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Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2012
Goodwill and Intangible Assets

7. Goodwill and Intangible Assets

Changes in the carrying amount of goodwill for the six months ended June 30, 2012 are as follows:

 

     North American
Retail Grocery
    Food Away
From  Home
    Industrial
and  Export
     Total  
     (In thousands)  

Balance at December 31, 2011

   $         842,801      $         92,036      $         133,582       $       1,068,419   

Currency exchange adjustment

     (486     (69             (555
  

 

 

   

 

 

   

 

 

    

 

 

 

Balance at June 30, 2012

   $ 842,315      $ 91,967      $ 133,582       $ 1,067,864   
  

 

 

   

 

 

   

 

 

    

 

 

 

The Company has not incurred any goodwill impairments since its inception.

The gross carrying amount and accumulated amortization of intangible assets other than goodwill as of June 30, 2012 and December 31, 2011 are as follows:

 

     June 30, 2012      December 31, 2011  
     Gross
Carrying
Amount
     Accumulated
Amortization
    Net
Carrying
Amount
     Gross
Carrying
Amount
     Accumulated
Amortization
    Net
Carrying
Amount
 
     (In thousands)      (In thousands)  

Intangible assets with indefinite lives:

               

Trademarks

   $         32,025       $               —      $         32,025       $         32,155       $               —      $         32,155   

Intangible assets with finite lives:

               

Customer-related

     445,499         (94,515     350,984         444,540         (82,152     362,388   

Non-compete agreement

     120         (6     114         1,000         (1,000       

Trademarks

     20,810         (5,086     15,724         20,010         (4,555     15,455   

Formulas/recipes

     6,872         (3,972     2,900         6,799         (3,302     3,497   

Computer software

     38,992         (13,981     25,011         35,721         (11,356     24,365   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 544,318       $ (117,560   $ 426,758       $ 540,225       $ (102,365   $ 437,860   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Amortization expense on intangible assets for the three months ended June 30, 2012 and 2011 was $8.6 million and $8.3 million, respectively, and $16.9 million and $16.4 million for the six months ended June 30, 2012 and 2011, respectively. Estimated amortization expense on intangible assets for 2012 and the next four years is as follows:

 

     (In thousands)  

2012

   $         33,214   

2013

   $ 32,461   

2014

   $ 32,055   

2015

   $ 30,632   

2016

   $ 30,312