Acquired Intangible Assets

9 Months Ended

Sep. 30, 2013

Acquired Intangible Assets [Abstract]

Note 7. Acquired Intangible Assets

Acquired identifiable intangible assets consist of the following:

	September 30, 2013			December 31, 2012
	(In thousands)

Customer relationships	$	44,089		$	40,100
Trademarks and trade names		6,800			6,800
Non-compete agreements		910			910
Patents and supply contracts		723			723
Leaseholds		160			160
Total acquired intangible assets		52,682			48,693
Less accumulated amortization (1)		(18,072	)		(14,210	)
Net acquired intangible assets	$	34,610		$	34,483

(1)

Applies to all intangible assets, except for trademarks and trade names totaling $5.2 million, which have indefinite useful lives and, as such, are not being amortized.

In February 2013, we acquired the original equipment business of SMP Europe. Intangible assets acquired consist of $3.8 million of customer relationships that will be amortized on a straight-line basis over the estimated useful life of 10 years.

Total amortization expense for acquired intangible assets was $1.1 million and $3.9 million for the three months and nine months ended September 30, 2013, respectively, and $1.3 million and $3.4 million for the comparable periods in 2012. Based on the current estimated useful lives assigned to our acquired intangible assets, amortization expense is estimated to be $1.1 million for the remainder of 2013, $4.5 million in 2014, $4.3 million in 2015 and $19.3 million in the aggregate for the years 2016 through 2028.