Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2018

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

Note 10.  Goodwill and Other Intangible Assets

Goodwill and other intangible assets with indefinite lives are not amortized, but instead are assessed for impairment, at least annually. The carrying amount of goodwill was $812.4 million and $779.3 million as of December 31, 2018 and December 31, 2017, respectively. The net change in goodwill since December 31, 2017 was primarily attributable to the Sivomatic acquisition (see Note 3).

The balance of goodwill by segment and the activity occurring in the past two fiscal years is as follows:

(millions of dollars)	Performance Materials		Specialty Minerals			Refractories			Consolidated
Balance at December 31, 2016	$	720.9	$	12.1		$	45.7		$	778.7
Change in goodwill relating to:
Foreign exchange translation		—		0.6			—			0.6
Total Changes	$	—	$	0.6		$	—		$	0.6
Balance at December 31, 2017	$	720.9	$	12.7		$	45.7		$	779.3
Change in goodwill relating to:
Acquisition of Sivomatic		35.0		—			—			35.0
Foreign exchange translation		—		(0.4	)		(1.5	)		(1.9	)
Total Changes	$	35.0	$	(0.4	)	$	(1.5	)	$	33.1
Balance at December 31, 2018	$	755.9	$	12.3		$	44.2		$	812.4

Acquired intangible assets subject to amortization as of December 31, 2018 and December 31, 2017 were as follows:

			December 31, 2018				December 31, 2017
	Weighted Average Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Tradenames		35	$	204.2	$	26.6	$	199.8	$	20.7
Technology		13		18.8		6.4		18.8		4.8
Patents		19		6.4		5.6		6.4		5.3
Customer relationships		22		26.5		3.2		4.5		2.2
		32	$	255.9	$	41.8	$	229.5	$	33.0

The weighted average amortization period of the acquired intangible assets subject to amortization is approximately 32 years. Amortization expense was approximately $8.8 million, $8.0 million and $8.2 million for the years ended December 31, 2018, 2017 and 2016, respectively and is recorded within the Marketing and administrative expenses line within the Consolidated Statements of Income. The estimated amortization expense is as follows: 2019 - $9.3 million; 2020 -$9.3; 2021 - $9.3; 2022 -$9.1 million; 2023 - $9.0 million and $168.1 million thereafter.