GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill by segment were as follows:

(dollars in millions)	Electronics		Industrial & Specialty			Total
Balance at December 31, 2022	$	1,304.0	$	1,108.8	(1)	$	2,412.8
Transfer of Films business (2)	7.9		(7.9)			—
Foreign currency translation and other	1.4		11.1			12.5
Balance at March 31, 2023	$	1,313.3	$	1,112.0		$	2,425.3

(1) Includes accumulated impairment losses of $46.6 million.

(2) Goodwill was reallocated using a relative fair value approach and assessed for impairment both before and after the allocation. See Note 1, Background and Basis of Presentation, to the unaudited Condensed Consolidated Financial Statements for further information.

Intangible Assets

The major components of intangible assets were as follows:

	March 31, 2023						December 31, 2022
(dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Customer relationships	$	973.8	$	(454.0)	$	519.8	$	967.5	$	(434.1)	$	533.4
Developed technology	409.6		(287.3)		122.3		408.9		(277.0)		131.9
Trade names	96.5		(25.7)		70.8		96.0		(23.8)		72.2
Indefinite-lived trade name	68.0		—		68.0		68.0		—		68.0
Total	$	1,547.9	$	(767.0)	$	780.9	$	1,540.4	$	(734.9)	$	805.5

For the three months ended March 31, 2023 and 2022, the Company recorded amortization expense on intangible assets of $29.6 million and $31.0 million, respectively.