Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.8.0.1
Intangible Assets
12 Months Ended
Dec. 31, 2017
Intangible Assets
7. Intangible Assets

Intangible assets consisted of the following:

 

     December 31, 2017      December 31, 2016  
     Gross
Cost
     Accumulated
Amortization
    Net Carrying
Amount
     Gross
Cost
     Accumulated
Amortization
    Net Carrying
Amount
 

Customer relationships and product supply agreements

   $ 24.6      $ (6.6   $ 18.0      $ 35.0      $ (7.9   $ 27.1  

Trademarks/Trade Names

     12.2        (2.3     9.9        17.6        (3.4     14.2  

Other

     1.3        (0.8     0.5        7.3        (4.8     2.5  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Intangible assets

   $ 38.1      $ (9.7   $ 28.4      $ 59.9      $ (16.1   $ 43.8  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

As a result of changes to our business, we evaluated the recoverability of the carrying value of long-lived assets. The result of such evaluation indicated that net intangible assets of $10.5 million (gross assets of $18.9 million and related accumulated amortization of $8.4 million) were impaired, and we recognized an impairment charge of such amount for the year ended December 31, 2017 in the Consolidated Statements of Operations. Such impairment relates primarily to the consolidation of certain operations and the discontinuation of underperforming product lines.

Amortization expense related to intangible assets, which was recorded in “Amortization and depreciation” in the Consolidated Statements of Operations, was $5.5 million, $5.2 million and $4.0 million for the years ended December 31, 2017, 2016 and 2015, respectively. Estimated future amortization expense related to intangible assets is $3.4 million for 2018, $2.8 million for 2019, $2.6 million for 2020, $2.5 million for 2021, $2.5 million for 2022, and $14.6 million thereafter.