Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

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 millions)	Advanced Electronics Solutions		Elastomeric Material Solutions		Other		Total
December 31, 2023	$	117.7	$	239.9	$	2.2	$	359.8
Foreign currency translation adjustment	(1.5)		(1.1)		—		$	(2.6)
March 31, 2024	$	116.2	$	238.8	$	2.2	$	357.2

Other Intangible Assets

The carrying amount of other intangible assets were as follows:

	March 31, 2024						December 31, 2023
(Dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	177.0	$	91.4	$	85.6	$	177.9	$	90.0	$	87.9
Technology	76.8		58.6		18.2		77.4		58.1		19.3
Trademarks and trade names	19.3		7.4		11.9		19.4		7.4		12.0
Covenants not to compete	1.3		1.0		0.3		1.3		0.9		0.4
Total definite-lived other intangible assets	274.4		158.4		116.0		276.0		156.4		119.6
Indefinite-lived other intangible asset	4.3		—		4.3		4.3		—		4.3
Total other intangible assets	$	278.7	$	158.4	$	120.3	$	280.3	$	156.4	$	123.9

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

Amortization expense was $3.1 million and $3.3 million for the three months ended March 31, 2024 and 2023, respectively. The estimated future amortization expense is $9.3 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 March 31, 2024, by definite-lived other intangible asset class, is presented in the table below:

	Weighted Average Remaining Amortization Period
Customer relationships	7.3 years
Technology	3.2 years
Trademarks and trade names	9.8 years
Covenants not to compete	0.4 years
Total definite-lived other intangible assets	6.9 years