INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2016

NOTE 6 – INTANGIBLE ASSETS

The Company had goodwill in the amount of $444,083 and $383,906 as of September 30, 2016 and December 31, 2015, respectively, subject to the provisions of ASC 350, “Intangibles-Goodwill and Other.”

Goodwill at January 1, 2016	$	383,906
Goodwill as a result of the Acquisition of Albion International, Inc. – see Note 2		60,177
Goodwill at September 30, 2016	$	444,083

There was a $1,307 reduction in the carrying amount of goodwill during the three months ended September 30, 2016, as a result of changes to the fair value of assets acquired and liabilities assumed (See Note 2).

	September 30, 2016		December 31, 2015
Human Nutrition & Health	$	406,964	$	363,784
Animal Nutrition & Health		11,734		11,734
Specialty Products		24,157		7,160
Industrial Products		1,228		1,228
Total	$	444,083	$	383,906

Identifiable intangible assets with finite lives at September 30, 2016 and December 31, 2015 are summarized as follows:

	Amortization Period (in years)		Gross Carrying Amount at 9/30/16		Accumulated Amortization at 9/30/16		Gross Carrying Amount at 12/31/15		Accumulated Amortization at 12/31/15
Customer relationships & lists		10	$	185,885	$	80,604	$	167,442	$	63,578
Trademarks & trade names		17		39,241		8,363		32,014		5,704
Developed technology		5		12,260		2,746		3,200		1,057
Other		5-17		12,532		3,363		5,102		2,508
			$	249,918	$	95,076	$	207,758	$	72,847

Amortization of identifiable intangible assets was approximately $22,225 for the nine months ended September 30, 2016. Assuming no change in the gross carrying value of identifiable intangible assets, the estimated amortization expense for the remainder of 2016 is $7,600, approximately $26,140 for 2017, $23,620 for 2018, $21,590 for 2019, $19,615 for 2020 and $16,455 for 2021. At September 30, 2016, there were no identifiable intangible assets with indefinite useful lives as defined by ASC 350. Identifiable intangible assets are reflected in “Intangible assets with finite lives, net” in the Company’s condensed consolidated balance sheets. There were no changes to the useful lives of intangible assets subject to amortization during the nine months ended September 30, 2016.