Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 9—Goodwill and Intangible Assets

Goodwill

The following table sets forth the changes in the carrying amount of goodwill by segment for the years ended December 31, 2019, 2018 and 2017 (dollars in millions):

	BSI Life
	Science		BSI NANO		BEST		Total
Balance at December 31, 2016	$	4.5	$	126.1	$	—	$	130.6
Current period additions/adjustments		3.7		30.1		—		33.8
Foreign currency impact		0.7		4.7		—		5.4
Balance at December 31, 2017		8.9		160.9		—		169.8
Current period additions/adjustments		64.1		44.9		—		109.0
Foreign currency impact		(1.0)		(2.1)		—		(3.1)
Balance at December 31, 2018		72.0		203.7		—		275.7
Current period additions/adjustments		13.1		6.3		0.3		19.7
Foreign currency impact		(0.9)		(1.5)		—		(2.4)
Balance at December 31, 2019	$	84.2	$	208.5	$	0.3	$	293.0

The Company performed its annual impairment evaluation using both a quantitative and qualitative approach at December 31, 2019, a quantitative approach at December 31, 2018 and a qualitative approach at December 31, 2017 and concluded it was more likely than not that goodwill has not been impaired. Based on the most recent quantitative analysis the fair values of each of the Company’s reporting units was greater than their carrying amounts and, therefore, no impairment was required.

The Company has recorded $3.1 million in the cumulative impairment of goodwill.

Intangible Assets

The following is a summary of intangible assets at December 31, 2019 and 2018 (dollars in millions):

	2019						2018
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount
Existing technology and related patents	$	300.9	$	(182.4)	$	118.5	$	272.6	$	(160.5)	$	112.1
Customer relationships		134.7		(30.9)		103.8		112.0		(18.1)		93.9
Non compete conracts		1.8		(1.8)		—		1.8		(1.8)		—
Trade names		13.7		(2.9)		10.8		11.6		(1.6)		10.0
Other		5.5		(5.4)		0.1		5.1		(2.4)		2.7
Intangible assets	$	456.6	$	(223.4)	$	233.2	$	403.1	$	(184.4)	$	218.7

For the years ended December 31, 2019, 2018 and 2017, the Company recorded amortization expense of approximately $38.3 million, $28.9 million and $29.6 million, respectively, in the consolidated statements of income and comprehensive income. During the year ended December 31, 2019, the Company recorded an impairment charge of $1.2 million representing the impairment of the technology within the BSI Life Science Segment. During the year ended December 31, 2018, the Company recorded an impairment charge of $0.6 million representing the impairment of the in-process research and development within the BSI Life Science Segment.

The estimated future amortization expense related to amortizable intangible assets at December 31, 2019 is as follows (dollars in millions):

2020	$	35.0
2021		32.5
2022		27.3
2023		24.7
2024		22.4
Thereafter		91.3
Total	$	233.2