Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2016
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

Note 9. Goodwill and Other Intangible Assets

The Company accounts for Other Intangible Assets under the guidance in ASC 350, Intangibles—Goodwill and Other. Under the guidance intangible assets with definite lives are amortized over their estimated useful lives. Indefinite lived intangible assets are subject to annual impairment testing. The Company capitalizes certain costs related to patent technology. Additionally, a substantial portion of the purchase price related to the Company’s acquisitions has been assigned to patents or unpatented technology, trade name, customer backlog and customer relationships. The intangibles acquired in acquisitions have been valued using a discounted cash flow approach. Intangibles, except goodwill, are being amortized over their estimated useful lives.

Intangible assets were comprised of the following as of December 31, 2016 and 2015:

 

 

 

2016

 

 

2015

 

 

Useful Lives

Patented and unpatented technology

 

$

25,409

 

 

$

25,559

 

 

10 years

Amortization

 

 

(12,630

)

 

 

(10,406

)

 

 

Customer relationships

 

 

38,444

 

 

 

38,786

 

 

5-20 years

Amortization

 

 

(10,851

)

 

 

(7,383

)

 

 

Trade names and trademarks

 

 

18,892

 

 

 

19,086

 

 

25 years - Indefinite

Amortization

 

 

(2,463

)

 

 

(1,979

)

 

 

Non-competition agreements

 

 

50

 

 

 

50

 

 

2-5 years

Amortization

 

 

(42

)

 

 

(38

)

 

 

Customer backlog

 

 

370

 

 

 

371

 

 

< 1 year

Amortization

 

 

(370

)

 

 

(371

)

 

 

Total Intangible assets

 

$

56,809

 

 

$

63,675

 

 

 

 

Amortization expense was $6,337, $6,730 and $2,524 for the periods ended December 31, 2016, 2015 and 2014, respectively.

Estimated amortization expense for the next five years and subsequent is as follows:

 

 

 

Amount

 

2017

 

 

6,268

 

2018

 

 

6,232

 

2019

 

 

6,060

 

2020

 

 

6,027

 

2021

 

 

4,059

 

And subsequent

 

 

21,100

 

Total intangibles currently to be amortized

 

$

49,746

 

 

Changes in the Company’s goodwill by business segment were as follows:

 

 

 

Equipment Lifting

Segment

 

 

Equipment Distribution

Segment

 

 

ASV

Segment

 

 

Total

 

Balance December 31, 2014

 

$

12,887

 

 

$

275

 

 

$

30,579

 

 

$

43,741

 

Goodwill for PM Group Acquisition

 

 

30,173

 

 

 

—

 

 

 

—

 

 

 

30,173

 

Effects of change in exchange rate

 

 

(2,577

)

 

 

—

 

 

 

—

 

 

 

(2,577

)

Balance December 31, 2015

 

$

40,483

 

 

$

275

 

 

$

30,579

 

 

$

71,337

 

Goodwill write-off

 

 

—

 

 

 

(275

)

 

 

—

 

 

 

(275

)

Effects of change in exchange rate

 

 

(814

)

 

 

—

 

 

 

—

 

 

 

(814

)

Balance December 31, 2016

 

$

39,669

 

 

$

—

 

 

$

30,579

 

 

$

70,248