Goodwill and acquired intangibles
We perform our annual goodwill and indefinite-lived intangible assets impairment test during the second quarter of each fiscal year. For fiscal 2013, 2012 and 2011, it was determined that the fair value of the related operations was greater than book value and that there was no impairment of goodwill. There were no changes to our reporting units or triggering events during the current fiscal year requiring a goodwill or indefinite-lived intangible assets impairment test in accordance with goodwill and other intangible assets accounting guidance.
The changes in the carrying amount of goodwill by reportable segment for fiscal 2013 and 2012 were as follows:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| April 3, 2011 | | Acquired | | Currency translation
and other | | April 1, 2012 | | Acquired | | Currency translation and other | | March 31, 2013 |
Investment Cast Products | $ | 358.5 |
| | $ | — |
| | $ | (20.5 | ) | | $ | 338.0 |
| | $ | — |
| | $ | (0.8 | ) | | $ | 337.2 |
|
Forged Products | 1,271.8 |
| | 112.5 |
| | 23.3 |
| | 1,407.6 |
| | 1,893.3 |
| | (34.0 | ) | | 3,266.9 |
|
Airframe Products | 1,258.7 |
| | 510.3 |
| | (0.3 | ) | | 1,768.7 |
| | 552.3 |
| | (18.4 | ) | | 2,302.6 |
|
Total | $ | 2,889.0 |
| | $ | 622.8 |
| | $ | 2.5 |
| | $ | 3,514.3 |
| | $ | 2,445.6 |
| | $ | (53.2 | ) | | $ | 5,906.7 |
|
| | | | | | | | | | | | | |
The gross carrying amount and accumulated amortization of our acquired intangible assets were as follows:
|
| | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2013 | | April 1, 2012 |
| Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount |
Amortizable intangible assets: | | | | | | | | | | | |
Patents | $ | 15.0 |
| | $ | (10.5 | ) | | $ | 4.5 |
| | $ | 15.0 |
| | $ | (9.0 | ) | | $ | 6.0 |
|
Proprietary technology | 2.3 |
| | (1.4 | ) | | 0.9 |
| | 2.3 |
| | (1.3 | ) | | 1.0 |
|
Tradenames | 0.4 |
| | (0.4 | ) | | — |
| | 0.4 |
| | (0.4 | ) | | — |
|
Long-term customer relationships | 426.1 |
| | (38.2 | ) | | 387.9 |
| | 56.7 |
| | (20.5 | ) | | 36.2 |
|
Backlog | 55.3 |
| | (21.8 | ) | | 33.5 |
| | 34.3 |
| | (15.5 | ) | | 18.8 |
|
Revenue sharing agreements | 28.9 |
| | (1.7 | ) | | 27.2 |
| | 28.9 |
| | (1.0 | ) | | 27.9 |
|
| $ | 528.0 |
| | $ | (74.0 | ) | | 454.0 |
| | $ | 137.6 |
| | $ | (47.7 | ) | | 89.9 |
|
Unamortizable intangible assets: | | | | | | | | | | | |
Tradenames | | | | | 649.0 |
| | | | | | 261.4 |
|
Long-term customer relationships | | | | | 1,927.4 |
| | | | | | 876.8 |
|
Acquired intangibles, net | | | | | $ | 3,030.4 |
| | | | | | $ | 1,228.1 |
|
| | | | | | | | | | | |
Amortization expense for finite-lived acquired intangible assets was $26.3 million, $13.8 million and $13.9 million for fiscal 2013, 2012 and 2011, respectively. Projected amortization expense for finite-lived intangible assets for the succeeding five fiscal years is as follows: |
| | | |
Fiscal | Estimated Amortization Expense |
2014 | $ | 41.9 |
|
2015 | 39.7 |
|
2016 | 37.3 |
|
2017 | 30.6 |
|
2018 | 24.7 |
|
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