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Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible Assets and Goodwill
Intangible Assets
The cost and accumulated amortization of intangible assets subject to amortization as of December 31, 2021 and 2020, is as follows:
 20212020
(Thousands)Gross Carrying AmountAccumulated AmortizationNetGross Carrying AmountAccumulated AmortizationNet
Customer relationships$111,220 $(22,777)$88,443 $81,231 $(38,773)$42,458 
Technology45,614 (7,517)38,097 16,915 (13,290)3,625 
Licenses and other 33,868 (7,279)26,589 11,457 (4,840)6,617 
Total$190,702 $(37,573)$153,129 $109,603 $(56,903)$52,700 

During 2021, the Company acquired $50.2 million in customer relationships with a useful life of 13 years and $35.3 million in technology with a useful life of 13 years, as well as a $22.3 million trade name with a useful life of 15 years related to the HCS-Electronic Materials acquisition.
During 2020, the Company accelerated amortization on $26.2 million of intangible assets for its LAC business that was shut down on December 31, 2020. These assets were fully amortized as of December 31, 2020 and fully written off in 2021 with no impact to the Consolidated Statements of Income in 2021.
Amortization expense for 2021, 2020, and 2019 was $6.0 million, $2.4 million, and $1.4 million, respectively.
Estimated amortization expense for each of the five succeeding years is as follows:
Amortization
(Thousands)Expense
202213,159 
202312,520 
202412,427 
202511,794 
202610,515 
Intangible assets also includes deferred financing costs relating to the Company's revolving credit and consignments lines of $3.6 million and $2.0 million at December 31, 2021 and 2020, respectively.
Goodwill
In 2021, the Company acquired HCS-Electronic Materials for a total purchase price of $395.9 million, and recorded goodwill of $178.2 million. Goodwill of $154.3 million and $23.9 million associated with the HCS-Electronic Materials acquisition was allocated to the Advanced Materials and Performance Alloys and Composites segments, respectively.
The balance of goodwill at December 31, 2021 and 2020 was $318.6 million and $144.9 million, respectively.
A summary of changes in goodwill by reportable segment is as follows:
(Thousands)Performance Alloys and CompositesAdvanced MaterialsPrecision OpticsTotal
Balance at December 31, 2019$1,899 $50,190 $26,922 $79,011 
Acquisition— — 70,577 70,577 
Impairment charge— — (9,053)(9,053)
Other— 337 4,044 4,381 
Balance at December 31, 2020$1,899 $50,527 $92,490 $144,916 
Acquisition23,904 154,277 — 178,181 
Impairment charge— — — — 
Other— (284)(4,193)(4,477)
Balance at December 31, 2021$25,803 204,520 $88,297 $318,620 
In 2019, the Company recorded a $11.6 million goodwill impairment charge to record an initial impairment charge for the LAC reporting unit that was determined to have a fair value below the carrying value of the assets for the reporting unit. In 2020, the Company recorded a $9.1 million goodwill impairment charge to write-off the remaining balance of goodwill for the LAC reporting unit which was closed as of December 31, 2020. The results of the Company's 2021, 2020, and 2019 annual goodwill impairment assessments indicated that no other goodwill impairment existed.
There were no accumulated impairment losses in 2021, compared to $20.6 million at December 31, 2020, all of which related to the LAC reporting unit.