GOODWILL AND OTHER INTANGIBLES |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLES | GOODWILL AND OTHER INTANGIBLES Goodwill and other intangible assets are presented in the tables below. The Company completed one acquisition during 2017 which resulted in the capitalization of goodwill and other intangibles. In accordance with applicable accounting guidance, the Company allocated the amount paid to the fair value of the net assets acquired, with any excess amounts recorded as goodwill. There were three acquisitions during 2016. The goodwill balance is allocated to the consolidated Company. The activity impacting goodwill in 2017 and 2016 is as follows:
The Company tests goodwill impairment annually as of September 30, 2017 using third quarter data. The results of the qualitative assessment indicated it is more likely than not that the reporting unit's fair value exceeds its carrying amount, and accordingly, the two-step impairment test was not performed. If events or changes in circumstances indicate that impairment is possible, the Company will perform additional reviews. No impairment was recorded on goodwill for 2017, 2016 and 2015. The components of other intangible assets are as follows:
Other intangible assets are amortized on a straight-line or accelerated basis over their estimated lives, which range from four to fifteen years. Amortization expense related to intangibles totaled $3.5 million in 2017, $2.9 million in 2016, and $3.6 million in 2015. The estimated aggregate future amortization expense for intangible assets remaining at year-end 2017 is as follows: 2018- $4.9 million; 2019- $4.7 million; 2020- $4.4 million; 2021- $4.2 million; 2022- $4.1 million; and thereafter- $16.0 million. For the years 2017, 2016, and 2015, no impairment charges were identified for the Company’s intangible assets. |