Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Definite Lived Intangible Assets



(Dollars in thousands)	September 30, 2014						December 31, 2013
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks and patents	$	1,071	$	356	$	715	$	1,075	$	303	$	772
Technology	35,124		15,487		19,637		37,825		13,340		24,485
Covenant-not-to-compete	1,051		794		257		1,056		628		428
Customer relationships	19,860		4,212		15,648		21,280		3,235		18,045
Total definite lived intangible assets	$	57,106	$	20,849	$	36,257	$	61,236	$	17,506	$	43,730

Gross carrying amounts and accumulated amortization may differ from prior periods due to foreign exchange rate fluctuations.

Amortization expense for the three and nine month periods ended September 30, 2014 was approximately $1.5 million and $4.7 million, respectively. Amortization expense for the three and nine month periods ended September 30, 2013 was approximately $1.5 million and $4.4 million, respectively. The estimated annual future amortization expense is $1.4 million, $5.5 million, $5.0 million, $4.6 million and $4.1 million for the remainder of 2014, 2015, 2016, 2017 and 2018, respectively. These amounts could vary based on changes in foreign currency exchange rates.

The weighted average amortization period as of September 30, 2014, by intangible asset class, is presented in the table below:



Intangible Asset Class		Weighted Average Amortization Period
Trademarks and patents		7.4
Technology		4.5
Covenant not-to-compete		1.8
Customer relationships		7.2
Total other intangible assets		5.7

Approximately $5.3 million of indefinite-lived intangible assets comprised of trademarks were acquired from the acquisition of Curamik. These assets are assessed for impairment annually or when changes in circumstances indicated that the carrying values may be recoverable. The definite-lived intangibles are amortized using a fair value methodology that is based on the projected economic use of the related underlying asset.

Goodwill

The changes in the carrying amount of goodwill for the nine month period ending September 30, 2014, by reportable segment, is as follows:



(Dollars in thousands)	High Performance Foams			Printed Circuit Materials		Power Electronics Solutions			Other		Total
December 31, 2013	$	24,205		$	—	$	82,242		$	2,224	$	108,671
Foreign currency translation adjustment	(86		)	—		(6,909		)	—		(6,995		)
September 30, 2014	$	24,119		$	—	$	75,333		$	2,224	$	101,676

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References+ Details