GOODWILL AND INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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, 2023	$	1,298.7	$	1,038.0	(1)	$	2,336.7


Foreign currency translation and other	(21.0)		(13.4)			(34.4)
Balance at March 31, 2024	$	1,277.7	$	1,024.6		$	2,302.3

(1) Includes accumulated impairment losses of $127 million.

Intangible Assets, Net

The major components of intangible assets, net were as follows:


	March 31, 2024						December 31, 2023
(dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Customer relationships	$	960.9	$	(511.9)	$	449.0	$	978.4	$	(505.9)	$	472.5
Developed technology	297.2		(213.0)		84.2		410.0		(316.2)		93.8
Trade names	94.5		(32.3)		62.2		95.9		(30.9)		65.0
Reacquired distribution rights	187.0		(10.4)		176.6		187.0		(7.3)		179.7
Other	—		—		—		0.8		(0.5)		0.3
Indefinite-lived trade name	68.0		—		68.0		68.0		—		68.0
Total	$	1,607.6	$	(767.6)	$	840.0	$	1,740.1	$	(860.8)	$	879.3

For the three months ended March 31, 2024 and 2023, the Company recorded amortization expense on intangible assets of $30.2 million and $29.6 million, respectively.

In the first quarter of 2024, one of the product qualification milestones agreed to as part of the Kuprion Acquisition was achieved. As a result, the Company made a payment of $3.9 million, which was recognized as research and development expense in the Condensed Consolidated Statement of Operations as the technology did not yet meet the accounting definition of an asset. The payment was included in "Acquisitions, net of cash acquired" in the Condensed Consolidated Statements of Cash Flows as a cash outflow from investing activities.