GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill (net of accumulated amortization) for the years ended December 31, 2015 and 2014 are as follows:



	LCD						CDD				Total
	December 31, 2015			December 31, 2014			December 31, 2015		December 31, 2014		December 31, 2015			December 31, 2014
Balance as of January 1	$	2,988.9		$	2,912.3		$	110.5	$	110.5	$	3,099.4		$	3,022.8
Goodwill acquired during the year	161.6			81.8			2,979.5		—		3,141.1			81.8
Foreign currency impact and other adjustments to goodwill	(12.8		)	(5.2		)	—		—		(12.8		)	(5.2		)
Balance at end of year	$	3,137.7		$	2,988.9		$	3,090.0	$	110.5	$	6,227.7		$	3,099.4

As discussed in Footnote 2 (Business Acquisitions), the amount of the Acquisition goodwill has not yet been allocated to the underlying domestic and foreign subsidiaries of Covance.

The components of identifiable intangible assets are as follows:



	December 31, 2015							December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	3,132.4	$	(724.7	)	$	2,407.7	$	1,361.6	$	(606.8	)	$	754.8
Patents, licenses and technology	308.0		(146.3		)	161.7		125.9		(95.9		)	30.0
Non-compete agreements	51.0		(37.2		)	13.8		45.6		(31.7		)	13.9
Trade names	399.8		(115.4		)	284.4		133.3		(91.6		)	41.7
Favorable leases	5.5		(0.6		)	4.9		—		—			—
Canadian licenses	451.0		—			451.0		635.4		—			635.4
	$	4,347.7	$	(1,024.2	)	$	3,323.5	$	2,301.8	$	(826.0	)	$	1,475.8

A summary of amortizable intangible assets acquired during 2015, and their respective weighted average amortization periods are as follows:



	Amount		Weighted Average Amortization Period
Customer relationships	$	1,855.0	29.2
Patents, licenses and technology	41.2		10.0
Non-compete agreements	4.3		4.9
Trade names	270.5		15.0
Favorable leases	5.5		8.0
	2,176.5		27.0

Amortization of intangible assets was $164.5, $76.7 and $81.7 in 2015, 2014 and 2013, respectively. The Company recorded earn-out and purchase accounting adjustments through amortization expense of $1.7, $10.4, and $5.8 in 2015, 2014 and 2013, respectively. Amortization expense of intangible assets is estimated to be $174.4 in fiscal 2016, $167.2 in fiscal 2017, $156.0 in fiscal 2018, $149.2 in fiscal 2019, $142.4 in fiscal 2020, and $2,017.3 thereafter.

- 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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