Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets

Goodwill and Intangible Assets

8.    Goodwill and Intangible Assets

The following table sets forth the changes in the carrying amount of goodwill (dollars in millions):

	BSI Life
	Science		BSI NANO		BEST		Total
Balance at December 31, 2019	$	84.2	$	208.5	$	0.3	$	293.0
Current period additions		—		13.3		—		13.3
Foreign currency impact		4.4		2.1		—		6.5
Balance at September 30, 2020	$	88.6	$	223.9	$	0.3	$	312.8

As a result of the impact of the COVID-19 pandemic, the Company performed an interim impairment assessment of the goodwill balance as of March 31, 2020 using a combination of both quantitative and qualitative approaches. Based on this interim assessment, the Company concluded the fair values of each of the reporting units were significantly greater than their carrying amounts, and therefore, no impairment is required. The goodwill assessment was based on management's estimates and assumptions, certain of which are dependent on external factors. The Company has performed an assessment as of September 30, 2020 and no further triggering events were identified since March 31, 2020. To the extent actual results differ materially from these estimates, and the risks presented by COVID-19 and the current economic environment persist to negatively affect the Company’s operations in subsequent periods, further interim impairment assessments could be required, which could result in an impairment of goodwill.

The following is a summary of intangible assets, excluding goodwill (dollars in millions):

	September 30, 2020						December 31, 2019
	Gross						Gross
	Carrying		Accumulated		Net Carrying		Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount
Existing technology and related patents	$	314.4	$	(198.0)	$	116.4	$	300.9	$	(182.4)	$	118.5
Customer relationships		144.2		(40.7)		103.5		134.7		(30.9)		103.8
Non-compete contracts		—		—		—		1.8		(1.8)		—
Trade names		14.8		(3.9)		10.9		13.7		(2.9)		10.8
Other		0.7		(0.5)		0.2		5.5		(5.4)		0.1
Intangible assets	$	474.1	$	(243.1)	$	231.0	$	456.6	$	(223.4)	$	233.2

For the three months ended September 30, 2020 and 2019, the Company recorded amortization expense of $9.0 million and $9.2 million, respectively, related to intangible assets subject to amortization. For the nine months ended September 30, 2020 and 2019, the Company recorded amortization expense of $26.7 million and $29.2 million, respectively, related to intangible assets subject to amortization.