Annual report pursuant to Section 13 and 15(d)

Other Intangibles

v2.4.0.6
Other Intangibles
 12 Months Ended
Dec. 31, 2012
Other Intangibles
8. Other Intangibles:

Intangible assets are amortized over their useful lives and are subject to impairment testing. The values assigned to intangible assets in connection with the Merger Transaction and the acquisitions of Servalite, TagWorks and Ook were determined through separate independent appraisals. In connection with the Merger Transaction, the Company acquired the Quick-Tag™ license for consideration amounting to $11,500. Other intangibles, net as of December 31, 2012 and 2011 consist of the following:

 

     Estimated
Useful Life
(Years)		    December 31,
2012		      Estimated
Useful Life
(Years)		    December 31,
2011		  

Customer relationships

    20    $ 328,382       20    $ 326,200   

Trademarks - All Others

    Indefinite      49,413       Indefinite      49,660   

Trademarks - TagWorks

    5      240       5      240   

Patents

    5-20      20,250       5-20      20,200   

Quick Tag license

    6      11,500       6      11,500   

Laser Key license

    5      1,250       5      1,250   

KeyWorks license

    10      4,100       10      4,100   

Non compete agreements

    5-10      4,450       5.5-10      4,200   

Lease agreement

    0.5      240       0.5      240   
     

 

 

        

 

 

  

Intangible assets, gross

         419,825            417,590   

Less: Accumulated amortization

         53,181            31,388   
     

 

 

        

 

 

  

Other intangibles, net

       $ 366,644          $ 386,202   
     

 

 

        

 

 

  

The Predecessor Company’s amortization expense for amortizable assets was $2,678 for the five months ended May 28, 2010. The Successor Company’s amortization expense for amortizable assets was $21,752, $20,717 and $10,669 for the years ended December 31, 2012 and 2011 and the seven months ended December 31, 2010, respectively. For the years ending December 31, 2013, 2014, 2015, 2016 and 2017, the Successor’s amortization expense for amortizable assets is estimated to be $21,544, $21,544, $20,883, $18,952 and $18,098, respectively.