PRECISION CASTPARTS CORP | 2013 | FY | 3


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

 
 
The amortization will change in future periods if other intangible assets are acquired, existing intangibles are disposed, impairments are recognized or the preliminary valuations as part of our purchase price allocations are refined.

us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock