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SEC Filings

10-Q
NN INC filed this Form 10-Q on 11/09/2017
Entire Document
 


Table of Contents

Note 7. Goodwill, Net

The following table shows changes in the carrying amount of goodwill, net, for the nine months ended September 30, 2017.

 

     Autocam
Precision
Components
Group
     Precision
Engineered
Products
Group
     Total  

Balance as of December 31, 2016

   $ 70,717      $ 370,685      $ 441,402  

Currency impacts

     736        1,358        2,094  
  

 

 

    

 

 

    

 

 

 

Balance as of September 30, 2017

   $ 71,453      $ 372,043      $ 443,496  
  

 

 

    

 

 

    

 

 

 

Goodwill is tested for impairment on an annual basis during the fourth quarter and more often if a triggering event occurs. As of September 30, 2017, there were no indications of impairment at the reporting units with goodwill balances.

Note 8. Intangible Assets, Net

The following table shows changes in the carrying amount of intangible assets, net, for the nine months ended September 30, 2017.

 

     Autocam
Precision
Components
Group
     Precision
Engineered
Products
Group
     Total  

Balance as of December 31, 2016

   $ 42,928      $ 211,335      $ 254,263  

Amortization

     (2,616      (14,900      (17,516

Currency impacts

     5        —          5  
  

 

 

    

 

 

    

 

 

 

Balance as of September 30, 2017

   $ 40,317      $ 196,435      $ 236,752  
  

 

 

    

 

 

    

 

 

 

Intangible assets are tested for impairment when changes in circumstances indicate the carrying value of those assets may not be recoverable. As of September 30, 2017, there were no indications of impairment at the reporting units with intangible asset balances.

Note 9. Shared-Based Compensation

The following table lists the components of share-based compensation expense for the three-month and nine-month periods ended September 30, 2017 and 2016, by type of award.

 

     Three Months Ended      Nine Months Ended  
     September 30,      September 30,  
     2017      2016      2017      2016  

Stock options

   $ 527      $ 185      $ 1,102      $ 679  

Restricted stock

     773        425        1,628        2,120  

Performance share units

     467        294        1,255        760  
  

 

 

    

 

 

    

 

 

    

 

 

 

Share-based compensation

   $ 1,767      $ 904      $ 3,985      $ 3,559  
  

 

 

    

 

 

    

 

 

    

 

 

 

Prior to the sale of the PBC business, our board of directors approved the acceleration of vesting of share-based awards to 19 members of PBC executive management in recognition of their service to the Company. The vesting date was accelerated to August 17, 2017, and the term was changed to two years for 58,094 option awards. The vesting date for 25,564 restricted stock awards was accelerated to August 17, 2017. We accounted for the acceleration of vesting as a modification of share-based awards. Accordingly, we recognized in discontinued operations approximately $0.8 million of incremental share-based compensation expense.

 

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