Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

The changes in the carrying amount of goodwill for the period ending December 31, 2020, 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	—		991		6,251		—		7,242
December 31, 2020	$	51,694	$	143,021	$	73,233	$	2,224	$	270,172

Other Intangible Assets

The changes in the carrying amount of other intangible assets for the two-year period ending December 31, 2020, were as follows:

	December 31, 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	$	150,863	$	72,014	$	78,849	$	149,317	$	39,018	$	110,299
Technology	83,469		53,540		29,929		80,938		45,190		35,748
Trademarks and trade names	12,039		8,149		3,890		11,994		4,361		7,633
Covenants not to compete	1,340		827		513		1,340		505		835
Total definite-lived other intangible assets	247,711		134,530		113,181		243,589		89,074		154,515
Indefinite-lived other intangible asset	4,845		—		4,845		4,432		—		4,432
Total other intangible assets	$	252,556	$	134,530	$	118,026	$	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 $42.1 million, $17.8 million and $16.5 million in 2020, 2019 and 2018, respectively. The estimated annual future amortization expense is $12.4 million, $11.9 million, $11.3 million, $10.0 million and $8.5 million in 2021, 2022, 2023, 2024 and 2025, respectively. These amounts could vary based on changes in foreign currency exchange rates.

The increase in amortization expense in 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 December 31, 2020, 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	6.10
Technology	3.90
Trademarks and trade names	4.85
Covenants not to compete	1.27
Total definite-lived other intangible assets	5.45