GOODWILL

12 Months Ended

Dec. 31, 2017

GOODWILL

GOODWILL

NOTE 11 — GOODWILL

The changes in goodwill are as follows:

	Goodwill		Accumulated impairment losses		Goodwill after Impairment losses
Balance as of January 1, 2015	12,834,998		(278,594	)	12,556,404
(+/-) Foreign exchange effect	5,264,188		(167,679	)	5,096,509
(-) Impairment (note 28)	—		(2,528,483	)	(2,528,483	)
Balance as of December 31, 2015	18,099,186		(2,974,756	)	15,124,430
(+/-) Foreign exchange effect	(2,645,368	)	63,516		(2,581,852	)
(-) Impairment (note 28)	—		(2,678,582	)	(2,678,582	)
(-) Effect of selling of subsidiary	(393,980	)	—		(393,980	)
Balance as of December 31, 2016	15,059,838		(5,589,822	)	9,470,016
(+/-) Foreign exchange effect	242,510		(169,979	)	72,531
(-) Impairment (note 28)	—		(849,438	)	(849,438	)
(-) Assets held for sale (note 3.4)	(801,967	)	—		(801,967	)
Balance as of December 31, 2017	14,500,381		(6,609,239	)	7,891,142

The amounts of goodwill by segment are as follows:

	2017	2016	2015
Brazil	373,135	380,644	519,327
Special Steel	2,487,364	2,508,056	3,409,429
North America	5,030,643	6,581,316	11,195,674
	7,891,142	9,470,016	15,124,430