Intangible Assets, Goodwill and Other

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

7. Goodwill and Other Intangible Assets

The changes in the carrying value of goodwill by reportable segment for the years ended December 31, 2022 and 2021 are as follows:

(in millions)	Precision Devices		MedTech & Specialty Audio		Consumer MEMS Microphones		Total
Balance at January 1, 2021	$	31.2	$	137.7	$	741.1	$	910.0
Acquisitions	31.3		—		—		31.3
Balance at December 31, 2021	62.5		137.7		741.1		941.3
Impairment charges (1)	—		—		(470.9)		(470.9)
Purchase price adjustment	0.7		—		—		0.7
Foreign currency translation	—		—		(0.1)		(0.1)
Balance at December 31, 2022	$	63.2	$	137.7	$	270.1	$	471.0
(1) During the year ended December 31, 2022 the Company recorded total goodwill impairment charges of $470.9 million. See Note 4. Impairment Charges for more information.

MSA and CMM were previously aggregated as one reportable segment, "Audio." Subsequent to the Company's change in reportable segments in the fourth quarter of 2022 (as discussed in Note 18. Segment Information), the Company allocated goodwill to MSA and CMM based on the historical balances for each respective business unit. The Company had no change in its reporting units as a result of the change in its reportable segments in 2022.

The gross carrying value and accumulated amortization for each major class of intangible assets are as follows:

	December 31, 2022				December 31, 2021
(in millions)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Trademarks	$	2.0	$	0.8	$	2.0	$	0.6
Customer relationships	36.4		10.3		36.4		5.9
Developed technology	45.4		20.1		45.4		13.2
Other	2.4		1.9		2.4		1.2
Total	86.2		33.1		86.2		20.9
Unamortized intangible assets:
Trademarks	32.0				32.0
Total intangible assets, net	$	85.1			$	97.3

As of December 31, 2022, the weighted average remaining useful lives for the amortizable intangible assets are: trademarks at 6.8 years, customer relationships at 6.1 years, developed technology at 4.5 years, and other at 8.2 years. The weighted average remaining useful life in total for all amortizable intangible assets was 5.4 years as of December 31, 2022.

Total amortization expense for the years ended December 31, 2022, 2021, and 2020 was $12.2 million, $15.9 million, and $13.0 million, respectively. Amortization expense for the next five years, based on current definite-lived intangible balances, is estimated to be as follows:

(in millions)
2023	$	11.6
2024	11.6
2025	11.2
2026	5.3
2027	5.3
2028 and thereafter	8.1
Total	$	53.1