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Business Combinations and Goodwill
 9 Months Ended
Sep. 30, 2018
Business Combinations [Abstract]  
Business Combination Disclosure Business Combinations and Goodwill
Business Combinations. On September 19, 2018, we acquired Imperial Machine and Tool Co. ("IMT"), located in Columbia, New Jersey, for $43.3 million in cash, net of cash received. IMT specializes in multi-material additive manufacturing and machining technologies for demanding aerospace and defense, automotive, high-tech and general industrial applications. The acquisition allows us to gain further insights into the potentially disruptive additive manufacturing technology and enhances our ability to address customer needs by broadening our capability to provide innovative solutions for demanding applications. IMT has approximately 25 employees.
The following table summarizes recognized amounts of identifiable assets acquired and liabilities assumed at the acquisition date (in millions of dollars):
Accounts receivable
$
2.7

Inventory
3.4

Property, plant and equipment
4.1

Identifiable intangible assets with definite lives
9.1

Goodwill
24.6

Accounts payable and other current liabilities
(0.6
)
Consideration paid, net of cash received
$
43.3


Total acquisition-related costs were approximately $0.3 million, all of which were expensed during the nine months ended September 30, 2018 and were included in Selling, general, administrative, research and development in the Statements of Consolidated Income.
Goodwill. The following table presents the changes to goodwill during the nine months ended September 30, 2018 (in millions of dollars):
 
December 31, 2017
 
Increases to Goodwill1
 
September 30, 2018
Goodwill
$
37.2

 
$
24.6

 
$
61.8

Accumulated impairment loss
(18.4
)
 
—

 
(18.4
)
Carrying value
$
18.8

 
$
24.6

 
$
43.4

____________________
1 
The goodwill of $24.6 million arising from the acquisition of IMT after allocating the consideration paid, net of cash received, to all other identifiable assets is expected to be deductible for income tax purposes over the next 15 years.
Due to a reduction in our long-term demand assumption for hard alloy extruded shapes, we recorded an impairment charge of $18.4 million with respect to our Chandler, Arizona (Extrusion) facility for the quarter ended June 30, 2017 within Operating income in the Statements of Consolidated Income.