Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

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, 2021	$	1,663.7	$	2,950.1	$	1,763.0	$	6,376.8
Acquisition-related		32.3		(6.4)		(2.5)		23.4
Foreign currency translation		(25.8)		(34.5)		(64.9)		(125.2)
Goodwill at June 30, 2022	$	1,670.2	$	2,909.2	$	1,695.6	$	6,275.0

The decrease in goodwill during the first six months of 2022 was primarily driven by foreign currency translation, partially offset by goodwill recognized from one acquisition that closed during the first six months of 2022.

Other than goodwill noted above, the Company’s intangible assets as of June 30, 2022 and December 31, 2021 were as follows:

		June 30, 2022						December 31, 2021
	Weighted	Gross				Net		Gross				Net
	Average	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Life (years)	Amount		Amortization		Amount		Amount		Amortization		Amount
Customer relationships	10	$	654.7	$	374.8	$	279.9	$	637.2	$	357.5	$	279.7
Proprietary technology	13		309.9		112.9		197.0		311.1		102.2		208.9
Backlog and other	1		79.9		74.7		5.2		74.9		74.7		0.2
Total intangible assets (definite-lived)	10		1,044.5		562.4		482.1		1,023.2		534.4		488.8
Trade names (indefinite-lived)			269.1				269.1		268.1				268.1
		$	1,313.6	$	562.4	$	751.2	$	1,291.3	$	534.4	$	756.9

The increase in the gross carrying amount of intangible assets in the first six months of 2022 was primarily driven by certain customer relationships and acquired backlog recognized as a result of the acquisition accounting associated with recent acquisitions. Amortization expense for the three months ended June 30, 2022 and 2021 was approximately $16.8 and $32.6, respectively. Amortization expense for the six months ended June 30, 2022 and 2021 was approximately $34.8 and $44.9, respectively. Amortization expense for the three and six months ended June 30, 2021 also included $16.2 related to the amortization of acquired backlog, resulting from the MTS acquisition. As of June 30, 2022, amortization expense relating to the Company’s current intangible assets estimated for the remainder of 2022 is approximately $38.4 and for each of the next five fiscal years is approximately $66.4 in 2023, $61.0 in 2024, $51.7 in 2025, $50.0 in 2026 and $43.3 in 2027.