LABORATORY CORP OF AMERICA HOLDINGS | 2013 | FY | 3

GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill (net of accumulated amortization) for the years ended December 31, 2013 and 2012 are as follows:


 
Clinical Diagnostics Laboratory Segment
 
Other Segment
 
Total
 
December 31,
2013
 
December 31, 2012
 
December 31,
2013
 
December 31, 2012
 
December 31,
2013
 
December 31, 2012
Balance as of January 1
$
2,857.1

 
$
2,643.5

 
$
44.6

 
$
38.3

 
$
2,901.7

 
$
2,681.8

Goodwill acquired during the period
107.5

 
219.1

 
19.5

 
5.4

 
127.0

 
224.5

Adjustments to goodwill
(4.4
)
 
(5.5
)
 
(1.5
)
 
0.9

 
(5.9
)
 
(4.6
)
Balance at end of period
$
2,960.2

 
$
2,857.1

 
$
62.6

 
$
44.6

 
$
3,022.8

 
$
2,901.7



The components of identifiable intangible assets are as follows:

 
December 31, 2013
 
December 31, 2012
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
Customer relationships
$
1,327.0

 
$
(545.1
)
 
$
781.9

 
$
1,296.1

 
$
(483.3
)
 
$
812.8

Patents, licenses and technology
116.2

 
(85.4
)
 
30.8

 
117.2

 
(76.2
)
 
41.0

Non-compete agreements
41.6

 
(25.3
)
 
16.3

 
32.3

 
(19.6
)
 
12.7

Trade names
131.4

 
(83.0
)
 
48.4

 
131.3

 
(73.4
)
 
57.9

Canadian licenses
694.6

 
—

 
694.6

 
743.3

 
—

 
743.3

 
$
2,310.8

 
$
(738.8
)
 
$
1,572.0

 
$
2,320.2

 
$
(652.5
)
 
$
1,667.7



A summary of amortizable intangible assets acquired during 2013, and their respective weighted average amortization periods are as follows:

 
Amount
 
Weighted
Average
Amortization
Period
Customer relationships
$
31.6

 
16.2
Non-compete agreements
9.3

 
5.0
 
$
40.9

 
13.7


Amortization of intangible assets was $81.7, $86.3 and $85.8 in 2013, 2012 and 2011, respectively. During 2012, the Company recorded $6.2 accelerated amortization expense relating to the termination of a technology licensing agreement. Amortization expense of intangible assets is estimated to be $84.7 in fiscal 2014, $81.3 in fiscal 2015, $75.9 in fiscal 2016, $68.7 in fiscal 2017, $58.4 in fiscal 2018, and $504.7 thereafter.

The Company paid $0.0, $2.5 and $0.0 in 2013, 2012 and 2011 for certain exclusive and non-exclusive licensing rights to diagnostic testing technology. These amounts are being amortized over the life of the licensing agreements.

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