Cash America 2014 Annual Report Download - page 119

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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
104
Goodwill
Changes in the carrying value of goodwill for the years ended December 31, 2014 and 2013 are shown in
the table below (dollars in thousands).
Goodwill
Balance as of January 1, 2014 $
495,214
Acquisitions
165
Divestitures
(7,508
)
Effect of foreign currency translation
(302
)
Balance as of December 31, 2014 $
487,569
Balance as of January 1, 2013 $
397,845
Acquisitions
97,718
Effect of foreign currency translation
(349
)
Balance as of December 31, 2013 $
495,214
Acquired Intangible Assets
Acquired intangible assets that are subject to amortization as of December 31, 2014 and 2013, were as
follows (dollars in thousands):
As of December 31,
2014 2013
Cost
Accumulated
Amortization
Net Cost
Accumulated
Amortization
Net
Non-competition agreements $
18,848
$(13,520) $ 5,328 $18,773 $(11,737) $ 7,036
Customer relationships
45,771
(20,407
)25,364 45,648
(15,656
)29,992
Trademarks and other
586
(451)135
586
(404)182
Total $
65,205
$(34,378) $ 30,827 $65,007 $
(27,797
) $ 37,210
Non-competition agreements are amortized over the applicable terms of the contract, typically 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 $6.6 million, $5.5 million and $9.3 million for the
years ended December 31, 2014, 2013 and 2012, respectively.
For each of the five years after December 31, 2014, estimated future amortization expense is as follows
(dollars in thousands):
2015 2016 2017 2018 2019 Tot al
Estimated future amortization expense 6,438 6,044
5,456
5,155
4,717
27,810