
Trademarks and trade names | 20.3 |  |  | — |  |  | 8.1 |  |  | 12.2 |  |  | 19.1 |  |  | 7.7 |  |  | 11.4 |
Total definite-lived other intangible assets | 281.9 |  |  | — |  |  | 176.1 |  |  | 105.8 |  |  | 270.6 |  |  | 164.4 |  |  | 106.2 |
Indefinite-lived other intangible asset | 4.5 |  |  | 4.5 |  |  | — |  |  | — |  |  | 4.1 |  |  | — |  |  | 4.1 |
Total other intangible assets | $ | 286.4 |  |  | $ | 4.5 |  |  | $ | 176.1 |  |  | $ | 105.8 |  |  | $ | 274.7 |  |  | $ | 164.4 |  |  | $ | 110.3 |
In the table above, gross carrying amounts and accumulated amortization may differ from prior periods due to foreign exchange rate fluctuations. The amortization expense related to other intangible assets was as follows:
| Three Months Ended |  | Six Months Ended
(Dollars in millions) | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Amortization expense | $ | 2.7 |  |  | $ | 3.1 |  |  | $ | 5.4 |  |  | $ | 6.2 |
The estimated future amortization expense is $5.6 million, $10.8 million, $10.4 million, $8.1 million, and $7.7 million in 2025, 2026, 2027, 2028, and 2029, respectively. These amounts could vary based on changes in foreign currency exchange rates. The weighted average amortization period as of June 30, 2025, by definite-lived other intangible asset class, is presented in the table below:
|  | Weighted Average Remaining Amortization Period
Customer relationships |  | 6.9 years
Technology |  | 2.9 years
Trademarks and trade names |  | 9.0 years
Total definite-lived other intangible assets |  | 6.6 years
Goodwill & Other Intangible Assets Impairments Goodwill and indefinite-lived other intangible assets are evaluated for impairment annually, and between annual impairment assessments if events or changes in circumstances indicate the carrying value may be impaired, by first performing a qualitative assessment to determine whether a quantitative impairment assessment is necessary. In the second quarter of 2025, we concluded that a quantitative impairment assessment was required as the fair value of our curamik® reporting unit, which is under our AES operating segment, may be more likely than not less than its carrying value based on multiple triggering events, including changing market competition and supply dynamics that resulted in reduced demand forecasts for short and mid-term net sales and gross margin. Based on our interim impairment assessment, we concluded our curamik® reporting unit’s carrying value exceeded its estimated fair value. As a result, we recorded non-cash impairment charges to our curamik® reporting unit’s goodwill and indefinite-lived other intangible asset of $67.3 million and $4.5 million, respectively, which represents full impairments of each. The decline in the estimated fair value of our curamik® reporting unit during the second quarter of 2025, and the resulting impairment charges, was primarily driven by revised short-term and mid-term forecasts for net sales and gross margin expectations of our curamik® reporting unit. The impairment charges were recorded in the “Restructuring and impairment charges” line item in the condensed consolidated statements of operations. The application of the quantitative assessment requires significant judgment, including the assignment of assets and liabilities to reporting units and determination of the fair value of each reporting unit for which a quantitative assessment is performed. The quantitative goodwill and indefinite-lived other intangible asset impairment assessment performed over the curamik® reporting unit consisted of a fair value calculation which combined an income approach and a market approach, weighted at 50% each, which was then compared with the reporting unit’s carrying value. The income approach uses the discounted cash flow method, which is based on the present value of future cash flows through a multi-year discounted cash flow analysis. The market approach uses the guideline public company method, which is based on market data using comparable publicly traded company multiples of EBITDA for a group of benchmark companies. Determination of fair value is subjective and requires the use of significant estimates and assumptions, including financial projections for net sales, gross margin and operating margin, discount rates, terminal growth rates, future market conditions, and market multiples, among others. We assessed the assumptions used in the quantitative impairment assessment to be reasonable and consistent with assumptions that would have been used by other market participants. No triggering events were identified for our other reporting units in the second quarter of 2025, and therefore, interim impairment assessments were considered unnecessary. Long-lived assets, including definite-lived other intangible assets, property, plant and equipment and lease right-of-use assets, are evaluated for recoverability whenever events or circumstances indicate the carrying value may not be recoverable. The recoverability test is performed at the asset group level, which we have assessed to be our reporting units. As a result of triggering events identified in our curamik® reporting unit during the second quarter of 2025, discussed above, we tested long-lived assets for recoverability by comparing the estimated future undiscounted cash flows of the asset group to its carrying value. Determination of estimated future undiscounted cash flows is subjective and requires the use of significant estimates and assumptions, including financial projections for net sales, gross margin and operating margin and future market conditions, among others. We assessed the assumptions used in the recoverability test to be reasonable and consistent with assumptions that would have been used by other market participants. Based on our long-lived assets recoverability test, our curamik® reporting unit, had estimated future undiscounted cash flows that exceeded its carrying value. As a result, no impairment charges to our curamik® reporting unit’s long-lived assets were recognized in the second quarter of 2025.

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