GOODWILL AND INTANGIBLE ASSETS
Goodwill —The carrying amount of goodwill by business segment was as follows:
|
| | | | | | | | | | | | | | | |
(In millions) | Subsea Technologies | | Surface Technologies | | Energy Infrastructure | | Total |
December 31, 2012 | $ | 342.3 |
| | $ | 97.1 |
| | $ | 158.3 |
| | $ | 597.7 |
|
Direct drive systems transfer (1) | 66.9 |
| | — |
| | (66.9 | ) | | — |
|
Purchase accounting adjustments | 0.3 |
| | (0.9 | ) | | — |
| | (0.6 | ) |
Translation | (12.6 | ) | | (3.8 | ) | | — |
| | (16.4 | ) |
December 31, 2013 | $ | 396.9 |
| | $ | 92.4 |
| | $ | 91.4 |
| | $ | 580.7 |
|
_______________________
| |
(1) | Beginning in the third quarter of 2013, direct drive systems is reported as a product line in Subsea Technologies. See additional disclosure in Note 19. |
Intangible assets—The components of intangible assets were as follows:
|
| | | | | | | | | | | | | | | |
| December 31, |
| 2013 | | 2012 |
(In millions) | Gross Carrying Amount | | Accumulated Amortization | | Gross Carrying Amount | | Accumulated Amortization |
Customer lists | $ | 148.6 |
| | $ | 27.7 |
| | $ | 152.3 |
| | $ | 19.6 |
|
Patents and acquired technology | 221.8 |
| | 56.5 |
| | 223.7 |
| | 40.7 |
|
Trademarks | 36.2 |
| | 7.6 |
| | 36.4 |
| | 5.6 |
|
Other | 6.0 |
| | 5.5 |
| | 6.1 |
| | 5.2 |
|
Total intangible assets | $ | 412.6 |
| | $ | 97.3 |
| | $ | 418.5 |
| | $ | 71.1 |
|
We did not have any additions to our intangible assets during 2013. Additions to our intangible assets during 2012 included $145.9 million, $35.1 million and $58.2 million associated with our acquisitions of Schilling Robotics, CSI and Pure Energy, respectively. Refer to Note 4 for further disclosure related to business combinations.
All of our acquired identifiable intangible assets are subject to amortization and, where applicable, foreign currency translation adjustments. We recorded $26.9 million, $20.8 million and $11.3 million in amortization expense related to intangible assets during the years ended December 31, 2013, 2012 and 2011, respectively. During the years 2014 through 2018, annual amortization expense is expected to be as follows: $26.0 million in 2014, $25.3 million in 2015, $24.8 million in 2016, $24.1 million in 2017, $23.8 million in 2018 and $191.3 million thereafter.
