Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Note 12—Goodwill and Other Intangible Assets

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

	Harsh				Interconnect
	Environment		Communications		and Sensor
	Solutions		Solutions		Systems		Total
Goodwill at December 31, 2024	$	3,180.0	$	2,951.5	$	2,104.7	$	8,236.2
Acquisition-related		351.0		873.4		236.1		1,460.5
Foreign currency translation		37.3		31.5		103.1		171.9
Goodwill at September 30, 2025	$	3,568.3	$	3,856.4	$	2,443.9	$	9,868.6

The increase in goodwill during the first nine months of 2025 was primarily driven by goodwill recognized from the 2025 Acquisitions, in particular, the Andrew Business acquisition.

The Company performs its evaluation for the impairment of goodwill associated with the Company’s reporting units on an annual basis as of July 1, or more frequently if an event occurs or circumstances change that would indicate that a reporting unit’s carrying amount may be impaired. The Company reviews its reporting unit structure each year, or more frequently based on changes in our organization. The Company continues to define its reporting units as the three reportable business segments. In the third quarter of 2025, as part of its annual evaluations, the Company performed a quantitative goodwill impairment assessment for each reporting unit. As part of the quantitative assessment, the Company estimated the fair value of each of its reporting units using an equal weighting of the market and income approaches, which the Company believes provide the best indicators of their fair value. The market approach utilizes market prices and other relevant metrics for comparable publicly-traded companies with similar operating and investment characteristics, as well as recent transactions of similar businesses within the industry, while the income

approach is based on estimated discounted future cash flows. Significant estimates and assumptions were used in the Company’s goodwill impairment assessment, including both historical and projected revenue and profitability data, the determination and selection of appropriate publicly-traded market comparison companies, and the calculation of comparable earnings-based and other multiples derived from comparable publicly-traded companies and from recent transactions within the industry. As part of its quantitative approach, the Company evaluated whether there were reasonably likely changes to management’s estimates and assumptions that would have a material impact on the results of the goodwill impairment assessment. As of July 1, 2025, the Company determined that the fair value of each of the Company’s reporting units was substantially in excess of their respective carrying amounts, and therefore, no goodwill impairment resulted from the assessment.

The Company has not recognized any goodwill impairment in 2025 or 2024 in connection with its annual impairment assessments.

Other than goodwill noted above, the Company’s intangible assets as of September 30, 2025 and December 31, 2024 were as follows:

	September 30, 2025							December 31, 2024
	Weighted	Gross				Net		Gross				Net
	Average	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Life (years)	Amount		Amortization		Amount		Amount		Amortization		Amount
Customer relationships	12	$	1,560.0	$	605.9	$	954.1	$	1,296.4	$	519.8	$	776.6
Proprietary technology	13		963.9		214.1		749.8		350.3		170.9		179.4
Backlog and other	1		178.8		169.5		9.3		154.1		154.1		—
Total intangible assets (definite-lived)	12		2,702.7		989.5		1,713.2		1,800.8		844.8		956.0
Trade names (indefinite-lived)			269.1				269.1		269.1				269.1
Total		$	2,971.8	$	989.5	$	1,982.3	$	2,069.9	$	844.8	$	1,225.1

The increase in the gross carrying amount of intangible assets in the first nine months of 2025 was primarily driven by certain customer relationships, proprietary technology and acquired backlog recognized as a result of the acquisition accounting associated with the 2025 Acquisitions, in particular, the acquisition of the Andrew Business. Amortization expense for the three months ended September 30, 2025 and 2024 was approximately $46.0 and $66.2, respectively. Amortization expense for the nine months ended September 30, 2025 and 2024 was approximately $133.1 and $126.9, respectively. Amortization expense for the three and nine months ended September 30, 2025 includes $4.0 and $14.0, respectively, related to the amortization of acquired backlog resulting from the 2025 Acquisitions. Amortization expense for the three and nine months ended September 30, 2024 includes $38.4 and $55.0, respectively, related to the amortization of acquired backlog resulting from the CIT acquisition. As of September 30, 2025, amortization expense relating to the Company’s current intangible assets estimated for the remainder of 2025 is approximately $42.3 and for each of the next five fiscal years is approximately $168.0 in 2026, $161.1 in 2027, $153.9 in 2028, $143.0 in 2029 and $140.3 in 2030.

The Company assesses and reviews its identifiable intangible assets, subject to amortization, for potential impairment whenever events or changes in circumstances indicate the intangible asset’s carrying amount may not be recoverable. Any indefinite-lived intangible assets that are not subject to amortization, which are comprised of certain trade names, are reviewed at least annually for impairment. In the third quarter of 2025, the Company performed its annual assessment of these identifiable indefinite-lived intangible assets. Based on its assessment, the Company determined that it was more likely than not that the fair value of the indefinite-lived intangible assets exceeded their respective carrying amounts. There has been no impairment associated with the Company’s intangible assets in 2025 or 2024 as a result of such reviews.