Goodwill and Intangible Assets

The Company is required to test for impairment on at least an annual basis. In addition, the Company tests for impairment whenever events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying amount. Such events may include, but are not limited to, significant changes in economic and competitive conditions, the impact of the economic environment on the Company's customer base or its businesses, or a material negative change in its relationships with significant customers. The Company conducts its annual impairment assessment as of October 1. Refer to Note 3 regarding assessment of fair value of our Lawn and Garden Segment as of September 30, 2014.

The carrying amount of goodwill at January 1, 2014 reflects our new reportable segments, more fully described in Note 15. The change in goodwill for the nine months ended September 30, 2014 was as follows:



Segment	Balance at January 1, 2014		Acquisitions		Foreign Currency Translation			Balance at September 30, 2014
Material Handling	$	50,570	$	21,003	$	(1,875	)	$	69,698
Distribution	505		—		—			505
	$	51,075	$	21,003	$	(1,875	)	$	70,203

Intangible assets other than goodwill primarily consist of trade names, customer relationships, patents, and technology assets established in connection with acquisitions. These intangible assets, other than certain trade names, are amortized over their estimated useful lives. The Company has indefinite lived trade names which had a carrying value of $11.4 million and $2.5 million at September 30, 2014 and December 31, 2013, respectively. The estimated annual amortization expense for intangible assets with finite lives is $6.6 million for 2014, $10.6 million in 2015; $10.5 million in 2016; $9.5 million in 2017, $9.0 million in 2018 and $8.6 million in 2019.

Myers Industries, Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except where otherwise indicated)

Intangible assets at September 30, 2014 and December 31, 2013 consisted of the following:



		September 30, 2014							December 31, 2013
	Weighted Average Useful Life (years)	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Trade Names	5.6	$	11,640	$	(102	)	$	11,538	$	2,789	$	(78	)	$	2,711
Customer Relationships	5.4	42,290		(6,479		)	35,811		7,968		(4,515		)	3,453
Technology	9.3	27,746		(1,885		)	25,861		5,502		(918		)	4,584
Patents	2.4	10,900		(8,266		)	2,634		10,900		(7,448		)	3,452
Non-Compete	1.4	150		(148		)	2		150		(95		)	55
		$	92,726	$	(16,880	)	$	75,846	$	27,309	$	(13,054	)	$	14,255