Goodwill And Intangible Assets

12 Months Ended

Dec. 31, 2020

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, 2018	$	1,226.7	$	955.9	(1)	$	2,182.6
Acquisition	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			2,179.6
Acquisition	—		6.8			6.8
Purchase accounting adjustments (2)	(1.6)		—			(1.6)
Foreign currency translation and other	52.2		15.7			67.9
Balance at December 31, 2020	$	1,274.0	$	978.7		$	2,252.7

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

(2) During the second quarter of 2020, the Company recorded a step-up of fixed assets of $1.4 million related to the Kester Acquisition.

No impairments of goodwill were identified during the years ended December 31, 2020, 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 $68 million and $104 million at December 31, 2020 and 2019, 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, 2020						December 31, 2019
(dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Customer relationships	$	984.3	$	(435.4)	$	548.9	$	959.1	$	(351.4)	$	607.7
Developed technology	400.0		(241.5)		158.5		380.5		(194.8)		185.7
Trade names	91.8		(11.3)		80.5		51.5		(4.9)		46.6
Other	1.7		(1.7)		—		1.6		(1.6)		—
Total	$	1,477.8	$	(689.9)	$	787.9	$	1,392.7	$	(552.7)	$	840.0

For 2020, 2019 and 2018, the Company recorded amortization expense on intangible assets of $119 million, $113 million and $112 million, respectively.

In March 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, subject to an additional $4.5 million of payments 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 was still in development with no alternative future use, the amount paid was expensed to research and development in the Consolidated Statements of Operations. In the fourth quarter of 2020, the contingent milestones were achieved or were deemed probable of achievement and $4.5 million was capitalized, with an estimated useful life of 5 years.

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

(dollars in millions)	Amortization Expense
2021	$	116.3
2022	102.7
2023	100.2
2024	90.2
2025	83.6