INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

The Company's intangible assets at December 31, 2014 and 2013 consisted of the following (in thousands):



	December 31, 2014							December 31, 2013
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Amortization Period	Weighted Average Useful Life

Supply and distribution agreements	$	842,642	$	(188,441	)	$	654,201	$	581,742	$	(160,499	)	$	421,243	10 - 20 years	16 years

Technology	108,987		(43,746		)	65,241		93,322		(29,271		)	64,051		1 - 5 years	5 years

Patents	1,623		(1,524		)	99		1,623		(1,478		)	145		15 years	15 years

Internet domain names	41,652		(16,895		)	24,757		45,799		(12,112		)	33,687		2 - 20 years	8 years

Trade names	1,674,218		(100,850		)	1,573,368		548,243		(47,388		)	500,855		5 - 20 years	20 years

Non-compete agreements	21,000		(3,908		)	17,092		—		—			—		3 years	3 years

Other	141		(138		)	3		141		(137		)	4		3 - 10 years	3 years
Total intangible assets	$	2,690,263	$	(355,502	)	$	2,334,761	$	1,270,870	$	(250,885	)	$	1,019,985

Intangible assets with determinable lives are amortized on a straight-line basis. Intangible assets amortization expense is approximately $129.6 million, $69.6 million and $32.3 million for the years ended December 31, 2014, 2013 and 2012, respectively.

The annual estimated amortization expense for intangible assets for the next five years and thereafter is expected to be as follows (in thousands):



2015	$	171,007
2016	167,887
2017	160,296
2018	141,776
2019	131,727
Thereafter	1,562,068
	$	2,334,761

A roll-forward of goodwill for the years ended December 31, 2014 and 2013 consisted of the following (in thousands):



	2014			2013
Balance, beginning of year	$	1,767,912		$	522,672
Acquisitions	1,590,829			1,232,342
Currency translation adjustments	(32,267		)	12,898
Balance, end of year	$	3,326,474		$	1,767,912

A substantial portion of the intangibles and goodwill relates to the acquisition of OpenTable in July 2014 and KAYAK in May 2013. See Note 20 for further information on these acquisitions.

In September 2014, the Company performed its annual goodwill impairment testing using standard valuation techniques. Since the annual impairment test, there have been no events or changes in circumstances to indicate a potential impairment.

- 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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