Green Dot 2015 Annual Report Download - page 81

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75
Note 8—Goodwill and Intangible Assets
Goodwill and intangible assets on our consolidated balance sheets consisted of the following:
December 31,
2015 2014
(In thousands)
Goodwill $ 208,079 $144,662
Intangible assets, net 265,700 272,538
Goodwill and intangible assets $ 473,779 $417,200
Goodwill
Changes in the carrying amount of goodwill were as follows:
December 31,
2015 2014
(In thousands)
Balance, beginning of period $ 144,662 $27,250
Acquisitions 64,713 117,412
Adjustments related to final purchase accounting (1,296) —
Balance, end of period $ 208,079 $144,662
During the three months ended December 31, 2015, we completed our annual goodwill impairment test as of
September 30, 2015. Based on the results of step one of the annual goodwill impairment test, we determined that step
two was not required for each of our reporting units as their fair values exceeded their carrying values indicating there
was no impairment.
Intangible Assets
The gross carrying amounts and accumulated amortization related to intangibles assets were as follows:
December 31, 2015 December 31, 2014
Gross
Carrying
Value Accumulated
Amortization Net Book
Value
Gross
Carrying
Value Accumulated
Amortization Net Book
Value
Weighted
Average
Useful Lives
(In thousands) (In thousands) (Years)
Customer relationships $ 251,273 $ (23,862) $ 227,411 $ 236,387 $ (4,039) $ 232,348 13.9
Trade names 38,586 (3,353) 35,233 37,385 (546)36,839 14.5
Patents 3,000 (273)2,727 3,000 —3,000 11.0
Other 964 (635)329 937 (586)351 9.3
Total intangible assets $ 293,823 $ (28,123) $ 265,700 $ 277,709 $ (5,171) $ 272,538
Amortization expense on finite-lived intangibles, a component of other general and administrative expenses, was
$23.2 million, $4.5 million, and $0.1 million for the years ended December 31, 2015, 2014, and 2013, respectively.
None of our intangible assets were considered impaired as of December 31, 2015 or 2014.
The following table shows our estimated amortization expense for intangible assets for each of the next five
succeeding years and thereafter :
December 31,
(In thousands)
2016 $ 23,047
2017 23,029
2018 23,028
2019 22,860
2020 18,853
Thereafter 154,883
Total $ 265,700