Goodwill and Other Intangible Assets

6 Months Ended

Jul. 02, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

5. GOODWILL AND OTHER INTANGIBLE ASSETS: The change in the net carrying amount of goodwill for the six months ended July 2, 2016, by segment is as follows (in thousands):

	Steel Mills		Steel Products		Raw Materials		Total
Balance at December 31, 2015	$	590,634	$	691,067	$	729,577	$	2,011,278
Translation		—		19,273		—		19,273
Balance at July 2, 2016	$	590,634	$	710,340	$	729,577	$	2,030,551

Nucor completed its most recent annual goodwill impairment testing during the fourth quarter of 2015 and concluded that there was no impairment of goodwill for any of its reporting units. There have been no triggering events requiring an interim assessment for impairment since the most recent annual impairment testing date.

Intangible assets with estimated useful lives of 5 to 22 years are amortized on a straight-line or accelerated basis and are comprised of the following (in thousands):

	July 2, 2016				December 31, 2015
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Customer relationships	$	1,190,075	$	547,927	$	1,185,299	$	517,817
Trademarks and trade names		156,782		62,514		155,864		57,756
Other		23,034		18,662		23,025		17,943
	$	1,369,891	$	629,103	$	1,364,188	$	593,516

Intangible asset amortization expense for the second quarter of 2016 and 2015 was $17.5 million and $18.2 million, respectively, and was $35.6 million and $36.9 million in the first six months of 2016 and 2015, respectively. Annual amortization expense is estimated to be $69.9 million in 2016; $68.8 million in 2017; $65.9 million in 2018; $63.4 million in 2019; and $61.0 million in 2020.