Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill by segment were as follows:

(dollars in millions)	Electronics		Industrial & Specialty			Total
Balance at December 31, 2017	$	1,261.9	$	990.7	(1)	$	2,252.6
Addition from acquisition (2)	11.1		—			11.1
Foreign currency translation and other	(46.3)		(34.8)			(81.1)
Balance at December 31, 2018	1,226.7		955.9		(1)	2,182.6
Addition from acquisition (3)	7.6		—			7.6
Foreign currency translation and other	(10.9)		0.3			(10.6)
Balance at December 31, 2019	$	1,223.4	$	956.2	(1)	$	2,179.6

⁽¹⁾ Includes accumulated impairment losses of $46.6 million.

⁽²⁾ In May 2018, the Company completed the acquisition of Hi-Tech Korea Co., Ltd. The impact of this acquisition on the Company's results of operations was not material.

⁽³⁾ In December 2019, the Company completed the acquisition of the Kester businesses. The impact of this acquisition on the Company's results of operations was not material.

No impairments of goodwill were identified during the years ended December 31, 2019 and 2018.

Indefinite-Lived Intangible Assets

The carrying value of indefinite-lived intangible assets, other than goodwill, which consists solely of trade names, was $104 million and $150 million at December 31, 2019 and 2018, respectively. The Company found no indications of impairment related to its indefinite-lived intangible assets as a result of its annual impairment review.

Finite-Lived Intangible Assets

Intangible assets subject to amortization were as follows:

	December 31, 2019						December 31, 2018
(dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Customer lists	$	959.1	$	(351.4)	$	607.7	$	927.8	$	(283.2)	$	644.6
Developed technology	380.5		(194.8)		185.7		381.3		(155.6)		225.7
Trade names	51.5		(4.9)		46.6		5.9		(1.6)		4.3
Non-compete agreement	1.6		(1.6)		—		1.5		(1.3)		0.2
Total	$	1,392.7	$	(552.7)	$	840.0	$	1,316.5	$	(441.7)	$	874.8

For 2019, 2018 and 2017, the Company recorded amortization expense on intangible assets of $113 million, $112 million and $110 million, respectively.

Estimated future amortization of intangible assets for each of the next five years is as follows:

(dollars in millions)	Amortization Expense
2020	$	115.4
2021	108.8
2022	95.8
2023	93.3
2024	83.5