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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets |
8) | Goodwill and Intangible Assets
Goodwill The Company’s methodology for allocating the purchase price relating to purchase acquisitions is determined through established and generally accepted valuation techniques. Goodwill is measured as the excess of the cost of the acquisition over the sum of the amounts assigned to tangible and identifiable intangible assets acquired less liabilities assumed. The Company assigns assets acquired (including goodwill) and liabilities assumed to one or more reporting units as of the date of acquisition. Typically acquisitions relate to a single reporting unit and thus do not require the allocation of goodwill to multiple reporting units. If the products obtained in an acquisition are assigned to multiple reporting units, the goodwill is distributed to the respective reporting units as part of the purchase price allocation process. Goodwill and purchased intangible assets with indefinite useful lives are not amortized, but are reviewed for impairment annually during the fourth quarter of each fiscal year and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The process of evaluating the potential impairment of goodwill and intangible assets requires significant judgment. The Company regularly monitors current business conditions and other factors including, but not limited to, adverse industry or economic trends, restructuring actions and lower projections of profitability that may impact future operating results. The changes in the carrying amount of goodwill and accumulated impairment (loss) during the nine months ended September 30, 2017 and year ended December 31, 2016 were as follows:
|  | Nine Months Ended September 30, 2017 |  |  | Twelve Months Ended December 31, 2016 |
|  | Gross Carrying Amount |  |  | Accumulated Impairment (Loss) |  |  | Net |  |  | Gross Carrying Amount |  |  | Accumulated Impairment (Loss) |  |  | Net |
Beginning balance at January 1 |  | $ | 727,999 |  |  | $ | (139,414 | ) |  | $ | 588,585 |  |  | $ | 339,117 |  |  | $ | (139,414 | ) |  | $ | 199,703 |
Acquired goodwill(1) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 396,027 |  |  |  | — |  |  |  | 396,027 |
Sale of business(2) |  |  | (3,115 | ) |  |  | — |  |  |  | (3,115 | ) |  |  | — |  |  |  | — |  |  |  | — |
Impairment loss(3) |  |  | — |  |  |  | (4,862 | ) |  |  | (4,862 | ) |  |  | — |  |  |  | — |  |  |  | — |
Foreign currency translation |  |  | 8,491 |  |  |  | — |  |  |  | 8,491 |  |  |  | (7,145 | ) |  |  | — |  |  |  | (7,145 | )
Ending balance at September 30, 2017 and December 31, 2016 |  | $ | 733,375 |  |  | $ | (144,276 | ) |  | $ | 589,099 |  |  | $ | 727,999 |  |  | $ | (139,414 | ) |  | $ | 588,585 |
(1) | During 2016, the Company recorded $396,027 of goodwill related to the Newport Merger.
(2) | In 2017, the Company sold its Data Analytics business and, as a result, charged the related goodwill of $3,115 to the gain on sale of business.
(3) | In 2017, the Company recorded an impairment loss of $4,862 related to the write-off of goodwill during the nine months ended September 30, 2017, related to the discontinuation of a product line and consolidation of two manufacturing plants.
Intangible Assets Components of the Company’s intangible assets are comprised of the following:
As of September 30, 2017: |  | Gross |  |  | Impairment Charges(1) |  |  | Accumulated Amortization |  |  | Foreign Currency Translation |  |  | Net |
Completed technology |  | $ | 176,586 |  |  | $ | (105 | ) |  | $ | (114,095 | ) |  | $ | 49 |  |  | $ | 62,435 |
Customer relationships |  |  | 285,044 |  |  |  | (1,406 | ) |  |  | (43,397 | ) |  |  | 832 |  |  |  | 241,073 |
Patents, trademarks, trade names and other |  |  | 111,723 |  |  |  | — |  |  |  | (38,855 | ) |  |  | (42 | ) |  |  | 72,826 |
|  | $ | 573,353 |  |  | $ | (1,511 | ) |  | $ | (196,347 | ) |  | $ | 839 |  |  | $ | 376,334 |
(1) | In 2017, the Company recorded impairment charges of $1,511 related to the write-off of intangible assets during the nine months ended September 30, 2017, related to the discontinuation of a product line and consolidation of two manufacturing plants.
As of December 31, 2016: |  | Gross |  |  | Impairment Charges |  |  | Accumulated Amortization |  |  | Foreign Currency Translation |  |  | Net |
Completed technology(1) |  | $ | 176,586 |  |  | $ | — |  |  | $ | (97,707 | ) |  | $ | (1,068 | ) |  | $ | 77,811 |
Customer relationships(1) |  |  | 285,044 |  |  |  | — |  |  |  | (29,709 | ) |  |  | (3,404 | ) |  |  | 251,931 |
Patents, trademarks, trade names and other(1) |  |  | 111,723 |  |  |  | — |  |  |  | (33,397 | ) |  |  | (64 | ) |  |  | 78,262 |
|  | $ | 573,353 |  |  | $ | — |  |  | $ | (160,813 | ) |  | $ | (4,536 | ) |  | $ | 408,004 |
(1) | During 2016, the Company recorded $404,506 of separately identified intangible assets related to the Newport Merger, of which $75,386 was completed technology, $247,793 was customer relationships and $81,327 was patents, trademarks, trade names, in-process research and development and other. During 2016, the Company also recorded $4,302 of unfavorable lease commitments, which is recorded in other liabilities in the balance sheet.
Aggregate amortization expense related to acquired intangibles for the nine months ended September 30, 2017 and 2016 was $34,946 and $22,990, respectively. The amortization expense for the nine months ended September 30, 2017, was net of $588 amortization income from unfavorable lease commitments. Aggregate net amortization expense related to acquired intangible assets and unfavorable lease commitments for future years is as follows:
Year |  | Amount |
2017 (remaining) |  | $ | 10,767 |
2018 |  |  | 43,273 |
2019 |  |  | 40,160 |
2020 |  |  | 28,115 |
2021 |  |  | 20,302 |
2022 |  |  | 17,621 |
Thereafter |  |  | 157,010 |

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- 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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