Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

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, 2022	$	115,352	$	234,789	$	2,224	$	352,365
Foreign currency translation adjustment	(520)		369		—		$	(151)
September 30, 2023	$	114,832	$	235,158	$	2,224	$	352,214

Other Intangible Assets

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

	September 30, 2023						December 31, 2022
(Dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	175,214	$	87,232	$	87,982	$	178,605	$	85,569	$	93,036
Technology	75,898		55,788		20,110		82,349		59,052		23,297
Trademarks and trade names	18,840		7,040		11,800		19,098		6,639		12,459
Covenants not to compete	1,479		1,051		428		1,919		1,199		720
Total definite-lived other intangible assets	271,431		151,111		120,320		281,971		152,459		129,512
Indefinite-lived other intangible asset	4,176		—		4,176		4,212		—		4,212
Total other intangible assets	$	275,607	$	151,111	$	124,496	$	286,183	$	152,459	$	133,724

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

Amortization expense was $3.4 million and $4.1 million for the three months ended September 30, 2023 and 2022, respectively, and $10.0 million and $12.6 million for the nine months ended September 30, 2023 and 2022, respectively. The estimated future amortization expense is $3.3 million for the remainder of 2023 and $12.2 million, $10.6 million, $10.2 million and $9.9 million for 2024, 2025, 2026 and 2027, respectively.

The weighted average amortization period as of September 30, 2023, by definite-lived other intangible asset class, was as follows:

Definite-Lived Other Intangible Asset Class	Weighted Average Remaining Amortization Period
Customer relationships	7.5 years
Technology	3.4 years
Trademarks and trade names	10.0 years
Covenants not to compete	0.6 years
Total definite-lived other intangible assets	7.0 years