Goodwill, Other Intangible Assets, And Deferred Charges

6 Months Ended

Jun. 30, 2015

Goodwill, Other Intangible Assets, And Deferred Charges [Abstract]

Goodwill, Other Intangible Assets, And Deferred Charges

NOTE 6 – GOODWILL, OTHER INTANGIBLE ASSETS, AND DEFERRED CHARGES

During the second quarter of 2015, the Company adopted ASU 2015-3 and, as a result, reclassified approximately $3.2 million and $2.9 million of deferred debt issuance costs from Deferred Charges, Net of Accumulated Amortization to offset against Long-Term Debt on our condensed consolidated balance sheets as of June 30, 2015 and December 31, 2014, respectively. Amortization expense related to these charges was $0.2 million and $0.1 million for the three months ended June 30, 2015 and 2014, respectively, and $0.4 million and $0.3 million for the six months ended June 30, 2015 and 2014, respectively.

Amortization expense for intangible assets was approximately $0.7 million and $1.0 million for the three months ended June 30, 2015 and 2014, respectively, and $1.3 million and $2.1 million for the six months ended June 30, 2015 and 2014, respectively. Amortization expense for deferred charges was approximately $3.8 million and $4.5 million for the three months ended June 30, 2015 and 2014, respectively, and $8.4 million and $8.6 million for the six months ended June 30, 2015 and 2014, respectively. The following table presents the rollforward of goodwill, other intangible assets, and deferred charges for the six months ended June 30, 2015:



(All Amounts in Thousands)			Balance at										Balance at
	Amortization		December 31,		Cash						Non-Cash		June 30,
	Period		2014		Additions		Disposals		Amortization		Reclassifications		2015
Indefinite Life Intangibles
Goodwill		$	2,735	$	-	$	-	$	-	$	-	$	2,735
Total Indefinite Life Intangibles		$	2,735	$	-	$	-	$	-	$	-	$	2,735

Definite Life Intangibles
Trade names - FSI	240 months	$	57	$	-	$	-	$	(2)	$	-	$	55
Trade names - UOS	144 months		1,357		-		-		(68)		-		1,289
Customer Relationships - FSI	240 months		375		-		-		(10)		-		365
Customer Relationships - UOS	144 months		23,253		-		-		(1,173)		-		22,080
Total Definite Life Intangibles		$	25,042	$	-	$	-	$	(1,253)	$	-	$	23,789

Deferred Charges
Drydocking Costs	various	$	25,238	$	9,285	$	(2,080)	$	(8,282)	$	2,579	$	26,740
Other Deferred Charges	various		549		195		-		(101)		77		720
Total Deferred Charges		$	25,787	$	9,480	$	(2,080)	$	(8,383)	$	2,656	$	27,460

- 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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