Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

12. Goodwill and Intangible Assets, Net

During the six months ended June 30, 2013, the Company recorded goodwill in connection with business combinations. Refer to Note 3 for further information. Amortization expense of intangible assets was $7.9 million and $5.9 million for the three months ended June 30, 2013 and 2012, respectively, and $15.8 million and $12.1 million for the six months ended June 30, 2013 and 2012, respectively.

Intangible assets consist of the following (in thousands):


	June 30, 2013							December 31, 2012
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	139,767	$	(35,890	)	$	103,877	$	139,767	$	(26,838	)	$	112,929
Institutional relationships		34,800		(16,086	)		18,714		33,600		(10,398	)		23,202
Trademarks and trade names		10,000		(502	)		9,498		2,000		(28	)		1,972
Licenses		5,000		(100	)		4,900		5,000		—			5,000
Non-compete agreements		1,500		(580	)		920		1,500		(111	)		1,389

Total intangible assets	$	191,067	$	(53,158	)	$	137,909	$	181,867	$	(37,375	)	$	144,492

Based on the balance of intangible assets, net at June 30, 2013, the following is an estimate of amortization expected to be expensed for each of the next five years and thereafter (in thousands):


	Amortization Expense
For the remainder of 2013	$	15,503
2014		18,903
2015		14,938
2016		11,710
2017		10,469
2018		9,373
Thereafter		57,013

Total	$	137,909

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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