Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 6 – Goodwill and Other Intangible Assets

Goodwill

The changes in the carrying amount of goodwill for the period ending December 31, 2019, by operating segment, were as follows:

(Dollars in thousands)	Advanced Connectivity Solutions		Elastomeric Material Solutions			Power Electronics Solutions			Other		Total
December 31, 2018	$	51,694	$	142,588		$	68,379		$	2,224	$	264,885
Foreign currency translation adjustment	—		(558		)	(1,397		)	—		(1,955		)
December 31, 2019	$	51,694	$	142,030		$	66,982		$	2,224	$	262,930

Other Intangible Assets

The changes in the carrying amount of other intangible assets for the two-year period ending December 31, 2019, were as follows:

	December 31, 2019						December 31, 2018
(Dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	149,317	$	39,018	$	110,299	$	149,753	$	30,078	$	119,675
Technology	80,938		45,190		35,748		81,535		38,624		42,911
Trademarks and trade names	11,994		4,361		7,633		12,019		3,213		8,806
Covenants not to compete	1,340		505		835		1,340		249		1,091
Total definite-lived other intangible assets	243,589		89,074		154,515		244,647		72,164		172,483
Indefinite-lived other intangible asset	4,432		—		4,432		4,525		—		4,525
Total other intangible assets	$	248,021	$	89,074	$	158,947	$	249,172	$	72,164	$	177,008

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

Amortization expense was $17.8 million, $16.5 million and $14.8 million in 2019, 2018 and 2017, respectively. The estimated annual future amortization expense is $14.6 million, $13.8 million, $13.3 million, $12.7 million and $11.4 million in 2020, 2021, 2022, 2023 and 2024, respectively. These amounts could vary based on changes in foreign currency exchange rates.

The weighted average amortization period as of December 31, 2019, by definite-lived other intangible asset class, is presented in the table below:

Definite-Lived Other Intangible Asset Class	Weighted Average Remaining Amortization Period
Customer relationships	7.3
Technology	4.1
Trademarks and trade names	4.9
Covenants not to compete	1.6
Total definite-lived other intangible assets	6.4