Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

Goodwill activity for each of the Company’s reportable segments that carry goodwill, Specialty Chemicals and Engineered Materials (“SCEM”), Microcontamination Control (“MC”) and Advanced Materials Handling (“AMH”), for the years ended December 31, 2021 and 2020 is shown below:

(In thousands)	SCEM		MC		AMH		Total
December 31, 2019	$	397,952	$	240,021	$	57,071	$	695,044
Addition due to acquisitions	31,751		—		16,099		47,850
Purchase accounting adjustments	1,276		1,769		—		3,045
Foreign currency translation	(3,266)		5,364		—		2,098
December 31, 2020	427,713		247,154		73,170		748,037
Addition due to acquisitions	42,819		—		932		43,751
Foreign currency translation	343		1,571		—		1,914
December 31, 2021	$	470,875	$	248,725	$	74,102	$	793,702

As of December 31, 2021, goodwill amounted to approximately $793.7 million, an increase of $45.7 million from the balance at December 31, 2020. The increase in goodwill in 2021 reflects the acquisitions of the Precision Microchemicals business and the other transaction described in note 3 and foreign currency translation. The increase in goodwill in 2020 reflects the acquisition of GMTI and Sinmat described in note 3 with additional increases as a result of purchase accounting adjustments related to Anow and MPD and foreign currency translation.

Identifiable intangible assets at December 31, 2021 and 2020 consist of the following:

2021
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value		Weighted average life in years
Developed technology	$	293,982	$	232,722	$	61,260	7.2
Trademarks and trade names	33,553		20,340		13,213		10.6
Customer relationships	481,674		227,350		254,324		12.4
Other	20,505		14,189		6,316		6.6
	$	829,714	$	494,601	$	335,113	10.3

2020
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value		Weighted average life in years
Developed technology	$	283,272	$	221,651	$	61,621	7.1
Trademarks and trade names	30,100		18,374		11,726		10.1
Customer relationships	449,659		193,313		256,346		12.2
Other	20,396		12,457		7,939		6.6
	$	783,427	$	445,795	$	337,632	10.1

The table below sets forth the amortization expense for the years ended December 31, 2021, 2020, and 2019:

(In thousands)	2021		2020		2019
Amortization expense	$	47,856	$	53,092	$	66,428

The amortization expense for each of the five succeeding years and thereafter relating to intangible assets currently recorded in the Company’s consolidated balance sheets is estimated to be the following at December 31, 2021:

(In thousands)	2022		2023	2024	2025	2026	Thereafter	Total
Future amortization expense	$	51,041	50,352	37,738	31,293	29,060	135,629	$	335,113