EPD | IPD | FCD | Total | ||||||||||||
(Amounts in thousands) | |||||||||||||||
Balance as of January 1, 2012 | $ | 444,431 | $ | 121,244 | $ | 479,402 | $ | 1,045,077 | |||||||
Acquisition(1) | 1,812 | — | — | 1,812 | |||||||||||
Currency translation | 1,317 | 162 | 5,484 | 6,963 | |||||||||||
Balance as of December 31, 2012 | $ | 447,560 | $ | 121,406 | $ | 484,886 | $ | 1,053,852 | |||||||
Acquisition(1) | — | 43,865 | — | 43,865 | |||||||||||
Currency translation | 1,936 | 261 | 7,637 | 9,834 | |||||||||||
Balance as of December 31, 2013 | $ | 449,496 | $ | 165,532 | $ | 492,523 | $ | 1,107,551 |
(1) | Goodwill primarily related to the purchase price adjustments for the acquisition of LPI in 2012 and the Innomag acquisition in 2013. See Note 2 for additional information. |
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Useful Life (Years) | Ending Gross Amount | Accumulated Amortization | Ending Gross Amount | Accumulated Amortization | |||||||||||||
(Amounts in thousands, except years) | |||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||
Engineering drawings(1) | 10-20 | $ | 93,687 | $ | (61,401 | ) | $ | 92,760 | $ | (57,252 | ) | ||||||
Existing customer relationships(2) | 5-10 | 40,077 | (15,241 | ) | 32,484 | (10,024 | ) | ||||||||||
Patents | 9-16 | 32,963 | (28,013 | ) | 33,037 | (27,061 | ) | ||||||||||
Other | 3-50 | 40,797 | (25,438 | ) | 30,647 | (23,088 | ) | ||||||||||
$ | 207,524 | $ | (130,093 | ) | $ | 188,928 | $ | (117,425 | ) | ||||||||
Indefinite-lived intangible assets(3) | $ | 84,670 | $ | (1,553 | ) | $ | 80,057 | $ | (1,485 | ) |
(1) | Engineering drawings represent the estimated fair value associated with specific acquired product and component schematics. |
(2) | Existing customer relationships acquired prior to 2011 had a useful life of five years. |
(3) | Accumulated amortization for indefinite-lived intangible assets relates to amounts recorded prior to the implementation date of guidance issued in ASC 350. |
Amortization Expense | |||
(Amounts in thousands) | |||
Actual for year ended December 31, 2013 | $ | 12,801 | |
Estimated for year ending December 31, 2014 | 13,827 | ||
Estimated for year ending December 31, 2015 | 10,764 | ||
Estimated for year ending December 31, 2016 | 9,204 | ||
Estimated for year ending December 31, 2017 | 8,161 | ||
Estimated for year ending December 31, 2018 | 8,025 | ||
Thereafter | 27,450 |