Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

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, 2023, by operating segment, were as follows:

(Dollars in millions)	Advanced Electronics Solutions		Elastomeric Material Solutions		Other		Total
December 31, 2022	$	115.4	$	234.8	$	2.2	$	352.4
Foreign currency translation adjustment	2.3		5.1		—		7.4
December 31, 2023	$	117.7	$	239.9	$	2.2	$	359.8

Other Intangible Assets

The carrying amount of other intangible assets were as follows:

	December 31, 2023						December 31, 2022
(Dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	177.9	$	90.0	$	87.9	$	178.6	$	85.6	$	93.0
Technology	77.4		58.1		19.3		82.4		59.1		23.3
Trademarks and trade names	19.4		7.4		12.0		19.1		6.6		12.5
Covenants not to compete	1.3		0.9		0.4		1.9		1.2		0.7
Total definite-lived other intangible assets	276.0		156.4		119.6		282.0		152.5		129.5
Indefinite-lived other intangible asset	4.3		—		4.3		4.2		—		4.2
Total other intangible assets	$	280.3	$	156.4	$	123.9	$	286.2	$	152.5	$	133.7

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

Amortization expense was $13.4 million, $16.4 million and $14.3 million in 2023, 2022 and 2021, 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 14 – Supplemental Financial Information.” The estimated annual future amortization expense is $12.4 million, $10.8 million, $10.4 million, $10.0 million and $7.8 million in 2024, 2025, 2026, 2027 and 2028, respectively. These amounts could vary based on changes in foreign currency exchange rates.

The weighted average amortization period as of December 31, 2023, 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	7.4 years
Technology	3.3 years
Trademarks and trade names	10.0 years
Covenants not to compete	0.5 years
Total definite-lived other intangible assets	7.0 years