Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.19.1
Goodwill and Intangible Assets
3 Months Ended
Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
Goodwill
The changes in the carrying amount of goodwill were as follows:
 (dollars in millions)
Electronics
 
Industrial & Specialty
 
Total
Balance at December 31, 2018
 
 
 
 
 
Goodwill
$
1,226.7

 
$
1,002.5

 
$
2,229.2

Accumulated impairment losses

 
(46.6
)
 
(46.6
)
 
1,226.7

 
955.9

 
2,182.6

Foreign currency translation and other
6.0

 
2.8

 
8.8

Balance at March 31, 2019
 
 
 
 
 
Goodwill
1,232.7

 
1,005.3

 
2,238.0

Accumulated impairment losses

 
(46.6
)
 
(46.6
)
 
$
1,232.7

 
$
958.7

 
$
2,191.4

Indefinite-Lived Intangible Assets
The carrying value of indefinite-lived intangible assets other than goodwill which consisted solely of tradenames, was $105 million and $150 million at March 31, 2019 and December 31, 2018, respectively.
During the first quarter of 2019, the Company determined that the useful life of one of its tradenames no longer met the criteria to be considered an indefinite-lived asset and concluded no indication of impairment. Subsequently, the Company started amortizing this tradename over 15 years, consistent with other similar finite-lived assets.
Finite-Lived Intangible Assets
Intangible assets subject to amortization were as follows:
 
March 31, 2019
 
December 31, 2018
 (dollars in millions)
Gross Carrying
Amount
 
Accumulated
Amortization
 
Net Book
Value
 
Gross Carrying
Amount
 
Accumulated
Amortization
 
Net Book
Value
Customer lists
$
931.4

 
$
(301.9
)
 
$
629.5

 
$
927.8

 
$
(283.2
)
 
$
644.6

Developed technology
382.8

 
(166.2
)
 
216.6

 
381.3

 
(155.6
)
 
225.7

Tradenames
51.1

 
(2.4
)
 
48.7

 
5.9

 
(1.6
)
 
4.3

Non-compete agreements
1.6

 
(1.4
)
 
0.2

 
1.5

 
(1.3
)
 
0.2

Total
$
1,366.9

 
$
(471.9
)
 
$
895.0

 
$
1,316.5

 
$
(441.7
)
 
$
874.8


For the three months ended March 31, 2019 and 2018, the Company recorded amortization expense on intangible assets of $28.4 million and $28.5 million, respectively.