Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangible Assets

v2.4.1.9
Goodwill and Other Intangible Assets
12 Months Ended
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
8. Goodwill and Other Intangible Assets:

Goodwill amounts by reporting unit are summarized as follows:

 

     Goodwill at
December 31, 2013
     Acquisitions
(1)
    Dispositions      Other
(2)
    Goodwill at
December 31, 2014
 

United States, excluding All Points

   $ 446,382       $ 134,038      $ —         $ —        $ 580,420   

All Points

     58         3,302        —           —          3,360   

Canada

     12,785         22,695        —           (2,636     32,844   

Mexico

     7,002         (1,392     —           (674     4,936   

Australia

     —           —          —           —          —     
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Total

$ 466,227    $ 158,643    $ —      $ (3,310 $ 621,560   
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

 

(1) Changes in values primarily related to the Merger Transaction.
(2) These amounts relate to adjustments resulting from fluctuations in foreign currency exchange rates.

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 acquisition of Paulin, were determined through separate independent appraisals. Other intangibles, net, as of December 31, 2014 and 2013 consist of the following:

 

     Estimated    Successor           Estimated    Predecessor  
     Useful Life
(Years)
   December 31,
2014
           Useful Life
(Years)
   December 31,
2013
 

Customer relationships

   20    $ 693,852            20    $ 341,500   

Trademarks - All Others

   Indefinite      86,513            Indefinite      54,082   

Trademarks - TagWorks

   5      300            5      240   

Patents

   7-12      32,895            5-20      20,250   

Quick Tag license

   —        —              6      11,500   

Laser Key license

   —        —              5      1,250   

KeyWorks license

   7      4,476            10      4,100   

Non compete agreements

   —        —              5-10      4,450   
     

 

 

            

 

 

 

Intangible assets, gross

  818,036        437,372   

Less: Accumulated amortization

  19,095        75,007   
     

 

 

            

 

 

 

Other intangibles, net

$ 798,941      $ 362,365   
     

 

 

            

 

 

 

The Successor’s accumulated amortization was $19,095 as of December 31, 2014, which includes accumulated amortization of foreign subsidiaries translated using exchange rates in effect at the balance sheet date. The Successor’s amortization expense for amortizable assets was $19,128, including the adjustments resulting from fluctuations in foreign currency exchange rates, for the period from June 30, 2014 through December 31, 2014 and the Predecessor’s expense was $11,093 for the six months period ended June 29, 2014. The Predecessor’s amortization expense for amortizable assets was $22,112 and 21,752 for the years ended December 31, 2013 and 2012, respectively. For the years ending December 31, 2015, 2016, 2017, 2018, and 2019, the Successor’s amortization expense for amortizable assets is estimated to be $38,187, $38,187, $38,187, $38,187, and $38,187, respectively.