Napa Auto Parts 2015 Annual Report Download - page 58

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Genuine Parts Company and Subsidiaries
Notes to Consolidated Financial Statements — (Continued)
December 31, 2015
2. Goodwill and Other Intangible Assets
The changes in the carrying amount of goodwill during the years ended December 31, 2015 and 2014 by
reportable segment, as well as other identifiable intangible assets, are summarized as follows (in thousands):
Goodwill
Other
Intangible
Assets, NetAutomotive Industrial
Office
Products
Electrical/
Electronic
Materials Total
Balance as of January 1, 2014 ........... $622,180 $116,136 $10,554 $41,101 $789,971 $499,385
Additions ......................... 20,404 3,577 37,054 31,565 92,600 110,129
Amortization ...................... — — — — — (36,867)
Foreign currency translation .......... (42,745) (751) — — (43,496) (25,132)
Balance as of December 31, 2014 ........ 599,839 118,962 47,608 72,666 839,075 547,515
Additions ......................... 5,030 18,696 8,891 20,335 52,952 38,596
Amortization ...................... — — — — — (34,878)
Foreign currency translation .......... (49,866) (1,579) — — (51,445) (30,020)
Balance as of December 31, 2015 ........ $555,003 $136,079 $56,499 $93,001 $840,582 $521,213
The gross carrying amounts and accumulated amortization relating to other intangible assets at
December 31, 2015 and 2014 is as follows (in thousands):
2015 2014
Gross
Carrying
Amount
Accumulated
Amortization Net
Gross
Carrying
Amount
Accumulated
Amortization Net
Customer relationships ............ $494,516 $(115,636) $378,880 $477,484 $ (88,923) $388,561
Trademarks ..................... 153,346 (11,922) 141,424 166,507 (8,654) 157,853
Non-competition agreements ....... 5,765 (4,856) 909 6,062 (4,961) 1,101
$653,627 $(132,414) $521,213 $650,053 $(102,538) $547,515
Amortization expense for other intangible assets totaled $34,878,000, $36,867,000, and $28,987,000 for the
years ended December 31, 2015, 2014, and 2013, respectively. Estimated other intangible assets amortization
expense for the succeeding five years is as follows (in thousands):
2016 .................................................................... $ 35,000
2017 .................................................................... 35,000
2018 .................................................................... 35,000
2019 .................................................................... 34,000
2020 .................................................................... 34,000
$173,000
F-15