(10) Goodwill and Intangibles

For acquired businesses, the Company records assets acquired and liabilities assumed at their estimated fair values on the respective acquisition dates. Based on these values, the excess purchase prices over the fair value of the net assets acquired is recorded as goodwill. Estimated fair values of acquired assets is provisional and could change as additional information is received. During the current quarter, primarily due to further analysis of the assets acquired in the ETS acquisition, the associated goodwill was adjusted upward by $0.9 million.

The following table shows the activity and balances related to goodwill from January 1, 2015 to March 31, 2015:

 

		(In thousands)
Balance at January 1, 2015		$	705,608
Acquisition			128
Foreign currency			(3,318	)
Adjustments			919
Balance at March 31, 2015		$	703,337

Intangible assets are amortized over the estimated useful life of the asset utilizing a method which reflects the estimated pattern in which the economic benefits will be consumed. Customer relationships and certain trade names and trademarks, are amortized using an accelerated method while other intangibles are amortized using the straight-line method.

The following table reflects balances related to intangible assets for the periods presented:

 

				March 31, 2015												December 31, 2014
		Estimated Useful Life		Gross Carrying Amount				Accumulated Amortization				Net Carrying Amount				Gross Carrying Amount				Accumulated Amortization				Net Carrying Amount
				(In thousands)
Customer relationships		11 - 20		$	91,642			$	(21,294	)		$	70,348			$	91,990			$	(20,484	)		$	71,506
Trade names/trademarks		1 - 5			6,027				(1,078	)			4,949				6,065				(919	)			5,146
Non-compete agreements		2 - 5			1,796				(167	)			1,629				1,772				(78	)			1,694
Other		1 - 19			60				(21	)			39				61				(22	)			39
Total				$	99,525			$	(22,560	)		$	76,965			$	99,888			$	(21,503	)		$	78,385

Amortization expense for amortizable intangibles was approximately $1.5 million and $0.3 million for the three-month periods ended March 31, 2015 and 2014, respectively. Based on the carrying value at March 31, 2015, future amortization of intangible assets is expected to be as follows for the years ended December 31 (in thousands):

 

2015 (remaining)		$	4,387
2016			5,931
2017			5,921
2018			5,973
2019			6,011
Thereafter			48,742
Total		$	76,965