FLOWSERVE CORP | 2013 | FY | 3

GOODWILL AND OTHER INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows:
 
EPD
 
IPD
 
FCD
 
Total
 
(Amounts in thousands)
Balance as of January 1, 2012
$
444,431

 
$
121,244

 
$
479,402

 
$
1,045,077

Acquisition(1)
1,812

 
—

 
—

 
1,812

Currency translation
1,317

 
162

 
5,484

 
6,963

Balance as of December 31, 2012
$
447,560

 
$
121,406

 
$
484,886

 
$
1,053,852

Acquisition(1)
—

 
43,865

 
—

 
43,865

Currency translation
1,936

 
261

 
7,637

 
9,834

Balance as of December 31, 2013
$
449,496

 
$
165,532

 
$
492,523

 
$
1,107,551

_______________________________________
(1)
Goodwill primarily related to the purchase price adjustments for the acquisition of LPI in 2012 and the Innomag acquisition in 2013. See Note 2 for additional information.
The following table provides information about our intangible assets for the years ended December 31, 2013 and 2012:
 
 
 
December 31, 2013
 
December 31, 2012
 
Useful
Life
(Years)
 
Ending
Gross
Amount
 
Accumulated
Amortization
 
Ending
Gross
Amount
 
Accumulated
Amortization
 
(Amounts in thousands, except years)
Finite-lived intangible assets:
 
 
 

 
 

 
 

 
 

Engineering drawings(1)
10-20
 
$
93,687

 
$
(61,401
)
 
$
92,760

 
$
(57,252
)
Existing customer relationships(2)
5-10
 
40,077

 
(15,241
)
 
32,484

 
(10,024
)
Patents
9-16
 
32,963

 
(28,013
)
 
33,037

 
(27,061
)
Other
3-50
 
40,797

 
(25,438
)
 
30,647

 
(23,088
)
 
 
 
$
207,524

 
$
(130,093
)
 
$
188,928

 
$
(117,425
)
Indefinite-lived intangible assets(3)
 
 
$
84,670

 
$
(1,553
)
 
$
80,057

 
$
(1,485
)
____________________________________
(1)
Engineering drawings represent the estimated fair value associated with specific acquired product and component schematics.
(2)
Existing customer relationships acquired prior to 2011 had a useful life of five years.
(3)
Accumulated amortization for indefinite-lived intangible assets relates to amounts recorded prior to the implementation date of guidance issued in ASC 350.
The following schedule outlines actual amortization expense recognized during 2013 and an estimate of future amortization based upon the finite-lived intangible assets owned at December 31, 2013:
 
Amortization
Expense
 
(Amounts in thousands)
Actual for year ended December 31, 2013
$
12,801

Estimated for year ending December 31, 2014
13,827

Estimated for year ending December 31, 2015
10,764

Estimated for year ending December 31, 2016
9,204

Estimated for year ending December 31, 2017
8,161

Estimated for year ending December 31, 2018
8,025

Thereafter
27,450


Amortization expense for finite-lived intangible assets was $16.0 million in 2012 and $14.2 million in 2011.

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