Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.21.2
Goodwill and Intangible Assets
9 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
Goodwill
The changes in the carrying amount of goodwill were as follows:
 (dollars in millions) Electronics Industrial & Specialty Total
Balance at December 31, 2020 $ 1,274.0  $ 978.7  (1) $ 2,252.7 
Acquisitions (2)
21.9  291.6  313.5 
Foreign currency translation and other (6.5) (26.3) (32.8)
Balance at September 30, 2021 $ 1,289.4  $ 1,244.0  $ 2,533.4 
(1) Includes accumulated impairment losses of $46.6 million.
(2) The Company completed the Coventya Acquisition and the HKW Acquisition on September 1, 2021 and May 5, 2021, respectively.
    
Indefinite-Lived Intangible Asset
The carrying value of the indefinite-lived intangible asset other than goodwill, which consisted of a trade name, was $68.0 million at September 30, 2021 and December 31, 2020, respectively.
Finite-Lived Intangible Assets
Intangible assets subject to amortization were as follows:
  September 30, 2021 December 31, 2020
 (dollars in millions) Gross Carrying
Amount
Accumulated
Amortization
Net Book
Value
Gross Carrying
Amount
Accumulated
Amortization
Net Book
Value
Customer relationships $ 1,135.3  $ (487.0) $ 648.3  $ 984.3  $ (435.4) $ 548.9 
Developed technology 429.3  (235.8) 193.5  400.0  (241.5) 158.5 
Trade names 100.0  (15.7) 84.3  91.8  (11.3) 80.5 
Other —  —  —  1.7  (1.7) — 
Total $ 1,664.6  $ (738.5) $ 926.1  $ 1,477.8  $ (689.9) $ 787.9 
For the three months ended September 30, 2021 and 2020, the Company recorded amortization expense on intangible assets of $31.9 million and $30.5 million, respectively. For the nine months ended September 30, 2021 and 2020, the Company recorded amortization expense on intangible assets of $92.0 million and $88.8 million, respectively.