Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

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


(dollars in millions)	Electronics		Industrial & Specialty			Total
Balance at December 31, 2019	$	1,223.4	$	956.2	(1)	$	2,179.6
Foreign currency translation	(19.7)		(32.7)			(52.4)
Balance at March 31, 2020	$	1,203.7	$	923.5		$	2,127.2

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

Indefinite-Lived Intangible Assets

The carrying value of indefinite-lived intangible assets other than goodwill, which consisted solely of tradenames, was $68.0 million and $104 million at March 31, 2020 and December 31, 2019, respectively.

During the first quarter of 2020, the Company determined that the useful life of one of its tradenames no longer met the criteria of an indefinite-lived asset and concluded no indication of impairment. Subsequently, the Company started amortizing this tradename over 15 years, consistent with other similar finite-lived assets.

Finite-Lived Intangible Assets

Intangible assets subject to amortization were as follows:


	March 31, 2020										December 31, 2019
(dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Customer lists	$	933.5	$	(359.6)	$	573.9	$	959.1	$	(351.4)	$	607.7
Developed technology	371.9		(199.5)		172.4		380.5		(194.8)		185.7
Tradenames	86.4		(6.2)		80.2		51.5		(4.9)		46.6
Non-compete agreements	—		—		—		1.6		(1.6)		—
Total	$	1,391.8	$	(565.3)	$	826.5	$	1,392.7	$	(552.7)	$	840.0

For the three months ended March 31, 2020 and 2019, the Company recorded amortization expense on intangible assets of $29.4 million and $28.4 million, respectively.

On March 9, 2020, the Company acquired a new subsea production control fluid designed to complement its Energy Solutions business for a purchase price of $6.3 million in cash. The Company may pay an additional $4.5 million upon the achievement of certain milestones associated with the potential certification and marketing of this product. As the acquisition did not meet the accounting definition of a business and this product is still in development with no alternative future use, the amount paid was expensed to research and development in the Condensed Consolidated Statements of Operations.