AMPHENOL CORP /DE/ Goodwill & Intangibles Disclosure
Note 12—Goodwill and Other Intangible Assets
The changes in the carrying amount of goodwill by segment were as follows:
| Harsh | | Interconnect | |
| ||||||||
Communications | Environment | and Sensor |
| ||||||||||
Solutions | Solutions | Systems | Total |
| |||||||||
Goodwill at December 31, 2023 | $ | 2,977.5 | $ | 2,009.3 | $ | 2,105.6 | $ | 7,092.4 | |||||
Acquisition-related |
| (4.5) |
| 1,192.3 |
| 58.9 |
| 1,246.7 | |||||
Foreign currency translation |
| (21.5) |
| (21.6) |
| (59.8) |
| (102.9) | |||||
Goodwill at December 31, 2024 | 2,951.5 | $ | 3,180.0 | 2,104.7 | 8,236.2 | ||||||||
Acquisition-related |
| 872.4 |
| 1,052.6 |
| 236.6 |
| 2,161.6 | |||||
Foreign currency translation |
| 34.7 |
| 37.6 |
| 105.3 |
| 177.6 | |||||
Goodwill at December 31, 2025 | $ | 3,858.6 | $ | 4,270.2 | $ | 2,446.6 | $ | 10,575.4 | |||||
The increase in goodwill during 2025 was primarily driven by goodwill recognized from the 2025 Acquisitions, in particular, the Andrew and Trexon acquisitions, and foreign currency translation. 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.
Other than goodwill noted above, the Company’s intangible assets as of December 31, 2025 and 2024 were as follows:
December 31, 2025 | December 31, 2024 | ||||||||||||||||||
Weighted | Gross | | | Net | | Gross | | | Net | ||||||||||
Average | Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||||||
Life (years) | Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||
Customer relationships | 12 | $ | 1,841.2 | $ | 635.1 | $ | 1,206.1 | $ | 1,296.4 | $ | 519.8 | $ | 776.6 | ||||||
Proprietary technology | 13 |
| 963.9 |
| 230.2 | 733.7 |
| 350.3 |
| 170.9 | 179.4 | ||||||||
Backlog and other | 1 |
| 216.4 |
| 183.9 | 32.5 |
| 154.1 |
| 154.1 | — | ||||||||
Total intangible assets (definite-lived) | 12 | 3,021.5 | 1,049.2 | 1,972.3 | 1,800.8 | 844.8 | 956.0 | ||||||||||||
Trade names (indefinite-lived) | 269.1 | 269.1 | 269.1 | 269.1 | |||||||||||||||
Total | $ | 3,290.6 | $ | 1,049.2 | $ | 2,241.4 | $ | 2,069.9 | $ | 844.8 | $ | 1,225.1 | |||||||
The increase in the gross carrying amount of intangible assets in 2025 was primarily driven by certain customer relationships, proprietary technology and acquired backlog recognized as a result of the acquisition accounting associated with the 2025 Acquisitions, in particular, the Andrew and Trexon acquisitions. Amortization expense for the years ended December 31, 2025, 2024 and 2023 was approximately $192.0, $154.7 and $86.0, respectively, which included the amortization of acquired backlog of $28.2, $55.0 and $12.4, respectively, resulting from acquisitions in each respective year. The amortization of acquired backlog in 2025 primarily resulted from the Andrew and Trexon acquisitions. The amortization of acquired backlog in 2024 resulted from the CIT acquisition. As of December 31, 2025, amortization expense relating to the Company’s current intangible assets estimated for each of the next five fiscal years is approximately $207.0 in 2026, $176.7 in 2027, $169.5 in 2028, $158.6 in 2029, and $155.9 in 2030.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 7, 2024 | |
| 2022 | Feb 8, 2023 | |
| 2021 | Feb 9, 2022 | |
| 2020 | Feb 10, 2021 | |
| 2019 | Feb 12, 2020 | |
| 2018 | Feb 13, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 19, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.