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Goodwill and Other Intangible Assets
3 Months Ended
Mar. 31, 2019
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:

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Interconnect

    

Cable

    

 

 

 

 

 

Products and

 

Products and

 

 

 

 

 

 

Assemblies

 

Solutions

 

Total

 

Goodwill at December 31, 2018

 

$

3,956.7

 

$

146.5

 

$

4,103.2

 

Acquisition-related

 

 

347.1

 

 

 —

 

 

347.1

 

Foreign currency translation

 

 

(10.4)

 

 

 —

 

 

(10.4)

 

Goodwill at March 31, 2019

 

$

4,293.4

 

$

146.5

 

$

4,439.9

 

 

The increase in goodwill, net of foreign currency translation, during the first three months of 2019 is primarily due to the acquisition of SSI in January 2019, which is included in the Interconnect Products and Assemblies segment.

 

Other than goodwill noted above, the Company’s intangible assets as of March 31, 2019 and December 31, 2018 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2019

 

December 31, 2018

 

Weighted

 

Gross

    

 

    

Net

    

Gross

    

 

    

Net

 

Average

 

Carrying

 

Accumulated

 

Carrying

 

Carrying

 

Accumulated

 

Carrying

 

Life (years)

 

Amount

 

Amortization

 

Amount

 

Amount

 

Amortization

 

Amount

Customer relationships

10

 

$

413.8

 

$

243.9

 

$

169.9

 

$

399.2

 

$

234.7

 

$

164.5

Proprietary technology

11

 

 

140.9

 

 

63.6

 

 

77.3

 

 

107.5

 

 

60.5

 

 

47.0

Backlog and other

2

 

 

46.5

 

 

46.2

 

 

0.3

 

 

34.0

 

 

33.7

 

 

0.3

Total intangible assets (definite-lived)

9

 

 

601.2

 

 

353.7

 

 

247.5

 

 

540.7

 

 

328.9

 

 

211.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade names (indefinite-lived)

 

 

 

186.1

 

 

 —

 

 

186.1

 

 

186.1

 

 

 —

 

 

186.1

 

 

 

$

787.3

 

$

353.7

 

$

433.6

 

$

726.8

 

$

328.9

 

$

397.9

 

Intangible assets are included in Intangibles, net and other long-term assets in the accompanying Condensed Consolidated Balance Sheets.  The increase in the carrying amounts of intangible assets during the first quarter of 2019 was primarily due to intangible assets acquired as a result of the SSI acquisition.  The amortization expense for the three months ended March 31, 2019 and 2018 was approximately $24.8 and $11.9,  respectively. The amortization expense during the first three months of 2019 includes $12.5 related to the amortization of acquired backlog.  As of March 31, 2019, amortization expense relating to the Company’s current intangible assets estimated for the remainder of 2019 is approximately $35.1 and for each of the next five fiscal years is approximately $41.8 in 2020,  $37.1 in 2021,  $29.7 in 2022,  $27.0 in 2023 and $23.9 in 2024.