Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2016

Goodwill and Other Intangible Assets

Note 10—Goodwill and Other Intangible Assets

The changes in the carrying amount of Goodwill, net for the three months ended March 31, 2016 were as follows:


	Construction		Interconnect		Fluid		Brake and		FoodService
(in millions)	Materials		Technologies		Technologies		Friction		Products		Total
Gross balance at January 1, 2016	$	118.7	$	555.4	$	173.4	$	226.6	$	60.3	$	1,134.4
Goodwill acquired during year (1)		-		-		2.2		-		-		2.2
Measurement period adjustments		-		-		(0.3)		-		-		(0.3)
Currency translation		1.9		-		0.6		-		-		2.5
Net balance at March 31, 2016	$	120.6	$	555.4	$	175.9	$	226.6	$	60.3	$	1,138.8

(1)

See Note 3 for further information on goodwill resulting from recent acquisitions.

The Company’s Other intangible assets, net at March 31, 2016, were as follows:


	Acquired		Accumulated		Net Book
(in millions)	Cost		Amortization		Value
Assets subject to amortization:
Intellectual property	$	189.2	$	(59.7)	$	129.5
Customer relationships		677.4		(171.6)		505.8
Other		13.6		(10.8)		2.8
Assets not subject to amortization:
Trade names		250.0		-		250.0
Other intangible assets, net	$	1,130.2	$	(242.1)	$	888.1

The Company’s Other intangible assets, net at December 31, 2015, were as follows:


	Acquired		Accumulated		Net Book
(in millions)	Cost		Amortization		Value
Assets subject to amortization:
Intellectual property	$	180.7	$	(55.0)	$	125.7
Customer relationships		673.9		(160.5)		513.4
Other		13.5		(10.6)		2.9
Assets not subject to amortization:
Trade names		245.8		-		245.8
Other intangible assets, net	$	1,113.9	$	(226.1)	$	887.8

Estimated amortization expense for the remainder of 2016 and the next four years is as follows: $45.0 million remaining in 2016, $59.3 million in 2017, $59.2 million in 2018, $59.2 million in 2019, and $56.0 million in 2020.

The net carrying values of the Company’s Other intangible assets by reportable segment were as follows:


	March 31,		December 31,
(in millions)	2016		2015

Carlisle Construction Materials	$	62.0	$	60.9
Carlisle Interconnect Technologies		350.0		357.3
Carlisle Fluid Technologies		334.0		325.3
Carlisle Brake & Friction		115.6		117.2
Carlisle FoodService Products		26.5		27.1
Total	$	888.1	$	887.8

- 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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