Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

The changes in the carrying amount of goodwill for the period ended December 31, 2024, by operating segment, were as follows:

(Dollars in millions)	Advanced Electronics Solutions		Elastomeric Material Solutions		Other		Total
December 31, 2023	$	117.7	$	239.9	$	2.2	$	359.8
Acquisition	—		5.0		—		5.0
Foreign currency translation adjustment	(4.1)		(3.1)		—		(7.2)
December 31, 2024	$	113.6	$	241.8	$	2.2	$	357.6

Other Intangible Assets

The “Other intangible assets, net” line item in the consolidated statements of financial position, as of December 31, 2024 and 2023, consisted of the following:

	2024						2023
(Dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	175.9	$	96.1	$	79.8	$	177.9	$	90.0	$	87.9
Technology	75.6		60.6		15.0		77.4		58.1		19.3
Trademarks and trade names	19.1		7.7		11.4		19.4		7.4		12.0
Covenants not to compete	—		—		—		1.3		0.9		0.4
Total definite-lived other intangible assets	270.6		164.4		106.2		276.0		156.4		119.6
Indefinite-lived other intangible asset	4.1		—		4.1		4.3		—		4.3
Total other intangible assets	$	274.7	$	164.4	$	110.3	$	280.3	$	156.4	$	123.9

In the table above, gross carrying amounts and accumulated amortization may differ from prior periods due to foreign exchange rate fluctuations.

The amortization expense and impairment charges related to other intangible assets in 2024, 2023 and 2022, were as follows:

(Dollars in millions)	2024		2023		2022
Amortization expense	$	12.4	$	13.4	$	16.4
Impairment charges	$	—	$	—	$	17.9

For additional information related to the impairment charges, refer to “Note 14 – Supplemental Financial Information.” The estimated annual future amortization expense is $10.7 million, $10.3 million, $10.0 million, $7.7 million and $7.3 million in 2025, 2026, 2027, 2028 and 2029, respectively. These amounts could vary based on changes in foreign currency exchange rates.

The weighted average amortization period as of December 31, 2024, by definite-lived other intangible asset class, were as follows:

Definite-Lived Other Intangible Asset Class	Weighted Average Remaining Amortization Period
Customer relationships	7.0 years
Technology	3.1 years
Trademarks and trade names	9.3 years
Total definite-lived other intangible assets	6.7 years