Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in carrying amounts of goodwill during the nine months ended September 30, 2015 were as follows:



	Metals Segment			Plastics Segment		Total
Balance as of January 1, 2015:
Goodwill	$	116,377		$	12,973	$	129,350
Accumulated impairment losses	(116,377		)	—		(116,377		)
Balance as of January 1, 2015	—			12,973		12,973
Balance as of September 30, 2015:
Goodwill	116,377			12,973		129,350
Accumulated impairment losses	(116,377		)	—		(116,377		)
Balance as of September 30, 2015	$	—		$	12,973	$	12,973

The Company tests goodwill for impairment at the reporting unit level on an annual basis as of December 1 and more often if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company assesses, at least quarterly, whether any triggering events have occurred. A two-step method is used for determining goodwill impairment. The first step is performed to identify whether a potential impairment exists by comparing each reporting unit’s fair value to its carrying value. If the carrying value of a reporting unit exceeds its fair value, the next step is to measure the amount of impairment loss, if any.

The Company completed its December 1, 2014 annual goodwill impairment test for its Plastics reporting unit and there were no identified impairment charges. Goodwill impairment charges of $56,160 were recorded in the nine months ended September 30, 2014 for its Metals reporting unit. There were no goodwill impairment charges recorded in the nine months ended September 30, 2015 or the three months ended September 30, 2015 and September 30, 2014, respectively.

The following table summarizes the components of intangible assets, all of which relate to the Metals reporting unit:



	September 30, 2015				December 31, 2014
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer relationships	$	114,033	$	71,740	$	116,268	$	64,922
Trade name	7,624		3,125		7,864		2,655
Total	$	121,657	$	74,865	$	124,132	$	67,577

For the three and nine months ended September 30, 2015 and 2014, the Company recorded the following aggregate amortization expense associated with intangibles:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Amortization expense	$	2,655	$	2,921	$	8,001	$	8,758

The following is a summary of the estimated annual amortization expense for 2015 and each of the next 4 years:



2015	$	10,579
2016	$	10,579
2017	$	8,556
2018	$	4,441
2019	$	4,441

- 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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