Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

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, 2021, 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
Acquisition	—		107,231		—		107,231
Foreign currency translation adjustment	(5,360)		(1,854)		—		(7,214)
December 31, 2021	$	119,567	$	248,398	$	2,224	$	370,189

Other Intangible Assets

The carrying amount of other intangible assets were as follows:

	December 31, 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	$	198,095	$	77,870	$	120,225	$	150,863	$	72,014	$	78,849
Technology	88,445		54,900		33,545		83,469		53,540		29,929
Trademarks and trade names	25,504		8,968		16,536		12,039		8,149		3,890
Covenants not to compete	2,693		1,137		1,556		1,340		827		513
Total definite-lived other intangible assets	314,737		142,875		171,862		247,711		134,530		113,181
Indefinite-lived other intangible asset	4,491		—		4,491		4,845		—		4,845
Total other intangible assets	$	319,228	$	142,875	$	176,353	$	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 $14.3 million, $42.1 million and $17.8 million in 2021, 2020 and 2019, respectively. The estimated annual future amortization expense is $17.0 million, $16.0 million, $14.6 million, $12.7 million and $12.1 million in 2022, 2023, 2024, 2025 and 2026, respectively. These amounts could vary based on changes in foreign currency exchange rates.

In 2020, our Diversified Silicone Products, Inc. (DSP) customer relationships and trademarks and trade names definite-lived other intangible assets were both accelerated to be fully amortized by December 31, 2020, causing higher amortization expense. 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, 2021, 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	8.13
Technology	3.67
Trademarks and trade names	2.21
Covenants not to compete	1.31
Total definite-lived other intangible assets	6.63