Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

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


($ in millions)	Proprietary Products		Contract-Manufactured Products		Total
Balance, December 31, 2017	$	77.6	$	30.1	$	107.7

Foreign currency translation	(1.6)		(0.3)		(1.9)
Balance, December 31, 2018	76.0		29.8		105.8
Goodwill recorded due to acquisition	2.6		—		2.6
Foreign currency translation	(0.5)		(0.1)		(0.6)
Balance, December 31, 2019	$	78.1	$	29.7	$	107.8

In April 2019, we acquired the business of our distributor in South Korea. As a result of the acquisition, we recorded goodwill of $2.6 million. The goodwill was recorded within our Proprietary Products reportable segment.

As of December 31, 2019, we had no accumulated goodwill impairment losses.

Intangible assets and accumulated amortization as of December 31 were as follows:


	2019										2018
($ in millions)	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Patents and licensing	$	21.5	$	(16.0)	$	5.5	$	19.6	$	(15.1)	$	4.5
Technology	3.3		(1.5)		1.8		3.3		(1.2)		2.1
Trademarks	2.0		(1.8)		0.2		2.0		(1.8)		0.2
Customer relationships	40.3		(21.6)		18.7		29.3		(20.0)		9.3
Customer contracts	11.0		(7.4)		3.6		11.0		(6.8)		4.2
	$	78.1	$	(48.3)	$	29.8	$	65.2	$	(44.9)	$	20.3

In April 2019, we acquired the business of our distributor in South Korea. As a result of the acquisition, we recorded a customer relationships intangible asset of $11.2 million, which is being amortized over ten years.

The cost basis of intangible assets includes a foreign currency translation loss of $0.3 million and a foreign currency translation loss of $0.3 million for the years ended December 31, 2019 and 2018, respectively. Amortization expense for the years ended December 31, 2019, 2018 and 2017 was $3.4 million, $2.7 million and $2.4 million, respectively. Estimated annual amortization expense for the next five years is as follows: 2020 - $4.0 million, 2021 - $3.5 million, 2022 - $3.5 million, 2023 - $2.9 million and 2024 - $2.6 million.