Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Note 13—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, 2020	$	4,874.5	$	157.6	$	5,032.1
Acquisition-related		876.0		11.6		887.6
Foreign currency translation		(28.1)		0.1		(28.0)
Goodwill at June 30, 2021	$	5,722.4	$	169.3	$	5,891.7

The increase in goodwill during the first six months of 2021 was primarily driven by the acquisition of MTS, along with the other acquisitions that closed during the period, as described in Note 11 herein.

Other than goodwill noted above, the Company’s intangible assets as of June 30, 2021 and December 31, 2020 were as follows:

		June 30, 2021						December 31, 2020
	Weighted	Gross				Net		Gross				Net
	Average	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Life (years)	Amount		Amortization		Amount		Amount		Amortization		Amount
Customer relationships	10	$	614.6	$	334.9	$	279.7	$	456.6	$	313.6	$	143.0
Proprietary technology	12		195.2		94.5		100.7		156.2		88.1		68.1
Backlog and other	1		65.9		65.6		0.3		49.7		49.4		0.3
Total intangible assets (definite-lived)	9		875.7		495.0		380.7		662.5		451.1		211.4
Trade names (indefinite-lived)			240.1				240.1		186.1				186.1
		$	1,115.8	$	495.0	$	620.8	$	848.6	$	451.1	$	397.5

The increase in the gross carrying amount of intangible assets in the first six months of 2021 was driven by certain customer relationships recognized as a result of the acquisition accounting associated with our 2021 acquisitions, primarily from the MTS acquisition. Amortization expense for the three months ended June 30, 2021 and 2020 was approximately $32.6 and $12.5, respectively. Amortization expense for the six months ended June 30, 2021 and 2020 was approximately $44.9 and $25.4, respectively. Amortization expense for the three and six months ended June 30, 2021 includes $16.2 related to the amortization of acquired backlog resulting from the MTS acquisition. As of June 30, 2021, amortization expense relating to the Company’s current intangible assets estimated for the remainder of 2021 is approximately $32.1 and for each of the next five fiscal years is approximately $57.5 in 2022, $54.7 in 2023, $48.9 in 2024, $39.5 in 2025 and $37.8 in 2026.