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

Note J - Goodwill and Other Intangibles

The Company’s finite and indefinite-lived intangible assets consist of the following:

 

 

 

December 31, 2016

 

 

December 31, 2015

 

 

 

Gross Carrying

 

 

Accumulated

 

 

Gross Carrying

 

 

Accumulated

 

 

 

Amount

 

 

Amortization

 

 

Amount

 

 

Amortization

 

Finite-lived intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Patents

 

$

4,816

 

 

$

(4,799

)

 

$

4,815

 

 

$

(4,799

)

Land use rights

 

 

1,070

 

 

 

(180

)

 

 

1,155

 

 

 

(173

)

Trademark

 

 

1,725

 

 

 

(1,039

)

 

 

1,713

 

 

 

(899

)

Technology

 

 

3,057

 

 

 

(1,031

)

 

 

3,021

 

 

 

(860

)

Customer relationships

 

 

12,073

 

 

 

(5,217

)

 

 

11,816

 

 

 

(4,501

)

 

 

$

22,741

 

 

$

(12,266

)

 

$

22,520

 

 

$

(11,232

)

Indefinite-lived intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

15,769

 

 

 

 

 

 

$

15,821

 

 

 

 

 

 

The Company performs its annual impairment test for goodwill utilizing a combination of discounted cash flow methodology, market comparables and an overall market capitalization reasonableness test in computing fair value by reporting unit.  The Company then compares the fair value of the reporting unit with its carrying value to assess if goodwill has been impaired.  Based on the assumptions as to growth, discount rates and the weighting used for each respective valuation methodology, results of the valuations could be significantly different. The Company believes that the methodologies and weightings used are reasonable and result in appropriate fair values of the reporting units.

The Company performed its annual impairment test for goodwill as of October 1, 2016 and October 1, 2015 and determined that no adjustment to the carrying value was required.    

During the fourth quarter of 2015, the Company transferred a product line from The Americas segment and consolidated its manufacturing processes into the PLP-USA segment and therefore transferred $3.1 million of goodwill from The Americas to PLP-USA.   The changes in the carrying amount of goodwill by segment for the year ended December 31, 2016 and 2015 are as follows:

 

 

 

USA

 

 

The Americas

 

 

EMEA

 

 

Asia-Pacific

 

 

Total

 

Balance at January 1, 2015

 

$

3,078

 

 

$

4,672

 

 

$

1,528

 

 

$

8,514

 

 

$

17,792

 

Currency translation

 

 

0

 

 

 

(754

)

 

 

(227

)

 

 

(990

)

 

 

(1,971

)

Balance at December 31, 2015

 

 

3,078

 

 

 

3,918

 

 

 

1,301

 

 

 

7,524

 

 

 

15,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation and other

 

 

0

 

 

 

99

 

 

 

(14

)

 

 

(137

)

 

 

(52

)

Balance at December 31, 2016

 

$

3,078

 

 

$

4,017

 

 

$

1,287

 

 

$

7,387

 

 

$

15,769

 

 

The Company’s only intangible asset with an indefinite life is goodwill.  The Company’s goodwill is not deductible for tax purposes.   

The aggregate amortization expense for other intangibles with finite lives, ranging from 4 to 82 years, for the year ended December 31, 2016, 2015 and 2014 was $1.0 million, $1.2 million and $1.6 million, respectively.  Amortization expense is estimated to be $1.0 million for 2017, $1.0 million for 2018, $1.0 million for 2019, $.9 million for 2020 and $.9 million for 2021.  The weighted-average remaining amortization period is approximately 16.9 years.  The weighted-average remaining amortization period by intangible asset class; patents, 9 years; land use rights, 57.7 years; trademark, 9.5 years; technology, 14.9 years and customer relationships, 13.1 years.