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Business Combinations, Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Business Combinations, Goodwill and Intangible Assets Business Combinations, Goodwill and Intangible Assets
Business Combinations. On September 19, 2018, we acquired Imperial Machine and Tool Co. ("IMT"), located in Columbia, New Jersey, for $43.2 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.
The following table summarizes recognized amounts of identifiable assets acquired and liabilities assumed at the acquisition date (in millions of dollars):
Cash
$
0.9

Accounts receivable
2.6

Prepaid expenses and other current assets
0.6

Inventory
2.9

Property, plant and equipment
4.1

Identifiable intangible assets with definite lives
9.2

Goodwill
25.2

Accounts payable and other current liabilities
(1.4
)
Total purchase price
44.1

Less: cash acquired
(0.9
)
Purchase price, net of cash acquired
$
43.2


Total acquisition-related costs were approximately $0.6 million, all of which were expensed during the year ended December 31, 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 year ended December 31, 2018 (in millions of dollars):
 
December 31, 2017
 
Increase to Goodwill1
 
December 31, 2018
Goodwill
$
37.2

 
$
25.2

 
$
62.4

Accumulated impairment loss
(18.4
)
 
—

 
(18.4
)
Carrying value
$
18.8

 
$
25.2

 
$
44.0

____________________
1 
The goodwill of $25.2 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 with respect to our Chandler, Arizona (Extrusion) facility of $18.4 million during the quarter ended June 30, 2017 within Operating income in the Statements of Consolidated Income.
Intangible Assets. Information regarding our intangible assets consisted of the following as of each period presented (in millions of dollars, except amortization periods):
 
 
Weighted-Average Amortization Period
(in years)
 
Gross
Amount
 
Accumulated
Amortization
 
Intangible
Assets, Net
December 31, 2018
 
 
 
 
 
 
 
 
Customer relationships
 
24
 
$
36.1

 
$
(11.1
)
 
$
25.0

Trade name
 
10
 
2.4

 
(0.1
)
 
2.3

Non-compete agreement
 
5
 
5.4

 
(0.3
)
 
5.1

Total
 
 
 
$
43.9

 
$
(11.5
)
 
$
32.4

 
 
 
 
 
 
 
 
 
December 31, 2017
 
 
 
 
 
 
 
 
Customer relationships
 
25
 
$
34.7

 
$
(9.7
)
 
$
25.0

Total
 
 
 
$
34.7

 
$
(9.7
)
 
$
25.0


We recorded a $2.6 million non-cash impairment charge within Other operating charges, net, during the quarter ended September 30, 2016 due to the loss of a customer. We identified no other indicators of impairment associated with the remainder of our intangible assets during the years ended December 31, 2018, December 31, 2017 or December 31, 2016.
Amortization expense relating to definite-lived intangible assets was $1.8 million for 2018, $1.4 million for 2017, and $1.5 million for 2016. The expected amortization of intangible assets for each of the next five calendar years is as follows (in millions of dollars):
2019
$
2.8

2020
2.8

2021
2.8

2022
2.8

2023
2.6

Thereafter
18.6

Total
$
32.4