Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

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, 2021	$	119,567	$	248,398	$	2,224	$	370,189
Purchase accounting adjustment	—		(925)		—		(925)
Foreign currency translation adjustment	(5,409)		(12,044)		—		$	(17,453)
June 30, 2022	$	114,158	$	235,429	$	2,224	$	351,811

Other Intangible Assets

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

	June 30, 2022						December 31, 2021
(Dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	191,708	$	81,086	$	110,622	$	198,095	$	77,870	$	120,225
Technology	85,282		55,792		29,490		88,445		54,900		33,545
Trademarks and trade names	24,071		9,473		14,598		25,504		8,968		16,536
Covenants not to compete	2,556		1,421		1,135		2,693		1,137		1,556
Total definite-lived other intangible assets	303,617		147,772		155,845		314,737		142,875		171,862
Indefinite-lived other intangible asset	4,133		—		4,133		4,491		—		4,491
Total other intangible assets	$	307,750	$	147,772	$	159,978	$	319,228	$	142,875	$	176,353

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

Amortization expense was $4.2 million and $3.1 million for the three months ended June 30, 2022 and 2021, respectively, and $8.5 million and $6.3 million for the six months ended June 30, 2022 and 2021, respectively. The estimated future amortization expense is $8.1 million for the remainder of 2022 and $15.4 million, $14.0 million, $12.2 million and $11.6 million for 2023, 2024, 2025 and 2026, respectively.

The weighted average amortization period as of June 30, 2022, by definite-lived other intangible asset class, was as follows:

Definite-Lived Other Intangible Asset Class	Weighted Average Remaining Amortization Period
Customer relationships	7.9 years
Technology	3.5 years
Trademarks and trade names	2.1 years
Covenants not to compete	1.1 years
Total definite-lived other intangible assets	6.5 years