Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLES

At least annually on October 1st, and more frequently if warranted, the Company assesses it goodwill and indefinite lived intangible assets for impairment. No impairment losses were recorded for goodwill or indefinite lived intangible assets during the years ended December 31, 2016, 2015 and 2014. However, there can be no assurance that goodwill and indefinite lived intangibles will not be impaired at any time in the future.

Changes in the carrying amount of goodwill for the years ended December 31, 2016 and 2015 are as follows (in thousands):



	December 31,
	2016		2015
Balance at beginning of year	$	179,792	$	193,722
Translation adjustments	2,220		(13,930		)
Balance at end of year	$	182,012	$	179,792

The following is a summary of the Company’s intangible assets other than goodwill (in thousands):



		December 31,
	Amortization Period	2016			2015
Amortized intangible assets:
Cost:
Customer relationships	10 years	$	41,419		$	41,142
Internally developed software	7 years	6,925			6,718
		48,344			47,860
Accumulated amortization:
Customer relationships		(40,901		)	(36,514		)
Internally developed software		(6,925		)	(6,718		)
		(47,826		)	(43,232		)
Net book value		518			4,628
Indefinite-lived intangible assets:
Trade names		900			900
Total intangible assets at net book value		$	1,418		$	5,528

The Company’s trade name assets were determined to have indefinite lives due to the length of time the trade names have been in place. The Company’s current intentions are to maintain the trade names indefinitely. All other intangible assets are amortized on a straight-line basis over their expected useful lives. As of December 31, 2016, customer relationships, which have an amortization period of 10 years, were the only intangible assets remaining to be amortized.

Amortization expense for the Company’s intangible assets was $4.2 million during each of the years ended December 31, 2016 and 2015 and $4.5 million during the year ended December 31, 2014. Estimated future amortization expense of $0.5 million will occur in fiscal year 2017.

The Company evaluates the remaining useful life of these intangible assets on an annual basis. The Company also reviews the assets for recoverability when events or changes in circumstances indicate the carrying values may not be recoverable.

- 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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