ADT 2014 Annual Report Download - page 146
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FORM 10-K
Changes in the net carrying amount of contracts and related customer relationships for the years ended
September 26, 2014 and September 27, 2013 are as follows ($ in millions):
Balance as of September 27, 2013 ............................... $2,917
Acquisition of customer relationships (Protectron) .................. 253
Customer contract additions, net of dealer charge-backs .............. 523
Amortization ................................................ (587)
Currency translation and other .................................. (30)
Balance as of September 26, 2014 ............................... $3,076
Balance as of September 28, 2012 ............................... $2,855
Acquisition of customer relationships (Devcon Security) ............. 84
Customer contract additions, net of dealer charge-backs .............. 552
Amortization ................................................ (566)
Currency translation and other .................................. (8)
Balance as of September 27, 2013 ............................... $2,917
Other than goodwill, the Company does not have any other indefinite-lived intangible assets as of
September 26, 2014 and September 27, 2013. Intangible asset amortization expense for fiscal years 2014, 2013
and 2012 was $589 million, $569 million and $546 million, respectively. The weighted-average amortization
periods for contracts and related customer relationships acquired during fiscal years 2014 and 2013 were 14 years
and 15 years, respectively.
The estimated aggregate amortization expense for intangible assets is expected to be as follows ($ in
millions):
Fiscal 2015 .......................................... $577
Fiscal 2016 .......................................... 486
Fiscal 2017 .......................................... 408
Fiscal 2018 .......................................... 346
Fiscal 2019 .......................................... 297
5. Debt
Debt as of September 26, 2014 and September 27, 2013 is as follows ($ in millions):
September 26,
2014
September 27,
2013
Current maturities of long-term debt:
Capital lease obligations and other ............. $ 4 $ 3
Current maturities of long-term debt ............ 4 3
Long-term debt:
2.250% notes due July 2017 ................... 750 750
4.125% notes due April 2019 .................. 498 —
6.250% notes due October 2021 ............... 1,001 —
3.500% notes due July 2022 ................... 998 998
4.125% notes due June 2023 .................. 700 700
4.875% notes due July 2042 ................... 743 742
Revolving credit facility ...................... 375 150
Capital lease obligations and other ............. 31 33
Total long-term debt ......................... $5,096 $3,373
Total debt ................................. $5,100 $3,376
80