Goodwill And Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

We are required to review goodwill and indefinite-lived intangible assets annually for impairment. Goodwill impairment is tested at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. For the years ended December 31, 2021 and 2020, an assessment for potential impairment was performed and an impairment adjustment was not required. There has been no change in the carrying value of goodwill for the years 2020 and 2021.

The following table summarizes acquired intangible assets with determinable useful lives by major category which are included in "Other assets" on our Consolidated Balance Sheets:


	As of December 31, 2021						As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(Dollars in thousands)
Trade name	$	22,500	$	(13,935)	$	8,565	$	22,500	$	(11,932)	$	10,568
Technology and know-how	55,300		(38,486)		16,814		55,300		(34,091)		21,209
Customer related intangible	64,500		(28,195)		36,305		64,500		(23,848)		40,652
Total finite-lived intangible assets	$	142,300	$	(80,616)	$	61,684	$	142,300	$	(69,871)	$	72,429

Amortization expense of intangible assets was $10.7 million, $11.4 million and $12.2 million in 2021, 2020 and 2019, respectively. Estimated annual amortization expense for the next five years will approximate $10.1 million in 2022, $9.2 million in 2023, $8.0 million in 2024, $7.3 million in 2025 and $6.7 million in 2026.