XML 63 R12.htm IDEA: XBRL DOCUMENT v2.4.1.9
Goodwill and Intangible Assets
3 Months Ended
Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
6. Goodwill and Intangible Assets

 

(Table only in thousands)    Three months ended
March 31, 2015
     Year ended
December 31, 2014
 

Goodwill / Tradename

   Goodwill      Tradename      Goodwill      Tradename  

Beginning balance

   $ 167,547       $ 19,766       $ 134,062       $ 18,419   

Acquisitions and related adjustments

     1,494         —          34,638         1,730   

Foreign currency translation

     (915      (301      (1,153      (383
  

 

 

    

 

 

    

 

 

    

 

 

 
$ 168,126    $ 19,465    $ 167,547    $ 19,766   
  

 

 

    

 

 

    

 

 

    

 

 

 
(Table only in thousands)    As of March 31, 2015      As of December 31, 2014  

Intangible assets – finite life

   Cost      Accum.
Amort.
     Cost      Accum.
Amort.
 

Patents

   $ 1,429       $ 1,429       $ 1,429       $ 1,427   

Employment agreements

     637         452         693         433   

Technology

     7,811         2,443         8,317         2,290   

Customer lists

     57,865         10,947         58,617         8,959   

Noncompetition agreements

     1,120         90         1,118         34   

Tradename

     1,390         58         1,390         23   
  

 

 

    

 

 

    

 

 

    

 

 

 
$ 70,252    $ 15,419    $ 71,564    $ 13,166   
  

 

 

    

 

 

    

 

 

    

 

 

 

Activity for the three months ended March 31, 2015 and 2014 is as follows:

 

(Table only in thousands)    2015      2014  

Intangible assets – finite life, net at beginning of period

   $ 58,398       $ 46,611   

Amortization expense

     (2,622      (1,838

Foreign currency adjustments

     (943      (27
  

 

 

    

 

 

 

Intangible assets – finite life, net at end of period

$ 54,833    $ 44,746   
  

 

 

    

 

 

 

Amortization expense of finite life intangible assets was $2.6 million and $1.9 million for the three-month periods ended March 31, 2015 and 2014, respectively. Amortization over the next five years for finite life intangibles is expected to be $7.9 million for the remainder of 2015, $9.2 million in 2016, $7.9 million in 2017, $6.3 million in 2018, and $5.2 million in 2019.

The Company completes an annual (or more often if circumstances require) impairment assessment of its goodwill and indefinite life intangible assets. The Company did not identify any circumstances that would require an impairment assessment of its goodwill or indefinite life intangible assets for the three months ended March 31, 2015. In performing the impairment assessments for 2014, the Company concluded that the estimated fair values of its reporting units and indefinite life intangible assets exceeded their respective carrying value and no impairment charges were recorded. The aggregate excess of fair value of certain reporting units and indefinite life intangible assets over their carrying value was not significant. Management’s projections used to estimate the undiscounted cash flows included increasing sales volumes and operational improvements designed to reduce costs. Changes in the assumptions used, including if the Company does not successfully achieve its 2015 operating plan, can materially affect the expected cash flows, and such impacts can result in material non-cash impairment charges.