Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2017

Goodwill And Intangible Assets Disclosure [Abstract]

9. Goodwill and Intangible Assets

Changes in goodwill from January 1, 2017 through June 30, 2017 were as follows:

	Couplings, Clutches & Brakes		Electromagnetic Clutches & Brakes		Gearing		Total
Net goodwill balance January 1, 2017	$	104,465	$	37,161	$	47,215	$	188,841
Measurement period adjustment related to acquisition of Stromag (See Note 6)	$	712	$	361	$	-		1,073
Impact of changes in foreign currency and other		8,213		286		573		9,072
Net goodwill balance June 30, 2017	$	113,390	$	37,808	$	47,788	$	198,986

Other intangible assets as of June 30, 2017 and December 31, 2016 consisted of the following:

	June 30, 2017						December 31, 2016
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Other intangible assets
Intangible assets not subject to amortization:
Tradenames and trademarks	$	53,158	$	—	$	53,158	$	50,416	$	—	$	50,416
Intangible assets subject to amortization:
Customer relationships		172,013		67,012	$	105,001		164,406		60,761		103,645
Product technology and patents		6,158		5,551	$	607		6,090		5,468		622
Total intangible assets	$	231,329	$	72,563	$	158,766	$	220,912	$	66,229	$	154,683

The Company recorded $2.3 million and $2.1 million of amortization expense in the quarters ended June 30, 2017 and 2016, respectively, and recorded $4.7 million and $4.3 million of amortization expense in the year to date periods ended June 30, 2017 and June 30, 2016, respectively.

The estimated amortization expense for intangible assets is approximately $4.8 million for the remainder of 2017, $9.5 million in each of the next four years and then $63.0 million thereafter.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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