Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

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, 2022, 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	—		(926)		—		(926)
Foreign currency translation adjustment	(4,215)		(12,683)		—		(16,898)
December 31, 2022	$	115,352	$	234,789	$	2,224	$	352,365

Other Intangible Assets

The carrying amount of other intangible assets were as follows:

	December 31, 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	$	178,605	$	85,569	$	93,036	$	198,095	$	77,870	$	120,225
Technology	82,349		59,052		23,297		88,445		54,900		33,545
Trademarks and trade names	19,098		6,639		12,459		25,504		8,968		16,536
Covenants not to compete	1,919		1,199		720		2,693		1,137		1,556
Total definite-lived other intangible assets	281,971		152,459		129,512		314,737		142,875		171,862
Indefinite-lived other intangible asset	4,212		—		4,212		4,491		—		4,491
Total other intangible assets	$	286,183	$	152,459	$	133,724	$	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 $16.4 million, $14.3 million and $42.1 million in 2022, 2021 and 2020, respectively. Additionally, in 2022, we impaired $17.9 million of customer relationships, technology and trademarks and trade names definite-lived other intangible assets related to our high-performance engineered cellular elastomer business. For additional information related to the impairment charges, refer to “Note 15 – Supplemental Financial Information.” The estimated annual future amortization

expense is $13.2 million, $12.1 million, $10.6 million, $10.2 million and $9.8 million in 2023, 2024, 2025, 2026 and 2027, respectively. These amounts could vary based on changes in foreign currency exchange rates.

The weighted average amortization period as of December 31, 2022, 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	7.7
Technology	3.6
Trademarks and trade names	10.1
Covenants not to compete	1.0
Total definite-lived other intangible assets	7.2