CORNING INC /NY | 2013 | FY | 3

10.      Goodwill and Other Intangible Assets

Goodwill

Changes in the carrying amount of goodwill for the twelve months ended December 31, 2013 and 2012 are as follows (in millions):

 
Optical
Communications
 
Display
Technologies
 
Specialty
Materials
 
Life
Sciences
 
Total
                   
Balance at December 31, 2011
$
209 
 
$
9
 
$
150
 
$
296 
 
$
664 
Acquired goodwill (1)
                   
310 
   
310 
Balance at December 31, 2012
$
209 
 
$
9
 
$
150
 
$
606 
 
$
974 
Acquired goodwill (2)
 
32 
                     
32 
Measurement period adjustment (1)
                   
(4)
   
(4)
Foreign currency translation adjustment
 
(1)
               
1 
     
Balance at December 31, 2013
$
240 
 
$
9
 
$
150
 
$
603 
 
$
1,002 

(1)
The Company recorded the acquisition of the Discovery Labware business of Becton Dickinson and Company in the fourth quarter of 2012.  In the second quarter of 2013, Corning recorded measurement period adjustments.  Refer to Note 8 (Acquisition) to the Consolidated Financial Statements for additional information.

(2)
The company recorded a small acquisition and consolidated an equity company due to a change in control in the second quarter of 2013.

Corning’s gross goodwill balance for the fiscal years ended December 31, 2013 and 2012 were $7.5 billion and $7.4 billion, respectively.  Accumulated impairment losses were $6.5 billion for the fiscal years ended December 31, 2013 and 2012, respectively, and were generated entirely through goodwill impairments related to the Optical Communications segment.

Other Intangible Assets

Other intangible assets follow (in millions):

 
December 31,
 
2013
 
2012
 
Gross
 
Accumulated
amortization
 
Net
 
Gross
 
Accumulated
amortization
 
Net
                                   
Amortized intangible assets:
                                 
Patents, trademarks & trade names 
$
290
 
$
138
 
$
152
 
$
282
 
$
128
 
$
154
Customer list and other 
 
436
   
48
   
388
   
394
   
26
   
368
                                   
Total
$
726
 
$
186
 
$
540
 
$
676
 
$
154
 
$
522

Amortized intangible assets are primarily related to the Optical Communications and Life Sciences segments.  The net carrying amount of intangible assets increased $18 million during the year ended December 31, 2013, primarily due to a small acquisition completed in the second quarter of 2013, and the consolidation of an equity company due to a change in control.  This was offset by amortization of $31 million and foreign currency translation adjustments of $6 million.

Amortization expense related to these intangible assets is estimated to be $32 million annually from 2014 to 2018.

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