Goodwill and Intangible Assets (Notes)

9 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Intangible Assets

Goodwill

The following table represents the changes in goodwill by segment:



	Energy & Chemicals		Distribution & Storage		BioMedical			Total
Balance at December 31, 2016	$	27,873	$	165,520	$	24,577		$	217,970
Foreign currency translation adjustments and other	—		2,214		(104		)	2,110
Goodwill acquired during the year	236,246		1,155		—			237,401
Balance at September 30, 2017	$	264,119	$	168,889	$	24,473		$	457,481

Accumulated goodwill impairment loss at September 30, 2017 and December 31, 2016	$	64,603	$	—	$	131,243		$	195,846

Intangible Assets

The following table displays the gross carrying amount and accumulated amortization for finite-lived intangible assets and indefinite-lived intangible assets (exclusive of goodwill)^{(1) (2)}:



		September 30, 2017					December 31, 2016
	Weighted-average Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets:
Customer relationships	12 years	$	233,208	$	(83,596	)	$	119,320	$	(81,614	)
Unpatented technology	12 years	27,686		(3,836		)	8,186		(3,132		)
Land use rights	50 years	13,222		(1,097		)	12,650		(860		)
Trademarks and trade names	14 years	5,517		(2,767		)	4,918		(2,198		)
Patents and other	6 years	2,878		(502		)	1,235		(695		)
Total finite-lived intangible assets	14 years	$	282,511	$	(91,798	)	$	146,309	$	(88,499	)
Indefinite-lived intangible assets:
Trademarks and trade names		$	108,165	—			$	35,633	—
Total intangible assets		$	390,676	$	(91,798	)	$	181,942	$	(88,499	)

_______________


⁽¹⁾	Amounts include the impact of foreign currency translation. Fully amortized amounts are written off.


⁽²⁾	The Company amortizes certain identifiable intangible assets primarily on a straight-line basis over their estimated useful lives, which range from one to 50 years.

Expense for intangible assets subject to amortization was $3,240 and $2,912 for the three months ended September 30, 2017 and 2016, respectively, and $9,301 and $9,156 for the nine months ended September 30, 2017 and 2016, respectively. The Company estimates future amortization expense for its current finite-lived intangible assets as follows:



For the Year Ending December 31,
2017	$	15,700
2018	24,400
2019	24,100
2020	22,200
2021	16,100

Government Grants

The Company received $407 in government grants during the first nine months of 2017. The government grants are related to property, plant, and equipment and land use rights related to expansion in China. The grants are recorded in other current liabilities and other long-term liabilities in the condensed consolidated balance sheets and recognized into income over the useful life of the associated assets (10 to 50 years).

Government grants at September 30, 2017 and December 31, 2016 are as follows:



	September 30, 2017		December 31, 2016
Current	$	481	$	446
Long-term	8,378		8,153
Total government grants	$	8,859	$	8,599

- 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