Goodwill and Identifiable Intangible Assets, Net

12 Months Ended

Dec. 31, 2016

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets, Net

NOTE 8—GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET

The following table reflects the activity associated with goodwill during the years ended December 31, 2016 and 2015:

(In millions)	RANA			RAEU			Total
Balance, December 31, 2014	$	—		$	—		$	—
Acquisition of Real Alloy		95.4			9.2			104.6
Currency translation adjustments		—			(0.3	)		(0.3	)
Balance, December 31, 2015		95.4			8.9			104.3
Impairment		(61.8	)		—			(61.8	)
Currency translation adjustments		—			(0.3	)		(0.3	)
Balance, December 31, 2016	$	33.6		$	8.6		$	42.2

Identifiable intangible assets consisted of the following as of December 31, 2016 and 2015:

	December 31,
(In millions)	2016			2015
Customer relationships	$	17.0		$	17.0
Product formulations		—			0.2
Accumulated amortization		(4.5	)		(2.1	)
Identifiable intangible assets, net	$	12.5		$	15.1

As a result of RANA’s margin performance in the second half of 2016, and the year over year reduction in volume, the Company took a $61.8 million goodwill impairment charge in 2016.

The following table presents the estimated amortization of identifiable intangible assets in future periods:

(In millions)
2017	$	2.4
2018		2.4
2019		2.4
2020		2.4
2021		2.4
Thereafter		0.5
Amortization of identifiable intangible assets	$	12.5

- 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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