Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in carrying amounts of goodwill during the years ended December 31, 2013 and 2012 were as follows:



	2013								2012
	Metals Segment			Plastics Segment		Total			Metals Segment			Plastics Segment		Total
Balance as of January 1
Goodwill	$	117,544		$	12,973	$	130,517		$	117,145		$	12,973	$	130,118
Accumulated impairment losses	(60,217		)	—		(60,217		)	(60,217		)	—		(60,217		)
	57,327			12,973		70,300			56,928			12,973		69,901
Currency valuation	(1,011		)	—		(1,011		)	399			—		399
Balance as of December 31
Goodwill	116,533			12,973		129,506			117,544			12,973		130,517
Accumulated impairment losses	(60,217		)	—		(60,217		)	(60,217		)	—		(60,217		)
	$	56,316		$	12,973	$	69,289		$	57,327		$	12,973	$	70,300

The Company tests goodwill for impairment at the reporting unit level on an annual basis and more often if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company assesses, at least quarterly, whether any triggering events have occurred.

During the fourth quarter of fiscal year 2013, the Company changed its goodwill testing date for both reporting units from January 1 to December 1. During fiscal year 2013, the annual impairment test was performed at January 1, 2013 and December 1, 2013, with no identified impairment charges. The Company's year-to-date operating results, among other factors, are considered in determining whether it is more likely than not that the fair value for either reporting unit has declined below its carrying value, which would require the Company to perform an interim goodwill impairment test. A recession or economic declines in specific industries could change management's expectations of future financial results and/or key valuation assumptions used in determining the fair-value of its reporting units, which could result in a goodwill impairment.

The following summarizes the components of the Company's intangible assets at December 31, 2013 and 2012:



	2013				2012
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer relationships	$	117,794	$	55,157	$	119,118	$	45,317
Non-compete agreements	3,888		3,569		3,888		3,235
Trade names	8,025		1,939		8,297		1,188
Developed technology	1,400		953		1,400		486
Total	$	131,107	$	61,618	$	132,703	$	50,226

The weighted-average amortization period for the intangible assets is 10.8 years, 11.3 years for customer relationships, 9.6 years for trade names, 3 years for non-compete agreements and 3 years for developed technology. Substantially all of the Company’s intangible assets were acquired as part of the acquisitions of Transtar on September 5, 2006 and Tube Supply on December 15, 2011.

For the years ended December 31, 2013, 2012, and 2011, the aggregate amortization expense was $11,791, $11,843 and $6,867, respectively.

The following is a summary of the estimated annual amortization expense for each of the next 5 years:



2014	$	11,700
2015	10,933
2016	10,933
2017	8,910
2018	4,790

- 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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