FRANKLIN RESOURCES INC | 2013 | FY | 3

Goodwill and Other Intangible Assets
Changes in the carrying value of goodwill were as follows:
(in millions)
 
 
 
 
for the fiscal years ended September 30,
 
2013
 
2012
Balance at beginning of year
 
$
1,540.8

 
$
1,536.2

Acquisitions
 
181.6

 
—

Foreign exchange
 
(20.9
)
 
4.6

Balance at End of Year
 
$
1,701.5

 
$
1,540.8


Intangible assets were as follows:
 
 
2013
 
2012
(in millions)
 
Gross Carrying Value
 
Accumulated Amortization
 
Net Carrying Value
 
Gross Carrying Value
 
Accumulated Amortization
 
Net Carrying Value
as of September 30,
 
 
 
 
 
 
Definite-lived intangible assets
 
 
 
 
 
 
 
 
 
 
 
 
Customer base
 
$
166.2

 
$
(144.5
)
 
$
21.7

 
$
166.6

 
$
(135.9
)
 
$
30.7

Management contracts and other
 
134.2

 
(46.8
)
 
87.4

 
49.3

 
(36.0
)
 
13.3

 
 
300.4

 
(191.3
)
 
109.1

 
215.9

 
(171.9
)
 
44.0

Indefinite-lived intangible assets
 
 
 
 
 
 
 
 

 
 

 
 

Management contracts
 
548.6

 
—

 
548.6

 
557.1

 
—

 
557.1

Total
 
$
849.0

 
$
(191.3
)
 
$
657.7

 
$
773.0

 
$
(171.9
)
 
$
601.1

The Company acquired $85.0 million of definite-lived intangible assets on November 1, 2012 in the acquisition of K2 (see Note 3 - Acquisition).
Amortization expense related to definite-lived intangible assets was $20.0 million, $10.6 million and $10.9 million for fiscal years 2013, 2012 and 2011. No impairment loss in the value of goodwill and other intangible assets was recognized during these periods.
The estimated remaining amortization expense related to definite-lived intangible assets as of September 30, 2013 was as follows:
(in millions)
 
 
for the fiscal years ending September 30,
 
Amount
2014
 
$
20.9

2015
 
20.7

2016
 
16.0

2017
 
11.9

2018
 
11.9

Thereafter
 
27.7

Total
 
$
109.1

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