Annual report pursuant to Section 13 and 15(d)

Other Intangibles

v2.4.0.8
Other Intangibles
12 Months Ended
Dec. 31, 2013
Goodwill And Intangible Assets Disclosure [Abstract]  
Other Intangibles
8. Other Intangibles:

Definite-lived 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, Ook, and Paulin 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, 2013 and 2012 consist of the following:

 

     Estimated              
     Useful Life    December 31,      December 31,  
     (Years)    2013      2012  

Customer relationships

   20    $ 341,500       $ 328,382   

Trademarks - All Others

   Indefinite      54,082         49,413   

Trademarks - TagWorks

   5      240         240   

Patents

   5-20      20,250         20,250   

Quick Tag license

   6      11,500         11,500   

Laser Key license

   5      1,250         1,250   

KeyWorks license

   10      4,100         4,100   

Non compete agreements

   5-10      4,450         4,450   

Lease agreement

   0.5      —           240   
     

 

 

    

 

 

 

Intangible assets, gross

        437,372         419,825   

Less: Accumulated amortization

        75,007         53,181   
     

 

 

    

 

 

 

Other intangibles, net

      $ 362,365       $ 366,644   
     

 

 

    

 

 

 

The amortization expense for amortizable assets was $22,112, $21,752, and $20,717 for the years ended December 31, 2013, 2012, and 2011, respectively. For the years ending December 31, 2014, 2015, 2016, 2017, and 2018 the amortization expense for amortizable assets is estimated to be $22,200, $21,539, $19,608, $18,754, and $18,754, respectively.