Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2020

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 thousands)	Advanced Connectivity Solutions		Elastomeric Material Solutions		Power Electronics Solutions		Other		Total
December 31, 2019	$	51,694	$	142,030	$	66,982	$	2,224	$	262,930
Foreign currency translation adjustment	—		(176)		3,027		—		$	2,851
September 30, 2020	$	51,694	$	141,854	$	70,009	$	2,224	$	265,781

Other Intangible Assets

The gross and net carrying amounts, as well as the accumulated amortization of other intangible assets were as follows:

	September 30, 2020						December 31, 2019
(Dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	149,891	$	58,935	$	90,956	$	149,317	$	39,018	$	110,299
Technology	82,102		50,776		31,326		80,938		45,190		35,748
Trademarks and trade names	11,986		6,676		5,310		11,994		4,361		7,633
Covenants not to compete	1,340		746		594		1,340		505		835
Total definite-lived other intangible assets	245,319		117,133		128,186		243,589		89,074		154,515
Indefinite-lived other intangible asset	4,632		—		4,632		4,432		—		4,432
Total other intangible assets	$	249,951	$	117,133	$	132,818	$	248,021	$	89,074	$	158,947

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

Amortization expense was $15.4 million and $4.4 million for the three months ended September 30, 2020 and 2019, respectively, and was $26.7 million and $13.3 million for the nine months ended September 30, 2020 and 2019, respectively. The estimated future amortization expense is $15.4 million for the remainder of 2020 and $12.3 million, $11.8 million, $11.3 million and $9.9 million for 2021, 2022, 2023 and 2024, respectively. The increase in amortization expense for the three and nine months ended September 30, 2020, and decrease in forecasted amortization expense in future years, were due to the acceleration of amortization expense related to our Diversified Silicone Products, Inc. (DSP) customer relationships and trademarks and trade names definite-lived other intangible assets, which were both accelerated to be fully amortized by December 31, 2020. As part of our ongoing assessment of the useful lives of our definite-lived other intangible assets, we reviewed the deterioration of our DSP business and identified significant customer attrition, a sustained substantial decrease in net sales, as well as the planned phase-out of the DSP trademark and trade name by December 2020. Based on these events and circumstances, we concluded an adjustment to the remaining useful lives of our DSP customer relationships and trademarks and trade names definite-lived other intangible assets was warranted.

The weighted average amortization period as of September 30, 2020, by definite-lived other intangible asset class, was as follows:

Definite-Lived Other Intangible Asset Class	Weighted Average Remaining Amortization Period
Customer relationships	5.5 years
Technology	4.0 years
Trademarks and trade names	3.8 years
Covenants not to compete	1.3 years
Total definite-lived other intangible assets	5.0 years