Goodwill and other intangible assets consisted of the following:
(in thousands) | As of December 31, | |||||||
2013 | 2012 | |||||||
Goodwill | $ | 618,968 | $ | 571,484 | ||||
Accumulated impairments | (44,386 | ) | (19,663 | ) | ||||
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Goodwill, net | 574,582 | 551,821 | ||||||
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Other intangible assets: | ||||||||
Amortizable intangible assets: | ||||||||
Carrying amount: | ||||||||
Acquired network distribution rights | 590,460 | 566,798 | ||||||
Customer lists | 94,868 | 90,500 | ||||||
Copyrights and other trade names | 67,037 | 63,712 | ||||||
Acquired rights and other | 120,227 | 120,227 | ||||||
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Total carrying amount | 872,592 | 841,237 | ||||||
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Accumulated amortization: | ||||||||
Acquired network distribution rights | (128,038 | ) | (98,355 | ) | ||||
Customer lists | (57,281 | ) | (42,692 | ) | ||||
Copyrights and other trade names | (16,241 | ) | (12,331 | ) | ||||
Acquired rights and other | (16,023 | ) | (9,359 | ) | ||||
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Total accumulated amortization | (217,583 | ) | (162,737 | ) | ||||
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Total other intangible assets, net | 655,009 | 678,500 | ||||||
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Total goodwill and other intangible assets, net | $ | 1,229,591 | $ | 1,230,321 | ||||
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Activity related to goodwill and amortizable intangible assets by segment was as follows:
(in thousands) | Lifestyle | Corporate | ||||||||||
Media | and other | Total | ||||||||||
Goodwill: | ||||||||||||
Balance as of December 31, 2011 | $ | 510,484 | $ | 510,484 | ||||||||
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Additions—business acquisitions | $ | 61,262 | 61,262 | |||||||||
Impairment | (19,663 | ) | (19,663 | ) | ||||||||
Foreign currency translation adjustment | (262 | ) | (262 | ) | ||||||||
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Balance as of December 31, 2012 | 510,484 | 41,337 | 551,821 | |||||||||
Additions—business acquisitions | 46,156 | 46,156 | ||||||||||
Impairment | (24,723 | ) | (24,723 | ) | ||||||||
Foreign currency translation adjustment | 1,327 | 1,327 | ||||||||||
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Balance as of December 31, 2013 | $ | 510,484 | 64,098 | $ | 574,582 | |||||||
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Amortizable intangible assets: | ||||||||||||
Balance as of December 31, 2011 | $ | 556,029 | $ | 66 | $ | 556,095 | ||||||
Additions—business acquisitions | 59,977 | 59,977 | ||||||||||
Addition of acquired rights | 112,211 | 112,211 | ||||||||||
Foreign currency translation adjustment | (434 | ) | (434 | ) | ||||||||
Amortization | (46,540 | ) | (2,809 | ) | (49,349 | ) | ||||||
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Balance as of December 31, 2012 | 621,700 | 56,800 | 678,500 | |||||||||
Additions—business acquisitions | 24,600 | 24,600 | ||||||||||
Addition of acquired network distribution rights | 5,516 | 5,516 | ||||||||||
Addition of acquired rights and other | 37 | 37 | ||||||||||
Foreign currency translation adjustment | 926 | 926 | ||||||||||
Amortization | (48,655 | ) | (5,915 | ) | (54,570 | ) | ||||||
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Balance as of December 31, 2013 | $ | 573,045 | $ | 81,964 | $ | 655,009 | ||||||
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Separately acquired intangible assets reflect the acquisition of certain rights that will expand our opportunity to earn future revenues. Cash payments for these acquired rights totaled $31.3 million and $38.0 million in 2013 and 2012, respectively, and are reported as an investing activity in the “Other, net” caption of our consolidated statement of cash flows.
To determine the fair value of our reporting units, we used market data and discounted cash flow analyses. In the course of performing our 2013 impairment review, we recorded a $24.7 million charge to write-down the goodwill associated with our Travel Channel International business. The impairment reflects delayed expansion into some of the growth markets identified for the business at acquisition. In 2012, we recorded a $19.7 million goodwill impairment charge on our RealGravity business that was reflective of changes to RealGravity’s business model and the corresponding valuation impact that resulted from the business generating lower near term operating results. No impairment charges were recorded in 2011.
Prior to conducting step one of the goodwill impairment test for our Travel Channel International business, we first evaluated the recoverability of their long-lived assets, including purchased intangible assets. When indicators of impairment are present, we test long-lived assets (other than goodwill) for recoverability by comparing the carrying value of an asset group to its undiscounted cash flows. We considered the delayed expansion into some of Travel Channel International’s identified growth markets to be a potential indicator of impairment for their long-lived assets. Based on the results of the recoverability test, we determined that the undiscounted cash flows of the Travel Channel International business exceed the long-lived assets carrying value.
Estimated amortization expense of intangible assets for each of the next five years is expected to be $56.9 million in 2014, $48.1 million in 2015, $46.6 million in 2016, $44.1 million in 2017, $43.8 million in 2018 and $415.5 million in later years.