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Goodwill and Other Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Intangible Assets and Goodwill

We are continuing to amortize certain patents, trademarks and names, customer contracts, relationships and technology assets that have finite lives. The changes in intangible assets and goodwill from December 31, 2017 to December 31, 2019, were as follows:

(in thousands, except for years)

 

Amortization life in years

 

Balance at December 31, 2018

 

Aquisition

 

Amortization

 

Currency Translation

 

Balance at December 31, 2019

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

AEC trademarks and trade names

 

6-15

 

$11

 

$68

 

$(6)

 

$

 

$73

AEC technology

 

10-15

 

56

 

5,821

 

(73)

 

 

5,804

AEC Intellectual property

 

15

 

 

1,250

 

(7)

 

 

1,243

AEC customer contracts

 

6

 

9,456

 

 

(2,912)

 

 

6,544

AEC customer relationships

 

8-15

 

39,538

 

2,834

 

(3,247)

 

22

 

39,147

AEC other intangibles

 

5

 

145

 

 

(64)

 

 

81

Total amortized intangible assets

 

 

 

$49,206

 

$9,973

 

$(6,309)

 

$22

 

$52,892

Unamortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

MC Goodwill

 

 

 

$68,652

 

$

 

$

 

$(980)

 

$67,672

AEC Goodwill

 

 

 

95,730

 

17,343

 

 

189

 

113,262

Total amortized intangible assets

 

 

 

$164,382

 

$17,343

 

$

 

$(791)

 

$180,934

(in thousands, except for years)

Amortization life in years

Balance at December 31, 2017

Amortization

Currency Translation

Balance at December 31, 2018

Amortized intangible assets:

AEC trademarks and trade names

15

$15

$(4)

$

$11

AEC technology

15

80

(24)

56

AEC customer contracts

6

12,369

(2,913)

9,456

AEC customer relationships

15

42,767

(3,229)

39,538

AEC other intangibles

5

210

(65)

145

Total amortized intangible assets

$55,441

$(6,235)

$

$49,206

Unamortized intangible assets:

MC Goodwill

$71,066

$

$(2,414)

$68,652

AEC Goodwill

95,730

95,730

Total amortized intangible assets

$166,796

$

$(2,414)

$164,382

As of December 31, 2019, the gross carrying amount and accumulated amortization of amortized intangible assets was $76.7 million and $23.8 million, respectively.

Schedule of Estimated Amortization Expense

Amortization expense related to intangible assets was reported in the Consolidated Statement of Income as follows: $3.0 million in Cost of goods sold and $3.3 million in Selling, general and administrative expenses in 2019; $2.9 million in Cost of goods sold and $3.3 million in Selling, general and administrative expenses in 2018; and $3.3 million in Cost of goods sold and $3.6 million in Selling, general and administrative expenses in 2017. Estimated amortization expense of intangibles for the years ending December 31, 2020 through 2024, is as follows:

Annual amortization

Year

(in thousands)

2020

$7,141

2021

7,071

2022

4,856

2023

4,135

2024

4,135

16. Accrued Liabilities