Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 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, 2020	$	1,597.2	$	2,428.5	$	1,006.4	$	5,032.1
Acquisition-related		72.1		549.1		795.4		1,416.6
Foreign currency translation		(5.6)		(27.5)		(38.8)		(71.9)
Goodwill at December 31, 2021		1,663.7		2,950.1		1,763.0		6,376.8
Acquisition-related		33.6		(5.1)		161.5		190.0
Foreign currency translation		(30.2)		(36.9)		(53.6)		(120.7)
Goodwill at December 31, 2022	$	1,667.1	$	2,908.1	$	1,870.9	$	6,446.1

The increase in goodwill during 2022 was primarily driven by goodwill recognized from the acquisitions that closed in 2022, partially offset by foreign currency translation. The increase in goodwill during 2021 was primarily driven by the acquisition of MTS and Halo, along with the other acquisitions that closed during 2021, as described in Note 11 herein.

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

		December 31, 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	$	677.0	$	398.3	$	278.7	$	637.2	$	357.5	$	279.7
Proprietary technology	13		310.0		123.8		186.2		311.1		102.2		208.9
Backlog and other	1		86.9		86.8		0.1		74.9		74.7		0.2
Total intangible assets (definite-lived)	10		1,073.9		608.9		465.0		1,023.2		534.4		488.8
Trade names (indefinite-lived)			269.1				269.1		268.1				268.1
		$	1,343.0	$	608.9	$	734.1	$	1,291.3	$	534.4	$	756.9

The increase in the gross carrying amount of intangible assets in 2022 is 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 years ended December 31, 2022, 2021 and 2020 was approximately $81.0, $86.4 and $49.6, respectively. Amortization expense in 2022 includes $12.0 related to the amortization of acquired backlog from the 2022 acquisitions, while amortization expense in 2021 included $16.2 and $9.0 related to the amortization of acquired backlog resulting from the MTS and Halo acquisitions, respectively. As of December 31, 2022, amortization expense relating to the Company’s current intangible assets estimated for each of the next five fiscal years is approximately $69.1 in 2023, $63.8 in 2024, $54.5 in 2025, $52.8 in 2026, and $46.0 in 2027.