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Business Combinations, Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2019
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 & Tool Co. ("IMT"), located in Columbia, New Jersey, for $43.2 million in cash, net of cash received. IMT specializes in multi-material advanced manufacturing methods and techniques, which include multi-axis computer numerical control ("CNC") machining, additive manufacturing ("3D Printing"), welding and fabrication for demanding aerospace and defense, automotive, high tech and general industrial applications. The acquisition enhances our ability to address customer needs by broadening our capability to provide innovative solutions for demanding applications.
2019 Goodwill Impairment. In conjunction with our acquisition of IMT, we added $25.2 million of goodwill after allocating the consideration paid, net of cash received, to all other identifiable assets. The goodwill recorded reflected the value we expected from IMT's 3D Printing line of business. However, due to recent indications that opportunities for this type of disruptive technology are extending over a longer-term horizon than initially valued, during the fourth quarter of 2019, we made the strategic decision to prioritize our focus on IMT's subtractive (machining) business opportunities while the 3D Printing market continues to mature. Based on our revised strategy, we tested for goodwill impairment using Level 3 inputs and a combination of an income approach using the estimated discounted cash flow and a market-based valuation methodology. Having determined that the carrying value of IMT exceeded its fair value as of November 30, 2019, we recognized an impairment charge of $25.2 million for the year ended December 31, 2019 within Operating income in the Statements of Consolidated Income. As this goodwill is deductible for tax purposes, the deferred tax effects were included in the impairment charge and income tax provision.
2017 Goodwill Impairment. 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.
Goodwill activity was as follows for each period presented (in millions of dollars):
 
December 31, 2018
 
Add: Impairment of IMT Goodwill
 
December 31, 2019
Goodwill
$
62.4

 
$
—

 
$
62.4

Accumulated impairment loss
(18.4
)
 
(25.2
)
 
(43.6
)
Carrying value
$
44.0

 
$
(25.2
)
 
$
18.8

 
December 31, 2017
 
Add: Goodwill from IMT Acquisition
 
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


Intangible Assets. Information regarding our intangible assets consisted of the following as of the periods presented (in millions of dollars, except amortization periods):
 
 
Weighted-Average Amortization Period
(in years)
 
Gross
Amount
 
Accumulated
Amortization
 
Intangible
Assets, Net
December 31, 2019
 
 
 
 
 
 
 
 
Customer relationships
 
24
 
$
36.1

 
$
(12.7
)
 
$
23.4

Trade name
 
10
 
2.4

 
(0.3
)
 
2.1

Non-compete agreement
 
5
 
5.4

 
(1.3
)
 
4.1

Total
 
 
 
$
43.9

 
$
(14.3
)
 
$
29.6

 
 
 
 
 
 
 
 
 
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


We identified no indicators of impairment associated with our intangible assets during the years ended December 31, 2019, December 31, 2018 or December 31, 2017.
Amortization expense relating to definite-lived intangible assets was $2.8 million for 2019, $1.8 million for 2018, and $1.4 million for 2017. The expected amortization of intangible assets for each of the next five calendar years is as follows (in millions of dollars):
2020
$
2.8

2021
2.8

2022
2.8

2023
2.6

2024
1.8

Thereafter
16.8

Total
$
29.6