FEDERAL EXPRESS CORP | 2013 | FY | 3


NOTE 4: GOODWILL AND OTHER INTANGIBLE ASSETS

 

GOODWILL. The carrying amount of goodwill and changes therein are as follows (in millions):

    
Balance as of May 31, 2011$ 1,085 
      
Goodwill acquired(1)  104 
Purchase adjustments and other(2)  (34) 
      
Balance as of May 31, 2012  1,155 
    
Goodwill acquired(3)  351 
Purchase adjustments and other(2)  20 
      
Balance as of May 31, 2013(4)$ 1,526 
      
      
(1) Goodwill acquired in 2012 relates to the acquisition of the Mexican domestic package delivery company, Multipak. See Note 3 for related disclosures.
(2) Primarily currency translation adjustments.
(3) Goodwill acquired in 2013 relates to the acquisitions of transportation companies in Poland, France and Brazil. See Note 3 for related disclosures.
(4) We do not have any accumulated impairment losses associated with our goodwill.

OTHER INTANGIBLE ASSETS. The net book value of our other intangible assets was $63 million at May 31, 2013 and $19 million at May 31, 2012. Amortization expense for intangible assets was $22 million in 2013, $11 million in 2012 and $4 million in 2011. Estimated amortization expense is expected to be immaterial in 2014 and beyond.


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