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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 14. Goodwill and Other Intangible Assets Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Determining the fair value of a reporting unit requires the use of significant estimates and assumptions, including revenue growth rates, operating margins, discount rates, and future market conditions, among others. Goodwill and other long-lived assets are reviewed for impairment whenever events, such as significant changes in the business climate, plant closures, changes in product offerings, or other circumstances indicate that the carrying amount may not be recoverable. To determine fair value, we utilize two market-based approaches and an income approach. Under the market-based approaches, we utilize information regarding the Company as well as publicly available industry information to determine earnings multiples and sales multiples. Under the income approach, we determine fair value based on estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn. In the second quarter of 2018, the Company applied the qualitative assessment approach in performing its annual evaluation of goodwill and concluded that no impairment provision was required. There were no amounts at risk due to the large spread between the fair, and carrying value, of each reporting unit. We are continuing to amortize certain patents, trade names, customer relationships, customer contracts and technology assets that have finite lives. The gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of June 30, 2018 and December 31, 2017, were as follows:
As of June 30, 2018 (in thousands) | Weighted average amortization life in years | Gross carrying amount | Accumulated amortization | Net carrying amount
Amortized intangible assets: |  |  |  |
AEC trade names | 15 | $140 | ($127) | $13
AEC technology | 15 | 370 | (302) | 68
Customer relationships | 15 | 48,421 | (7,269) | 41,152
Customer contracts | 6 | 17,471 | (6,559) | 10,912
Other intangibles | 5 | 322 | (145) | 177
Net amortized intangible assets |  | $66,724 | ($14,402) | $52,322
Unamortized intangible assets: |  |  |  |
MC Goodwill |  | $69,744 | $- | $69,744
AEC Goodwill |  | 95,730 | - | 95,730
Total unamortized intangible assets: |  | $165,474 | $- | $165,474
As of December 31, 2017 (in thousands) | Weighted average amortization life in years | Gross carrying amount | Accumulated amortization | Net carrying amount
Amortized intangible assets: |  |  |  |
AEC trade names | 15 | $140 | ($125) | $15
AEC technology | 15 | 370 | (290) | 80
Customer relationships | 15 | 48,421 | (5,654) | 42,767
Customer contracts | 6 | 17,471 | (5,102) | 12,369
Other intangibles | 5 | 322 | (112) | 210
Net amortized intangible assets |  | $66,724 | ($11,283) | $55,441
Unamortized intangible assets: |  |  |  |
MC Goodwill |  | $71,066 | $- | $71,066
AEC Goodwill |  | 95,730 | - | 95,730
Total unamortized intangible assets: | $166,796 | $- | $166,796
The changes in intangible assets, net and goodwill from December 31, 2017 to June 30, 2018, were as follows:
(in thousands) | December 31, 2017 | Amortization | Currency Translation | June 30, 2018
Amortized intangible assets: |  |  |  |
AEC trade names | $15 | $(2) | $- | $13
AEC technology | 80 | (12) | - | 68
Customer relationships | 42,767 | (1,615) | - | 41,152
Customer contracts | 12,369 | (1,457) | - | 10,912
Other intangibles | 210 | (33) | - | 177
Net amortized intangible assets | $55,441 | ($3,119) | $- | $52,322
Unamortized intangible assets: |  |  |  |
MC Goodwill | $71,066 | $- | $(1,322) | $69,744
AEC Goodwill | 95,730 | - | - | 95,730
Total unamortized intangible assets: | $166,796 | $- | $(1,322) | $165,474
Estimated amortization expense of intangibles for the years ending December 31, 2018 through 2022, is as follows:
| Annual amortization
Year | (in thousands)
2018 | $6,234
2019 | 6,234
2020 | 6,234
2021 | 6,163
2022 | 3,949

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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