GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

3. GOODWILL AND INTANGIBLE ASSETS

Goodwill

The following table sets forth the changes in the carrying value of goodwill:



	Year Ended December 31,
	2017		2016
	(In thousands)
Beginning balance January 1	$	1,730,950	$	1,681,662
Foreign currency exchange rate changes	40,927		21,434
Adjustments to goodwill for acquisitions ⁽¹⁾	—		17,618
Prior period revision (Note 2)	—		10,236
Ending balance December 31	$	1,771,877	$	1,730,950


⁽¹⁾	For the year ended December 31, 2016, adjustments relate to goodwill resulting from the preliminary allocation of the purchase price for Atlanta Electrical Distributors, LLC to the respective assets acquired and liabilities assumed, partially offset by an adjustment to goodwill related to deferred income taxes.

Intangible Assets

The components of intangible assets are as follows:



		December 31, 2017							December 31, 2016
	Life	Gross Carrying Amount ⁽¹⁾		Accumulated Amortization ⁽¹⁾			Net Carrying Amount		Gross Carrying Amount ⁽¹⁾		Accumulated Amortization ⁽¹⁾			Net Carrying Amount
		(In thousands)
Intangible assets:
Trademarks	Indefinite	$	100,249	$	—		$	100,249	$	96,962	$	—		$	96,962
Trademarks	4-15	25,118		(5,516		)	19,602		25,098		(3,426		)	21,672
Non-compete agreements	2-7	196		(102		)	94		196		(63		)	133
Customer relationships	2-20	377,270		(161,711		)	215,559		362,637		(126,835		)	235,802
Distribution agreements	10-19	39,515		(22,200		)	17,315		38,972		(19,295		)	19,677
Patents	10	48,310		(34,025		)	14,285		48,310		(29,194		)	19,116
		$	590,658	$	(223,554	)	$	367,104	$	572,175	$	(178,813	)	$	393,362


⁽¹⁾	Excludes the original cost and accumulated amortization of fully-amortized intangible assets.

Amortization expense related to intangible assets totaled $37.8 million, $39.1 million and $36.9 million for the years ended December 31, 2017, 2016 and 2015, respectively.

The following table sets forth the estimated amortization expense for intangible assets for the next five years:



For the year ending December 31,	(In thousands)
2018	$	37,848
2019	36,549
2020	34,621
2021	26,930
2022	24,350

- 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.

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