Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets

Goodwill and Intangible Assets

9.     Goodwill and Intangible Assets

Goodwill

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

	BSI Life
	Science		BSI NANO		BEST		Total
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
Current period additions/adjustments		—		13.7		—		13.7
Foreign currency impact		7.9		5.8		—		13.7
Balance at December 31, 2020	$	92.1	$	228.0	$	0.3	$	320.4

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. No further triggering events were identified subsequent to 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 Company performed its annual impairment evaluation using both a quantitative and qualitative approach at December 31, 2020 and 2019, and a quantitative approach at December 31, 2018 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 (in millions):

	2020						2019
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount
Existing technology and related patents	$	309.8	$	(194.6)	$	115.2	$	300.9	$	(182.4)	$	118.5
Customer relationships		148.3		(45.4)		102.9		134.7		(30.9)		103.8
Non-compete contracts		—		—		—		1.8		(1.8)		—
Trade names		15.2		(4.4)		10.8		13.7		(2.9)		10.8
Other		0.3		(0.1)		0.2		5.5		(5.4)		0.1
Intangible assets	$	473.6	$	(244.5)	$	229.1	$	456.6	$	(223.4)	$	233.2

For the years ended December 31, 2020, 2019 and 2018, the Company recorded amortization expense of approximately $35.8 million, $38.3 million and $28.9 million, respectively, in the consolidated statements of income and comprehensive income.

The estimated future amortization expense related to amortizable intangible assets is as follows (in millions):

2021	$	36.3
2022		30.7
2023		28.0
2024		25.6
2025		24.7
Thereafter		83.8
Total	$	229.1