Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Note 12—Goodwill and Other Intangible Assets

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

	Harsh				Interconnect
	Environment		Communications		and Sensor
	Solutions		Solutions		Systems		Total
Goodwill at December 31, 2023	$	2,009.3	$	2,977.5	$	2,105.6	$	7,092.4
Acquisition-related		1.2		4.5		43.7		49.4
Foreign currency translation		(9.2)		(9.5)		(22.6)		(41.3)
Goodwill at March 31, 2024	$	2,001.3	$	2,972.5	$	2,126.7	$	7,100.5

Other than goodwill noted above, the Company’s intangible assets as of March 31, 2024 and December 31, 2023 were as follows:

	March 31, 2024							December 31, 2023
	Weighted	Gross				Net		Gross				Net
	Average	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Life (years)	Amount		Amortization		Amount		Amount		Amortization		Amount
Customer relationships	10	$	780.2	$	462.5	$	317.7	$	782.6	$	450.6	$	332.0
Proprietary technology	13		350.8		152.2		198.6		365.1		146.1		219.0
Backlog and other	1		99.4		99.4		—		114.1		99.4		14.7
Total intangible assets (definite-lived)	10		1,230.4		714.1		516.3		1,261.8		696.1		565.7
Trade names (indefinite-lived)			269.1				269.1		269.1				269.1
		$	1,499.5	$	714.1	$	785.4	$	1,530.9	$	696.1	$	834.8

The decrease in the gross carrying amount of intangible assets in the first three months of 2024 was primarily driven by measurement period adjustments related to certain intangible assets associated with acquisitions that closed late in 2023. Amortization expense for the three months ended March 31, 2024 and 2023 was approximately $20.4 and $23.2, respectively. Amortization expense for the three months ended March 31, 2023 included $5.4 related to the amortization of acquired backlog resulting from an acquisition that closed in the first quarter of 2023. As of March 31, 2024, amortization expense relating to the Company’s current intangible assets estimated for the remainder of 2024 is approximately $57.6 and for each of the next five fiscal years is approximately $68.2 in 2025, $66.6 in 2026, $59.9 in 2027, $52.5 in 2028 and $41.9 in 2029.