INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2015

NOTE 6 – INTANGIBLE ASSETS

The Company had goodwill in the amount of $383,906 as of June 30, 2015 and December 31, 2014 subject to the provisions of ASC 350, “Intangibles-Goodwill and Other.”

As discussed in Note 10 – Segment Information, during the first quarter of fiscal year 2015, information that our chief operating decision maker regularly reviews for purposes of allocating resources and assessing performance changed, and as a result, the Company changed its communication to external investors. We allocated goodwill to our new reporting units using a relative fair value approach.

	June 30, 2015		December 31, 2014
SensoryEffects	$	363,784	$	383,784
Animal Nutrition and Health		11,734		11,734
Specialty Products		7,160		7,160
Industrial Products		1,228		1,228
Total	$	383,906	$	383,906

Identifiable intangible assets with finite lives at June 30, 2015 and December 31, 2014 are summarized as follows:

	Amortization Period (in years)		Gross Carrying Amount at 6/30/15		Accumulated Amortization at 6/30/15		Gross Carrying Amount at 12/31/14		Accumulated Amortization at 12/31/14
Customer relationships & lists		10	$	167,442	$	52,408	$	167,442	$	41,238
Trademarks & trade names		17		32,014		4,123		32,014		2,540
Developed technology		5		3,200		737		3,200		420
Regulatory registration costs		5-10		2,232		757		1,704		667
Patents & trade secrets		15-17		1,719		978		1,665		933
Other		5-10		760		612		754		587
			$	207,367	$	59,615	$	206,779	$	46,385

Amortization of identifiable intangible assets was approximately $13,200 for the six months ended June 30, 2015. Assuming no change in the gross carrying value of identifiable intangible assets, the estimated amortization expense for the remainder of 2015 is $13,270, approximately $24,350 for 2016, $20,400 for 2017, $18,140 for 2018, $16,320 for 2019 and $14,590 for 2020. At June 30, 2015, there were no identifiable intangible assets with indefinite useful lives as defined by ASC 350. Identifiable intangible assets are reflected in “Intangible assets with finite lives, net” in the Company’s condensed consolidated balance sheets. There were no changes to the useful lives of intangible assets subject to amortization during the six months ended June 30, 2015.