Goodwill And Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and indefinite-lived intangible assets are required to be reviewed annually for impairment. Goodwill is tested for impairment 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. The Company's annual impairment tests performed in 2022, 2021 and 2020 did not result in the fair value of its reporting unit being less than its carrying value. We performed the step 0 qualitative assessment in 2022 and 2021. The goodwill balance, which relates to one reporting unit, was $171.1 million as of each of December 31, 2022 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:


	December 31, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(Dollars in thousands)
Trade names	$	22,500	$	(15,869)	$	6,631	$	22,500	$	(13,935)	$	8,565
Technology and know-how	55,300		(42,371)		12,929		55,300		(38,486)		16,814
Customer-related intangibles	64,500		(32,513)		31,987		64,500		(28,195)		36,305
Total finite-lived intangible assets	$	142,300	$	(90,753)	$	51,547	$	142,300	$	(80,616)	$	61,684

Amortization expense of intangible assets was $10.1 million, $10.7 million and $11.4 million in 2022, 2021 and 2020, respectively. Estimated annual amortization expense for the next five years will approximate $9.2 million in 2023, $8.0 million in 2024, $7.3 million in 2025, $6.7 million in 2026 and $6.1 million in 2027.