Goodwill And Intangibles

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES

The following table sets forth the changes in the carrying amount of goodwill for the nine months ended September 30, 2018:



	Amounts
Balance at January 1	$	55,831
Goodwill arising from acquisition	4,072
Adjustment to goodwill during measurement period	(2,948)
Foreign exchange adjustment	(186)

Balance at September 30	$	56,769

Intangible assets, subject to amortization, consisted of the following:


	September 30, 2018											December 31, 2017
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Lives	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Lives

Patents	$	8,036	$	(5,893)	$	2,143	8 Years	$	8,036	$	(5,486)	$	2,550	8 Years
Customer relationships	25,577		(5,603)		19,974		11 Years	26,768		(5,584)		21,184		11 Years
Production know-how	6,768		(5,595)		1,173		8 Years	6,820		(5,035)		1,785		8 Years
Technology, trademark and trade names	32,358		(9,804)		22,554		7 Years	32,564		(6,860)		25,704		8 Years
Total	$	72,739	$	(26,895)	$	45,844		$	74,188	$	(22,965)	$	51,223

During the second quarter of 2018, the Company acquired 100% of the shares of robot concept GmbH ("RC"). RC is located near Munich, Germany, and is an integrator of laser-based systems. The Company paid $4,453 to acquire RC, which represents the fair value on that date. Any excess of the acquisition consideration over the fair value of assets acquired and liabilities assumed is allocated to goodwill, which amounted to $4,072. The goodwill arising from the acquisition will not be deductible for tax purposes. As a result of the acquisition, the Company recorded intangible assets of $104 related to trademark and trade name with a weighted-average useful life of 1 year and $557 related to customer relationships with a weighted-average life of 10 years.

Amortization expense for the three months ended September 30, 2018 and 2017 was $1,982 and $1,725, respectively. Amortization for the nine months ended September 30, 2018 and 2017 was $5,821 and $3,958, respectively. The estimated future amortization expense for intangibles for the remainder of 2018 and subsequent years is as follows:


2018		2019		2020		2021		2022		Thereafter		Total
$	1,870	$	7,400	$	6,747	$	6,574	$	5,775	$	17,478	$	45,844