XML 23 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
 
Goodwill:

The Company tests its goodwill for impairment annually in the fourth quarter, and whenever events or changes in circumstances indicate that the carrying value may exceed its fair value.

The changes in the carrying amount of goodwill by segment as of and for the nine months ended September 30, 2018 were as follows:
 
 
December 31,
2017
 
Currency
translation adjustments
 
Additions
 
September 30, 2018
In thousands
 
 
 
 
Performance Materials
 
$
13,307

 
$
(142
)
 
$
130,980

 
$
144,145

Technical Nonwovens
 
55,662

 
(1,574
)
 
—

 
54,088

Total goodwill
 
$
68,969

 
$
(1,716
)
 
$
130,980

 
$
198,233



The additional goodwill of $131.0 million within the Performance Materials segment results from the two acquisitions completed in the third quarter of 2018. The Interface acquisition accounted for $130.5 million of the $131.0 million increase. The amount allocated to goodwill is reflective of the benefits the Company expects to realize from the expansion of the Company's engineered materials offering, new product development and Interface's assembled workforce. None of the goodwill associated with the Interface acquisition is expected to be deductible for income tax purposes.

Other Intangible Assets:
 
The table below presents the gross carrying amount and, as applicable, the accumulated amortization of the Company’s acquired intangible assets other than goodwill included in “Other intangible assets, net” in the Condensed Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017:
 
 
September 30, 2018
 
December 31, 2017
In thousands
 
Gross Carrying Amount
 
Accumulated Amortization
 
Gross Carrying Amount
 
Accumulated Amortization
Amortized intangible assets
 
 

 
 

 
 

 
 

Customer Relationships
 
$
143,651

 
$
(8,538
)
 
$
39,474

 
$
(4,460
)
Patents
 
4,376

 
(3,796
)
 
4,504

 
(3,821
)
Technology
 
2,500

 
(769
)
 
2,500

 
(644
)
Trade Names
 
7,368

 
(2,263
)
 
4,288

 
(1,461
)
License Agreements
 
625

 
(625
)
 
640

 
(640
)
Other
 
564

 
(423
)
 
586

 
(423
)
Total amortized intangible assets
 
$
159,084

 
$
(16,414
)
 
$
51,992

 
$
(11,449
)


In connection with the acquisition of Interface on August 31, 2018, the Company recorded intangible assets of $107.8 million, which included $104.6 million of customer relationships and $3.2 million of trade names. The average useful lives of the acquired assets were 13 years and 3 years, respectively.