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Goodwill and Other Intangible Assets
3 Months Ended
Mar. 31, 2014
Goodwill and Other Intangible Assets

5. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the three months ended March 31, 2014 were as follows:

 

 

 

Publishing and Retail Services

 

 

Variable Print

 

 

Strategic
Services

 

 

International

 

 

Total

 

Net book value at December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

688.0

 

 

$

1,638.6

 

 

$

1,005.4

 

 

$

1,275.9

 

 

$

4,607.9

  

Accumulated impairment losses

 

 

(669.9

)

 

 

(1,105.2

)

 

 

(243.5

)

 

 

(1,153.0

)

 

 

(3,171.6

Total

 

 

18.1

 

 

 

533.4

 

 

 

761.9

 

 

 

122.9

 

 

 

1,436.3

  

Acquisitions

 

 

 

 

 

295.9

 

 

 

2.9

 

 

 

 

 

 

298.8

 

Foreign exchange and other adjustments

 

 

 

 

 

0.7

 

 

 

 

 

 

(0.3

)

 

 

0.4

 

Net book value at March 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

688.0

 

 

 

1,935.2

 

 

 

1,008.6

 

 

 

1,265.8

 

 

 

4,897.6

  

Accumulated impairment losses

 

 

(669.9

)

 

 

(1,105.2

)

 

 

(243.8

)

 

 

(1,143.2

)

 

 

(3,162.1

Total

 

$

18.1

 

 

$

830.0

 

 

$

764.8

 

 

$

122.6

 

 

$

1,735.5

  

The components of other intangible assets at March 31, 2014 and December 31, 2013 were as follows:

 

 

 

March 31, 2014

 

 

December 31, 2013

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

Customer relationships

  

$

906.4

  

  

$

(465.6

)  

  

$

440.8

  

  

$

728.8

  

  

$

(448.5

 

$

280.3

  

Patents

  

 

98.3

  

  

 

(98.3

)  

  

 

  

  

 

98.3

  

  

 

(98.3

 

 

  

Trademarks, licenses and agreements

  

 

32.0

  

  

 

(28.7

)  

  

 

3.3

  

  

 

31.4

  

  

 

(28.2

 

 

3.2

  

Trade names

  

 

44.9

  

  

 

(13.6

)  

  

 

31.3

  

  

 

27.1

  

  

 

(12.8

 

 

14.3

  

Total amortizable other intangible assets

  

 

1,081.6

  

  

 

(606.2

)  

  

 

475.4

  

  

 

885.6

  

  

 

(587.8

 

 

297.8

  

Indefinite-lived trade names

  

 

26.9

  

  

 

  

  

 

26.9

  

  

 

18.1

  

  

 

  

 

 

18.1

  

Total other intangible assets

  

$

1,108.5

  

  

$

(606.2

)  

  

$

502.3

  

  

$

903.7

  

  

$

(587.8

 

$

315.9

  

The Company recorded additions to other intangible assets of $205.3 million for acquisitions during the three months ended March 31, 2014.

The components of other intangible assets added during the three months ended March 31, 2014 were as follows:

 

 

March 31, 2014

 

 

 

 

Amount

 

 

Weighted Average Amortization Period

 

 

Customer relationships

 

$

178.1

  

  

9.7

  

  

  

Trade names (amortizable)

  

 

17.7

  

  

10.0

  

  

  

Trade names (indefinite-lived)

  

 

8.8

  

  

n/a

  

  

  

Non-compete agreements

  

 

0.7

  

  

3.0

  

  

  

Total additions

  

$

205.3

  

  

 

  

  

  

Amortization expense for other intangible assets was $18.3 million and $16.3 million for the three months ended March 31, 2014 and 2013, respectively.

The following table outlines the estimated annual amortization expense related to other intangible assets as of March 31, 2014:

 

For the year ending December 31,

 

Amount

 

2014

  

$

79.0

  

2015

  

 

78.2

  

2016

  

 

59.5

  

2017

  

 

53.0

  

2018

  

 

47.8

  

2019 and thereafter

  

 

176.2

  

Total

  

$

493.7