Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

The following table provides the changes in carrying value of goodwill by reportable segment for the six months ended June 30, 2017:



(in millions)	Audio		Precision Devices			Total
Balance at December 31, 2016	$	708.7	$	185.9		$	894.6
Foreign currency translation	13.3		(0.1		)	13.2
Balance at June 30, 2017	$	722.0	$	185.8		$	907.8

The gross carrying value and accumulated amortization for each major class of intangible assets are as follows:



	June 30, 2017				December 31, 2016
(in millions)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Trademarks	$	0.3	$	0.2	$	0.3	$	0.2
Patents	42.9		21.7		42.9		19.3
Customer Relationships	159.5		153.8		156.2		152.8
Unpatented Technologies	66.5		66.3		92.2		73.9
Other	3.1		3.1		3.1		3.1
Total	272.3		245.1		294.7		249.3
Unamortized intangible assets:
Trademarks	32.0				32.0
Total intangible assets, net	$	59.2			$	77.4

As discussed in Note 1. Basis of Presentation, the Company completed an acquisition of certain assets of a capacitors manufacturer on January 11, 2017, for cash consideration of $4.0 million. As a result of this acquisition, the Company acquired a customer list for $3.3 million during the six months ended June 30, 2017, which is included in "Customer Relationships" in the table above. The Company will use a five year life to amortize the newly acquired customer list.

Amortization expense totaled $2.3 million and $5.6 million for the three months ended June 30, 2017 and 2016, respectively. For the six months ended June 30, 2017 and 2016, amortization expense was $5.3 million and $11.2 million, respectively. Amortization expense for the next five years, based on current intangible balances, is estimated to be as follows:



(in millions)
Q3 - Q4 2017	$	3.1
2018	6.2
2019	5.6
2020	4.6
2021	4.6

During the three months ended June 30, 2017, the Company recorded a $16.2 million impairment charge on unpatented technologies intangible assets. See Note 3. Impairments for more information.

- 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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