XML 24 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Goodwill and Intangible Assets
3 Months Ended
Mar. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

6.

Goodwill and Intangible Assets

 

 

(Table only in thousands)

 

Three months ended March 31, 2018

 

 

Year ended December 31, 2017

 

Goodwill / Tradename

 

Goodwill

 

 

Tradename

 

 

Goodwill

 

 

Tradename

 

Beginning balance

 

$

166,951

 

 

$

19,691

 

 

$

170,153

 

 

$

22,042

 

Divestitures

 

 

(14,317

)

 

 

(1,340

)

 

 

 

 

 

 

Impairment

 

 

 

 

 

 

 

 

(4,443

)

 

 

(2,725

)

Foreign currency translation

 

 

146

 

 

 

61

 

 

 

1,241

 

 

 

374

 

 

 

$

152,780

 

 

$

18,412

 

 

$

166,951

 

 

$

19,691

 

 

(Table only in thousands)

 

As of March 31, 2018

 

 

As of December 31, 2017

 

Intangible assets – finite life

 

Cost

 

 

Accum. Amort.

 

 

Cost

 

 

Accum. Amort.

 

Technology

 

$

14,457

 

 

$

8,118

 

 

$

15,867

 

 

$

8,609

 

Customer lists

 

 

72,978

 

 

 

34,421

 

 

 

77,497

 

 

 

35,024

 

Noncompetition agreements

 

 

1,118

 

 

 

753

 

 

 

1,118

 

 

 

698

 

Tradename

 

 

1,390

 

 

 

475

 

 

 

1,390

 

 

 

440

 

Foreign currency adjustments

 

 

(700

)

 

 

188

 

 

 

(1,214

)

 

 

(69

)

 

 

$

89,243

 

 

$

43,955

 

 

$

94,658

 

 

$

44,702

 

 

Activity for the three months ended March 31, 2018 and 2017 is as follows:

 

 

(Table only in thousands)

 

2018

 

 

2017

 

Intangible assets – finite life, net at beginning of period

 

$

49,956

 

 

$

60,728

 

Amortization expense

 

 

(2,555

)

 

 

(2,890

)

Divestitures

 

 

(2,372

)

 

 

 

Foreign currency adjustments

 

 

259

 

 

 

68

 

Intangible assets – finite life, net at end of period

 

$

45,288

 

 

$

57,906

 

 

Amortization expense of finite life intangible assets was $2.6 million and $2.9 million for the three-month periods ended March 31, 2018 and 2017, respectively.  Amortization over the next five years for finite life intangibles is expected to be $7.3 million for the remainder of 2018, $8.6 million in 2019, $6.9 million in 2020, $5.7 million in 2021, and $4.7 million in 2022.

Upon the realignment of the Company’s segments in the first quarter of 2018, the Company reviewed the allocation of goodwill to any new and existing reporting units who were affected by the segment realignment on a relative fair value basis and evaluated goodwill and indefinite life intangible assets for impairment. The Company did not identify any triggering events during the three-month period ended March 31, 2018 that would require an interim impairment assessment of goodwill or indefinite life intangible assets for reporting units that were unaffected by the segment realignment. The Company concluded there was no impairment of goodwill or indefinite life intangible assets during the three-month period ended March 31, 2018.