GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the two years ended December 31, 2015 and 2014, were as follows (amounts in thousands):



	Agricultural Segment			Earthmoving/ Construction Segment			Consumer Segment			Total
Balance at January 1, 2014	$	24,540		$	14,898		$	2,637		$	42,075
Noncash goodwill impairment charge	(20,599		)	(13,971		)	(2,001		)	(36,571		)
Foreign currency translation	(3,941		)	(927		)	(636		)	(5,504		)
Balance at December 31, 2014	—			—			—			—
Foreign currency translation										—
Balance at December 31, 2015	$	—		$	—		$	—		$	—

In the fourth quarter of 2014, the recoverability of all goodwill was evaluated by estimating future discounted cash flows. The Company recorded a non-cash charge for the impairment of goodwill in the amount of $36.6 million on both a pre-tax and after-tax basis. The charge included $11.4 million of earthmoving/construction goodwill related to the acquisition of Titan Australia; $9.6 million of agricultural goodwill related to the acquisition of the Latin America farm tire business; and $15.6 million of goodwill related to the acquisition of Voltyre-Prom. The Voltyre-Prom goodwill included $11.0 million in the agricultural segment, $2.6 million in the earthmoving/construction segment, and $2.0 million in the consumer segment.

The key factor leading to the impairment of the Australia goodwill was the continued downturn in the mining industry. During 2014, the price of iron ore declined over 40%. The extended downturn led to changes in assumptions regarding future cash flows which culminated in the goodwill impairment.

The key factors leading to the impairment of the Voltyre-Prom goodwill were the changes in the political and economic factors which occurred in Russia during 2014. The changes, including devaluation of the Russian ruble and increases in interest rates, accelerated in the fourth quarter of 2014 which led to changes in assumptions regarding future cash flows which resulted in goodwill impairment. The key factors leading to the impairment of the Latin American goodwill were a softening of the agricultural tire market and the Brazilian economy as a whole. The slowdown, which began in the third quarter, accelerated in the fourth quarter. As a result of the slowdown there was competitive pricing pressure impacting both sales and profits. These changes led to changes in assumptions regarding future cash flows which resulted in goodwill impairment.

As a result of the Australian and Voltyre-Prom goodwill impairment and the contributing factors, the Company tested the Australian and Voltyre-Prom intangibles for impairment during the fourth quarter of 2014. The Australian intangibles totaled $12.8 million at December 31, 2014, and consist primarily of customer relationships. The Voltyre-Prom intangibles totaled $8.0 million at December 31, 2014, and consist of trademarks. No impairment was indicated.

As a result of the continued downturn in the mining industry through 2015, the Company retested the Australian intangibles for impairment during the fourth quarter of 2015. The Australian intangibles totaled $10.1 million at December 31, 2015, and consist primarily of customer relationships. No impairment was indicated.

The components of intangible assets for the two years ended December 31, 2015 and 2014, were as follows (amounts in thousands):



	Weighted- Average Useful Lives (in Years)	2015		2014
Amortizable intangible assets:
Customer relationships	11.7	13,413		14,958
Patents, trademarks and other	8.9	13,237		15,907
Total at cost		26,650		30,865
Less accumulated amortization		(8,852	)	(7,176	)
		17,798		23,689

Amortization related to intangible assets for the years 2015, 2014 and 2013 totaled $3.0 million, $4.4 million, and $3.0 million, respectively. The decrease in cost from 2014 is primarily related to foreign currency translation of $3.2 million.

The estimated aggregate amortization expense at December 31, 2015, is as follows (amounts in thousands):



2016	$	2,143
2017	1,970
2018	1,970
2019	1,970
2020	1,970
Thereafter	7,775
	$	17,798