GENUINE PARTS CO | 2013 | FY | 3


2. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill during the years ended December 31, 2013, 2012, and 2011 by reportable segment, as well as other identifiable intangible assets, are summarized as follows (in thousands):

 

     Goodwill     Other
Intangible
Assets, Net
 
     Automotive     Industrial     Office
Products
     Electrical/
Electronic
Materials
     Total    

Balance as of January 1, 2012

   $ 43,705      $ 99,011      $ 10,554       $ 24,350       $ 177,620      $ 102,155   

Additions

     114,206                       5,355         119,561        110,014   

Amortization

                                          (12,991

Foreign currency translation

     638        221                        859        621   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Balance as of December 31, 2012

     158,549        99,232        10,554         29,705         298,040        199,799   

Additions

     541,836        17,420                11,396         570,652        379,834   

Amortization

                                          (28,987

Foreign currency translation

     (78,205     (516                     (78,721     (51,261
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Balance as of December 31, 2013

   $ 622,180      $ 116,136      $ 10,554       $ 41,101       $ 789,971      $ 499,385   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

The gross carrying amounts and accumulated amortization relating to other intangible assets at December 31, 2013 and 2012 is as follows (in thousands):

 

     2013      2012  
     Gross
Carrying
Amount
     Accumulated
Amortization
    Net      Gross
Carrying
Amount
     Accumulated
Amortization
    Net  

Customer relationships

   $ 412,634       $ (59,686   $ 352,948       $ 209,328       $ (38,030   $ 171,298   

Trademarks

     149,949         (5,018     144,931         29,337         (1,944     27,393   

Non-competition agreements

     7,306         (5,800     1,506         4,483         (3,375     1,108   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 
   $ 569,889       $ (70,504   $ 499,385       $ 243,148       $ (43,349   $ 199,799   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Amortization expense for other intangible assets totaled $28,987,000, $12,991,000, and $6,774,000 for the years ended December 31, 2013, 2012, and 2011, respectively. Estimated other intangible assets amortization expense for the succeeding five years is as follows (in thousands):

 

2014

   $ 31,000   

2015

     30,000   

2016

     30,000   

2017

     30,000   

2018

     29,000   
  

 

 

 
   $ 150,000   
  

 

 

 

us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock