Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

The following table summarizes the changes in the Company’s goodwill, by reportable segment, for the six months ended June 30, 2015:



	Advanced Plastic Processing Technologies		Melt Delivery and Control Systems			Fluid Technologies		Corporate		Total
	(in millions)
Balance at December 31, 2014	$	26.1	$	475.6		$	46.9	$	—	$	548.6
Foreign currency translation adjustments	—		(8.0		)	—		—		(8.0		)
Balance at June 30, 2015	$	26.1	$	467.6		$	46.9	$	—	$	540.6

The following table summarizes the Company’s other intangible assets at June 30, 2015:



	Gross Amount		Accumulated Amortization		Net Amount
	(in millions)
Intangible assets subject to amortization:
Non-compete agreements	$	1.0	$	0.9	$	0.1
Trademarks	43.6		13.2		30.4
Technology	121.2		24.1		97.1
Customer relationships	226.2		89.6		136.6
Total intangible assets subject to amortization	392.0		127.8		264.2
Trademarks, not subject to amortization	145.7		—		145.7
Total	$	537.7	$	127.8	$	409.9

The following table summarizes the Company’s other intangible assets at December 31, 2014:



	Gross Amount		Accumulated Amortization		Net Amount
	(in millions)
Intangible assets subject to amortization:
Non-compete agreements	$	1.9	$	1.8	$	0.1
Trademarks	48.1		12.4		35.7
Technology	127.1		19.9		107.2
Customer relationships	231.2		79.7		151.5
Total intangible assets subject to amortization	408.3		113.8		294.5
Trademarks, not subject to amortization	148.3		—		148.3
Total	$	556.6	$	113.8	$	442.8

Consolidated amortization expense related to intangible assets subject to amortization was $9.2 million and $11.1 million for the three months ended June 30, 2015 and 2014, respectively. Consolidated amortization expense related to intangible assets subject to amortization was $18.6 million and $22.0 million for the six months ended June 30, 2015 and 2014, respectively. In connection with the Company's rebranding initiative and marketing strategy, the Company ceased utilizing certain trademarks within the Advanced Plastic Processing Technologies reportable segment during the second quarter of 2015. The Company concluded this was an indicator of impairment and the Company recognized an impairment charge of $2.2 million for the three months ended June 30, 2015 which is included within other expense, net on the Company's Condensed Consolidated Statement of Operations.

- 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.

+ References + Details