Note 12—Goodwill and Other Intangible Assets
As of December 31, 2013, the Company has goodwill totaling $2,289,085, of which $2,173,671 related to the Interconnect Products and Assemblies segment with the remainder related to the Cable Products and Solutions segment. In 2013, goodwill and intangible assets increased by approximately $356,000 and $49,900, respectively, primarily as a result of five acquisitions in the Interconnect Products and Assemblies segment made during the year. In 2012, goodwill and intangible assets increased by approximately $186,600 and $34,500, respectively, primarily as a result of four acquisitions in the Interconnect Products and Assemblies segment made during the year and one acquisition in the Cable Products and Solutions segment made during the year. The Company is in the process of completing its analysis of fair value of the assets acquired related to its 2013 acquisitions and anticipates that the final assessment of values will not differ materially from the preliminary assessment.
Other than goodwill and an indefinite-lived trade name intangible asset with a value of approximately $4,300, the Company’s intangible assets are subject to amortization. A summary of the Company’s amortizable intangible assets as of December 31, 2013 and 2012 is as follows:
|
|
|
December 31, 2013 |
|
December 31, 2012 |
| ||||||||
|
|
|
Gross Carrying |
|
Accumulated |
|
Gross Carrying |
|
Accumulated |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Customer relationships |
|
$ |
202,300 |
|
$ |
69,800 |
|
$ |
166,800 |
|
$ |
54,000 |
|
|
Proprietary technology |
|
52,300 |
|
22,400 |
|
44,200 |
|
18,800 |
| ||||
|
License agreements |
|
6,000 |
|
6,000 |
|
6,000 |
|
5,300 |
| ||||
|
Trade names and other |
|
11,400 |
|
8,900 |
|
9,400 |
|
7,700 |
| ||||
|
Total |
|
$ |
272,000 |
|
$ |
107,100 |
|
$ |
226,400 |
|
$ |
85,800 |
|
Customer relationships, proprietary technology, license agreements and trade names and other amortizable intangible assets have weighted average useful lives of approximately 9 years, 14 years, 8 years and 15 years, respectively, for an aggregate weighted average useful life of approximately 10 years at December 31, 2013.
Intangible assets are included in Goodwill and other long-term assets in the accompanying Consolidated Balance Sheets. The aggregate amortization expense for the years ended December 31, 2013, 2012 and 2011 was approximately $20,100, $19,800 and $15,200, respectively. Amortization expense estimated for each of the next five fiscal years is approximately $26,700 in 2014, $24,200 in 2015, $23,400 in 2016, $23,200 in 2017 and $19,000 in 2018.