Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2021

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 Electronics Solutions		Elastomeric Material Solutions		Other		Total
December 31, 2020	$	124,927	$	143,021	$	2,224	$	270,172
Foreign currency translation adjustment	(4,035)		(1,352)		—		$	(5,387)
September 30, 2021	$	120,892	$	141,669	$	2,224	$	264,785

Other Intangible Assets

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

	September 30, 2021						December 31, 2020
(Dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	149,676	$	75,790	$	73,886	$	150,863	$	72,014	$	78,849
Technology	79,768		53,868		25,900		83,469		53,540		29,929
Trademarks and trade names	11,977		8,671		3,306		12,039		8,149		3,890
Covenants not to compete	1,340		977		363		1,340		827		513
Total definite-lived other intangible assets	242,761		139,306		103,455		247,711		134,530		113,181
Indefinite-lived other intangible asset	4,578		—		4,578		4,845		—		4,845
Total other intangible assets	$	247,339	$	139,306	$	108,033	$	252,556	$	134,530	$	118,026

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

Amortization expense was $3.1 million and $15.4 million for the three months ended September 30, 2021 and 2020, respectively, and $9.4 million and $26.7 million for the nine months ended September 30, 2021 and 2020, respectively. The estimated future amortization expense is $3.1 million for the remainder of 2021 and $11.8 million, $11.2 million, $9.9 million and $8.5 million for 2022, 2023, 2024 and 2025, respectively.

The weighted average amortization period as of September 30, 2021, by definite-lived other intangible asset class, was as follows:

Definite-Lived Other Intangible Asset Class	Weighted Average Remaining Amortization Period
Customer relationships	7.4 years
Technology	3.7 years
Trademarks and trade names	4.9 years
Covenants not to compete	0.9 years
Total definite-lived other intangible assets	6.4 years