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Goodwill and Intangible Assets
3 Months Ended
Mar. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

6.

Goodwill and Intangible Assets

 

(Table only in thousands)

 

Three months ended

March 31, 2017

 

 

Year ended

December 31, 2016

 

Goodwill / Tradename

 

Goodwill

 

 

Tradename

 

 

Goodwill

 

 

Tradename

 

Beginning balance

 

$

170,153

 

 

$

22,042

 

 

$

220,163

 

 

$

26,337

 

Acquisitions and related adjustments

 

 

 

 

 

 

 

 

4,205

 

 

 

 

Impairment

 

 

 

 

 

 

 

 

(53,762

)

 

 

(4,161

)

Foreign currency translation

 

 

140

 

 

 

43

 

 

 

(453

)

 

 

(134

)

 

 

$

170,293

 

 

$

22,085

 

 

$

170,153

 

 

$

22,042

 

 

 

(Table only in thousands)

 

As of March 31, 2017

 

 

As of December 31, 2016

 

Intangible assets – finite life

 

Cost

 

 

Accum.

Amort.

 

 

Cost

 

 

Accum.

Amort.

 

Technology

 

$

15,867

 

 

$

6,913

 

 

$

15,867

 

 

$

6,360

 

Customer lists

 

 

77,497

 

 

 

28,288

 

 

 

77,497

 

 

 

26,041

 

Noncompetition agreements

 

 

1,118

 

 

 

533

 

 

 

1,118

 

 

 

478

 

Tradename

 

 

1,390

 

 

 

336

 

 

 

1,390

 

 

 

301

 

Foreign currency adjustments

 

 

(2,771

)

 

 

(875

)

 

 

(2,964

)

 

 

(1,000

)

 

 

$

93,101

 

 

$

35,195

 

 

$

92,908

 

 

$

32,180

 

 

Activity for the three months ended March 31, 2017 and 2016 is as follows:

 

 

(Table only in thousands)

 

2017

 

 

2016

 

Intangible assets – finite life, net at beginning of period

 

$

60,728

 

 

$

74,957

 

Amortization expense

 

 

(2,890

)

 

 

(3,935

)

Foreign currency adjustments

 

 

68

 

 

 

294

 

Intangible assets – finite life, net at end of period

 

$

57,906

 

 

$

71,316

 

 

Amortization expense of finite life intangible assets was $2.9 million and $3.9 million for the three-month periods ended March 31, 2017 and 2016, respectively.  Amortization over the next five years for finite life intangibles is expected to be $8.6 million for the remainder of 2017, $10.0 million in 2018, $8.8 million in 2019, $7.1 million in 2020, and $5.8 million in 2021.

The Company did not identify any triggering events during the three-month period ended March 31, 2017 that would require an interim impairment assessment of goodwill or indefinite life intangible assets, therefore there was no impairment of goodwill or indefinite life intangible assets during the three-month period ended March 31, 2017.