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GOODWILL
9 Months Ended
Sep. 30, 2015
GOODWILL [Abstract]  
Goodwill Disclosure [Text Block]
GOODWILL AND INTANGIBLE ASSETS

Changes in goodwill consisted of the following (amounts in thousands):
 
2015
 
2014
 
 
 
Earthmoving/
 
 
 
 
 
 
 
Earthmoving/
 
 
 
 
 
Agricultural
 
Construction
 
Consumer
 
 
 
Agricultural
 
Construction
 
Consumer
 
 
 
Segment
 
Segment
 
Segment
 
Total
 
Segment
 
Segment
 
Segment
 
Total
Goodwill, January 1
$

 
$

 
$

 
$

 
$
24,540

 
$
14,898

 
$
2,637

 
$
42,075

Foreign currency translation

 

 

 

 
(2,777
)
 
(770
)
 
(446
)
 
(3,993
)
Goodwill, September 30
$

 
$

 
$

 
$

 
$
21,763

 
$
14,128

 
$
2,191

 
$
38,082


 
In the fourth quarter of 2014, the recoverability of all goodwill was evaluated by estimating future discounted cash flows. The Company recorded a noncash charge for the impairment of goodwill in the amount of $36.6 million on both a pre-tax and after-tax basis. The charge included $11.4 million of earthmoving/construction goodwill related to the acquisition of Titan Australia; $9.6 million of agricultural goodwill related to the acquisition of the Latin America farm tire business; and $15.6 million of goodwill related to the acquisition of Voltyre-Prom. The Voltyre-Prom goodwill included $11.0 million in the agricultural segment, $2.6 million in the earthmoving/construction segment, and $2.0 million in the consumer segment.

The components of intangible assets consisted of the following (amounts in thousands):
 
Weighted- Average Useful Lives (in Years)
 
September 30,
2015
 
December 31, 2014
Amortizable intangible assets:
 
 
 
 
 
     Customer relationships
11.8
 
12,834

 
14,958

     Patents, trademarks and other
8.8
 
14,261

 
15,907

          Total at cost
 
 
27,095

 
30,865

     Less accumulated amortization
 
 
(8,624
)
 
(7,176
)
 
 
 
18,471

 
23,689


 
Amortization related to intangible assets for the nine months ended September 30, 2015 and 2014, totaled $2.5 million and $3.3 million, respectively. Intangible assets are included as a component of other assets in the consolidated condensed balance sheet.

The estimated aggregate amortization expense at September 30, 2015, is as follows (amounts in thousands):
October 1 - December 31, 2015
$
461

2016
2,168

2017
2,040

2018
2,040

2019
2,040

Thereafter
9,722

 
$
18,471