Cash America 2013 Annual Report Download - page 154
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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
129
9. Goodwill and Other Intangible Assets
Goodwill and indefinite lived intangible assets are tested for impairment at least annually. See Note 2 for
further discussion.
Goodwill
Changes in the carrying value of goodwill for the years ended December 31, 2013 and 2012 were as follows
(dollars in thousands):
Retail
Services E-Commerce Consolidated
Balance as of January 1, 2013 $ 397,845 $ 210,371 $ 608,216
Acquisitions 97,717 - 97,717
Effect of foreign currency translation (348) (6) (354)
Balance as of December 31, 2013 $ 495,214 $ 210,365 $ 705,579
Balance as of January 1, 2012 $ 352,439 $ 210,282 $ 562,721
Acquisitions 41,209 89 41,298
Effect of foreign currency translation 4,197 - 4,197
Balance as of December 31, 2012 $ 397,845 $ 210,371 $ 608,216
Acquired Intangible Assets
Acquired intangible assets that are subject to amortization as of December 31, 2013 and 2012, were as follows
(dollars in thousands):
As of December 31,
2013 2012
Accumulated Accumulated
Cost Amortization Net Cost Amortization Net
N
on-competition agreements $ 21,607 $ (14,571) $ 7,036 $ 18,033 $ (12,968) $ 5,065
Customer relationships 48,391 (18,383) 30,008 30,515 (14,440) 16,075
Trademarks and other 958 (747) 211 946 (612) 334
Total $ 70,956 $ (33,701) $ 37,255 $ 49,494 $ (28,020) $ 21,474
Non-competition agreements are amortized over the applicable terms of the contract from two to ten years.
Customer relationships are generally amortized on a straight-line basis over three to ten years, based on the period over
which economic benefits are provided. Trademarks are generally amortized from one to three years on a straight line
basis.
Amortization
Amortization expense for acquired intangible assets was $5.7 million, $9.5 million and $6.3 million for the
years ended December 31, 2013, 2012 and 2011, respectively.