Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

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, 2022	$	1,667.1	$	2,908.1	$	1,870.9	$	6,446.1
Acquisition-related		334.9		68.8		208.7		612.4
Foreign currency translation		7.3		0.6		26.0		33.9
Goodwill at December 31, 2023		2,009.3		2,977.5		2,105.6		7,092.4
Acquisition-related		1,192.3		(4.5)		58.9		1,246.7
Foreign currency translation		(21.6)		(21.5)		(59.8)		(102.9)
Goodwill at December 31, 2024	$	3,180.0	$	2,951.5	$	2,104.7	$	8,236.2

The increase in goodwill during 2024 was primarily driven by goodwill recognized from the 2024 Acquisitions, in particular, the CIT acquisition, partially offset by foreign currency translation. The increase in goodwill during 2023 was primarily driven by goodwill recognized from the 2023 Acquisitions.

Other than goodwill noted above, the Company’s intangible assets as of December 31, 2024 and 2023 were as follows:

	December 31, 2024							December 31, 2023
	Weighted	Gross				Net		Gross				Net
	Average	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Life (years)	Amount		Amortization		Amount		Amount		Amortization		Amount
Customer relationships	12	$	1,296.4	$	519.8	$	776.6	$	782.6	$	450.6	$	332.0
Proprietary technology	13		350.3		170.9		179.4		365.1		146.1		219.0
Backlog and other	1		154.1		154.1		—		114.1		99.4		14.7
Total intangible assets (definite-lived)	11		1,800.8		844.8		956.0		1,261.8		696.1		565.7
Trade names (indefinite-lived)			269.1				269.1		269.1				269.1
Total		$	2,069.9	$	844.8	$	1,225.1	$	1,530.9	$	696.1	$	834.8

The increase in the gross carrying amount of intangible assets in 2024 was primarily driven by certain customer relationships and acquired backlog recognized as a result of the acquisition accounting associated with the 2024 Acquisitions, in particular, the CIT acquisition, partially offset by measurement period adjustments related to certain intangible assets associated with certain of the 2023 Acquisitions that closed late in 2023. Amortization expense for the years ended December 31, 2024, 2023 and 2022 was approximately $154.7, $86.0 and $81.0, respectively, which included the amortization of acquired backlog of $55.0, $12.4, and $12.0, respectively, resulting from acquisitions in each respective year. The amortization of acquired backlog in 2024 resulted from the CIT acquisition. As of December 31, 2024, amortization expense relating to the Company’s current intangible assets estimated for each of the next five fiscal years is approximately $104.0 in 2025, $102.4 in 2026, $95.7 in 2027, $88.4 in 2028, and $77.7 in 2029.