NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (thousands of dollars unless otherwise indicated) 53 NOTE 5—INVENTORIES Amortization of finite-lived intangible assets is as fol- lows for the next five years: $23,200 in 2005, $21,500 in 2006, $17,000 in 2007, $8,300 in 2008 and $7,300 in 2009. administrative expenses ($2,806). The impairment of goodwill related to a cash flow shortfall in certain inter- national operations acquired in the acquisition of Thompson Minwax Holding Corp. and the impairment of trademarks with indefinite lives related to lower-than- anticipated sales of certain acquired domestic and inter- national brands.  A summary of changes in the Company’s carrying value of goodwill by reportable operating segment is as follows: A summary of changes in the Company’s carrying value of intangible assets is as follows: Inventories were stated at the lower of cost or market with cost determined principally on the last-in, first-out (LIFO) method. The following presents the effect on inventories, net income and net income per common share had the Company used the first-in, first-out (FIFO)  inventory valuation method adjusted for income taxes  at the statutory rate and assuming no other adjustments. This information is presented to enable the reader to make comparisons with companies using the FIFO method of inventory valuation. Goodwill Paint Stores  Consumer  Automotive Finishes  International Coatings  Consolidated Totals  Balance at January 1, 2002 ........................ $ 81,886 $ 450,054 $ 49,631 $ 90,826 $ 672,397 Acquisitions ............................................ 13,230 1,417 14,647 Transitional impairments ........................ (5,387) (16,571) (19,009) (88,425) (129,392) Impairment charged to operations .......... (2,401) (2,401) Currency and other adjustments.............. 746 (3,790) (3,044) Balance at December 31, 2002 .................. 89,729 434,229 28,249 $ 552,207 Acquisitions ............................................ 11,855 11,855 Currency and other adjustments.............. 74 42 (647) (531) Balance at December 31, 2003 .................. 89,803 446,126 27,602 563,531 Acquisitions ............................................ 116,208 215,362 4,944 336,514 Currency and other adjustments.............. 3 18 378 399 Balance at December 31, 2004 .................. $ 206,014 $ 661,506 $ 32,924 $ 900,444 Finite-lived intangible assets Trademarks with indefinite lives  Total intangible assets  Software  All other  Subtotal  December 31, 2004 Weighted-average amortization period.. 10 years 9 years 10 years Gross .................................................. $ 61,405 $ 141,192 $ 202,597 $ 236,168 $ 438,765  Accumulated amortization .................. (22,468) (70,009) (92,477) (38,388) (130,865) Net value .......................................... $ 38,937 $ 71,183 $ 110,120 $ 197,780 $ 307,900 December 31, 2003 Weighted-average amortization period.. 11 years 15 years 12 years Gross .................................................. $ 60,820 $ 90,318 $ 151,138 $ 150,897 $ 302,035 Accumulated amortization .................. (17,960) (59,295) (77,255) (37,578) (114,833) Net value .......................................... $ 42,860 $ 31,023 $ 73,883 $ 113,319 $ 187,202  December 31, 2002 Weighted-average amortization period.. 12 years 14 years 12 years Gross .................................................. $ 72,501 $ 70,200 $ 142,701 $ 150,206 $ 292,907  Accumulated amortization .................. (15,973) (54,311) (70,104) (36,764) (106,868) Net value .......................................... $ 56,708 $ 15,889 $ 72,597 $ 113,442 $ 186,039 